Riot Platforms has completed the transfer of its digital assets from NYDIG Trust Company to BitGo Bank & Trust, formally ending a custody agreement that had been in place since November 1, 2023. According to a November 4 SEC filing, the previous custodial arrangement terminated automatically on October 29 once the transfer was finalized, and Riot incurred no early termination penalties. The new agreement, signed on October 7 and amended on October 14, requires BitGo to maintain segregated custodial accounts for Riot, separate from other customers and its own corporate assets. Riot retains ownership of the assets, pays a monthly custody fee based on average asset value, and can exit early with 14 days' written notice without an early termination fee.
The custody change coincides with a major reduction in Riot's Bitcoin treasury. During the first nine months of 2026, Riot sold 20,264 BTC for approximately $1.5 billion, primarily to finance its expanding data center operations. In the third quarter alone, sales reached 10,599 BTC versus production of 1,637 BTC. As a result, Bitcoin holdings fell from 11,380 BTC at the end of June to 2,418 BTC at September 30, a decline of nearly 79%. The company ended the quarter with its remaining BTC valued at about $202 million and $748.2 million in cash, including restricted funds. Quarterly revenue was $181.4 million, up slightly from $180.2 million a year earlier, while Bitcoin mining revenue dropped from $160.8 million to $116 million despite Bitcoin production rising to 1,637 BTC from 1,406 BTC.
Riot is redirecting capital into AI infrastructure. In August, it signed a $9.1 billion data center agreement covering 191 megawatts at its Rockdale facility in Texas. Its November earnings announcement disclosed another 15-year lease covering 910 megawatts at Corsicana, with an estimated initial contract value of $28 billion, potentially rising to $54 billion if extension options are exercised. The Corsicana project is expected to require about $5.5 billion in development spending, with an illustrative financing structure of $4.4 billion to $4.9 billion in non-recourse project debt and $500 million to $1.1 billion in cash equity. Riot said total contracted data center capacity now stands at 1,151 megawatts, representing about $38 billion in expected revenue over the agreements' initial terms. The company also repaid its $200 million Bitcoin-backed credit facility with Coinbase Credit in September, releasing pledged collateral.
Meanwhile, Bitcoin recovered above $80,000 on November 4, rising 4.15% to $80,549.65 after an intraday low of $75,600.64. Approximately $306 million in BTC short liquidations over 24 hours intensified the rebound, according to CoinGlass. Technical indicators were mixed: RSI recovered above 50 to 51.13, but MACD remained below its signal line in negative territory, suggesting bearish momentum is easing without a confirmed bullish reversal. Resistance was noted near $81,000 to $82,000, with support at $75,600. Riot's nine-month Bitcoin sales averaged roughly $5.5 million in daily proceeds, though the company noted those sales have already been executed, and future selling pressure depends on remaining reserves, mining output, and additional funding needs.
