BitGo Secures OCC Approval to Convert to a Federally Chartered National Trust Bank

Key Takeaways: 

• BitGo has received approval from the Office of the Comptroller of the Currency (OCC) to convert BitGo Trust Company, Inc., a South Dakota-chartered trust company, to a national bank named BitGo Bank & Trust, National Association (N.A.).

• As a federally chartered bank for digital assets, 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.

• This 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.

A New Chapter for Institutional Digital Assets

The OCC’s approval marks a defining moment for regulated digital asset infrastructure. Since its founding in 2013, BitGo has built the foundation of institutional digital finance, providing custody, trading, and treasury services to institutions worldwide.

Under the national bank charter, and subject to applicable law and OCC requirements, BitGo Bank & Trust, N.A. is authorized to offer:

• Custody and safekeeping of digital assets and certain non-deposit financial assets under federal fiduciary and non-fiduciary authorities; and

• Nationwide delivery of certain digital asset–related services, without state-by-state licensing requirements where federal law preempts duplicative obligations.

All activities of BitGo Bank & Trust, N.A. are subject to enhanced federal governance, compliance, and risk-management standards applicable to national trust banks.

Why This Matters

“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. This framework enhances BitGo’s ability to deliver secure and compliant infrastructure at scale, reinforced by:

• Ongoing audits, comprehensive supervision, and stringent capital requirements.

• Up to $250M in insurance coverage for assets held in qualified custody.

• 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.”

FAQ

What does OCC approval mean?

OCC approval confirms that BitGo has met all regulatory and operational requirements to operate as a federally chartered national trust bank under U.S. law. BitGo now functions under the same supervisory framework that governs traditional banking institutions.

How does this affect BitGo clients?

There is no disruption to services. Clients continue to custody, trade, and stake digital assets as usual, now with the added assurance of full OCC oversight, federal compliance standards, and expanded institutional protections.

Does this change BitGo’s mission or focus?

No. BitGo remains focused on delivering secure, compliant, and scalable digital asset infrastructure. The OCC charter strengthens that foundation and expands our ability to serve institutions globally.

Why is this significant for the industry?

The OCC charter introduces a clear, regulated framework for digital asset banking. It provides national-level standards for trust, transparency, and accountability, helping bridge the gap between traditional finance and the digital economy.