Riot Completes Digital Asset Custody Transfer, Terminates Agreement with NYDIG

On November 4, TechFlow reported that, according to an 8-K filing submitted by Riot Platforms to the U.S. Securities and Exchange Commission, the company's digital assets previously held in custody by NYDIG Trust have been transferred to BitGo Bank & Trust, with the digital asset custody agreement between Riot and NYDIG automatically terminating on October 29 upon completion of the transfer.

Signed on November 1, 2023, the agreement provided for NYDIG to hold Riot's Bitcoin in cold wallets, charging an annual fee based on the average daily U.S. dollar value of the held Bitcoin. Riot stated that the termination of the agreement did not incur any early termination fees, and the digital assets are now held in custody by BitGo under a previously disclosed custody service agreement.