Add as a preferred source on GoogleRiot Completes Digital Asset Custody Transfer From NYDIG to BitGo
The Oct. 29 transfer automatically ended a Nov. 1, 2023, custody agreement with NYDIG Trust Company LLC without an early termination penalty.
Riot Platforms completed the transfer of digital assets, including Bitcoin (BTC), held by NYDIG Trust Company LLC to BitGo Bank & Trust on Oct. 29, ending its prior custody agreement without an early termination penalty.
Riot disclosed the completion in a Nov. 4 Form 8-K. The agreement, dated Nov. 1, 2023, covered Bitcoin held in cold-storage wallets in an account in Riot’s name. NYDIG’s yearly custody fee was calculated using the average daily dollar value of the Bitcoin it held for Riot.
The transfer completes a move Riot outlined in October when it announced a digital-asset custody agreement with BitGo. The arrangement has an initial one-year term and lets Riot end it with 14 days’ notice.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.