Digital asset infrastructure company BitGo has received conditional approval from the Office of the Comptroller of the Currency (OCC) of its application to convert BitGo Trust Company, Inc., a South Dakota-chartered trust company, to a national bank named BitGo Bank & Trust, National Association (N....
Digital asset infrastructure company BitGo has received conditional approval from the Office of the Comptroller of the Currency (OCC) of its application to convert BitGo Trust Company, Inc., a South Dakota-chartered trust company, to a national bank named BitGo Bank & Trust, National Association (N.A.). With today’s OCC conditional approval of its conversion, BitGo’s Trust Company subsidiary expects to operate as BitGo Bank & Trust.
Whilst BitGo Bank & Trust will not take deposits and will not be insured by the FDIC, BitGo will operate under a single, uniform federal supervisory regime, enabling it to deliver the clarity, governance, and regulatory certainty institutions expect from a federally regulated fiduciary and offers its own separate $250M in insurance coverage for assets held in qualified custody. This conditional approval reinforces BitGo’s position as an institutional foundation for the modern financial system, combining bank-level oversight with the security, compliance, and scalability that define BitGo’s infrastructure.
Under the national bank charter, and subject to applicable law and OCC requirements, BitGo Bank & Trust is authorized to offer custody and safekeeping of digital assets and certain non-deposit financial assets under federal fiduciary and non-fiduciary authorities, as well as nationwide delivery of certain digital asset–related services, without state-by-state licensing requirements where federal law preempts duplicative obligations, albeit some federal law may preempt certain state requirements in some circumstances. All activities of BitGo Bank & Trust are subject to enhanced federal governance, compliance, and risk-management standards applicable to national trust banks.
“This approval represents a landmark step in building the financial infrastructure of the future,” said Mike Belshe, CEO and Co-Founder. “By becoming a federally chartered digital asset trust bank in the United States, BitGo is setting the new standard for transparency, security, and regulatory clarity across the evolving landscape of financial services.”The addition of the OCC charter strengthens BitGo’s extensive network of licenses and registrations across the globe. These include its European regulatory authorisations where BitGo Europe GmbH operates under Germany's BaFin oversight, one of the most rigorous regulatory regimes globally and is authorised by MiCA, which harmonises digital asset rules across the EU to a consistent, institution-grade standard. MiCA’s requirements around safeguarding, governance, capital, and operational resilience are some of the strictest in the world.
This framework enhances BitGo’s ability to deliver secure and compliant infrastructure at scale, reinforced by ongoing audits, comprehensive supervision, and stringent capital requirements, providing institutional-grade operational controls across custody, liquidity, and settlement.
“BitGo’s conversion to a federal bank charter is more than a milestone - it’s a signal of maturity for the entire digital asset ecosystem,” said Brian Brooks, Board Member at BitGo Holdings, Inc. “For over a decade, BitGo has led with security, compliance, and innovation. This next step places the company at the center of how digital assets integrate into the regulated financial system.”BitGo’s platform supports trading, custody, staking, stablecoins, and treasury services for institutions around the world. Becoming a federally chartered digital asset bank will further enhance these and scale these core offerings, reinforcing BitGo’s commitment to delivering a trusted, compliant, and scalable offering to institutions globally.“BitGo was built to deliver the security, trust, performance institutions demand,” said Jody Mettler, President of BitGo Bank & Trust, N.A., and Chief Operating Officer of BitGo. “Our mission has always been to build the infrastructure institutions trust - and with this approval, that mission expands to a new frontier.”
Disclaimer This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, BitGo does not warrant its completeness or accuracy. Digital asset activity involves risk, including potential loss of funds.
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