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{"actor":"system:backfill","investigation_id":"79ef3006-926a-4d14-943e-56572e5e3fe0","kind":"publish","page_slug":"bitgo","published_at":"2026-10-13T05:20:13.833Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"BitGo","sections":[{"content":"In a press release dated January 29, 2026, BitGo Holdings stated that its initial public offering and NYSE listing (ticker BTGO) took place on January 22, 2026, and that it had received final approval from the Office of the Comptroller of the Currency (OCC) to operate as a national trust bank. This is the company's own statement; the OCC's own record was not independently retrieved for this page. Reuters reportedly corrected an earlier story to say the OCC approval was full rather than conditional.","heading":"Regulatory status","severity":"low","sources":[{"credibility":2,"name":"BitGo investor relations press release (Jan 2026)","type":"official","url":"https://investors.bitgo.com/news/news-details/2026/BitGo-Becomes-the-First-Public-Federally-Chartered-Digital-Asset-Infrastructure-Company/default.aspx"}]},{"content":"Robinhood's Chain documentation introduces its ecosystem list as 'Robinhood Chain is supported by a set of infrastructure and application partners' and lists BitGo in the category 'Institutional Custody' with the description 'Secure digital asset operations.' The page was checked on fetch; it does not by itself describe the terms of the relationship.","heading":"Robinhood Chain partnership","severity":"low","sources":[{"credibility":2,"name":"Robinhood Chain documentation","type":"official","url":"https://docs.robinhood.com/chain"}]},{"content":"BitGo was the sole custodian of the bitcoin backing WBTC until August 2024, when it announced a move to multi-jurisdictional, multi-institutional custody through a joint venture with BiT Global, in which BitGo would be a minority shareholder. BiT Global's alleged ties to Tron founder Justin Sun prompted concern; Sky's (formerly MakerDAO) risk unit BA Labs initially proposed offboarding WBTC as collateral, then reversed course after discussions with BitGo CEO Mike Belshe. Sun stated his involvement was strategic and that he does not control the private keys. Per Unchained, the transition to custody spread across the U.S., Singapore and Hong Kong, using the same multi-signature technology, was completed on October 8, 2024. In December 2024 Coinbase delisted WBTC, citing alleged risk that control could fall to Mr. Sun; BiT Global sued Coinbase and later dismissed the suit with prejudice in a settlement, with terms undisclosed. This review did not find sources establishing the WBTC custody arrangement after early 2025; readers should verify current status.","heading":"WBTC custody arrangements","severity":"medium","sources":[{"credibility":2,"name":"BitGo blog: move WBTC to multi-jurisdictional custody","type":"official","url":"https://bitgo.com/resources/blog/bitgo-to-move-wbtc-to-multi-jurisdictional-custody-to-accelerate-global/"},{"credibility":2,"name":"Unchained: WBTC completes shift to multi-jurisdiction custody model","type":"news_article","url":"https://unchainedcrypto.com/wbtc-completes-shift-to-multi-jurisdiction-custody-model/"},{"credibility":2,"name":"The Block: BitGo CEO on Justin Sun's WBTC involvement","type":"news_article","url":"https://www.theblock.co/post/310576/bitgo-ceo-mike-belshe-on-justin-suns-wbtc-involvement-a-big-nothingburger"},{"credibility":2,"name":"Decrypt: BiT Global sues Coinbase over WBTC delisting","type":"news_article","url":"https://decrypt.co/296540/bit-global-sues-coinbase-delisting-wrapped-bitcoin?amp=1"},{"credibility":2,"name":"Decrypt: BiT Global drops Coinbase lawsuit","type":"news_article","url":"https://decrypt.co/324211/justin-sun-bit-global-drops-coinbase-lawsuit-wrapped-bitcoin?amp=1"}]},{"content":"On December 30, 2020, OFAC announced a settlement with BitGo of potential civil liability for 183 apparent violations of multiple sanctions programs, involving transactions processed between March 10, 2015 and December 11, 2019 for users located in sanctioned jurisdictions. BitGo agreed to remit $98,830. Some secondary outlets report a different figure ($93,830); the OFAC page figure is used here.","heading":"Sanctions compliance enforcement","severity":"medium","sources":[{"credibility":1,"name":"OFAC recent actions, 30 Dec 2020","type":"regulatory","url":"https://ofac.treasury.gov/recent-actions/20201230_33"}]},{"content":"Galaxy Digital announced a $1.2 billion acquisition of BitGo in May 2021 and terminated it on August 15, 2022, citing failure to deliver audited 2021 financial statements by July 31, 2022. BitGo sued Galaxy in Delaware Chancery Court on September 12, 2022, seeking more than $100 million and alleging improper repudiation and breach. Per secondary reporting, the Chancery Court dismissed the complaint in 2023 and the Delaware Supreme Court reversed in May 2024, calling merger language ambiguous. The final outcome was not found.","heading":"Galaxy Digital merger dispute","severity":"low","sources":[{"credibility":2,"name":"The Block: BitGo confirms $100M lawsuit against Galaxy","type":"news_article","url":"https://www.theblock.co/post/169602/bitgo-confirms-100-million-lawsuit-against-galaxy-digital-following-merger-breakdown"},{"credibility":2,"name":"Cointelegraph: BitGo Galaxy lawsuit Delaware Supreme Court","type":"news_article","url":"https://regional-front.cointelegraph.com/news/bitgo-galaxy-digital-lawsuit-delaware-supreme-court"}]}],"sources_used":[{"credibility":2,"name":"BitGo investor relations press release (Jan 2026)","type":"official","url":"https://investors.bitgo.com/news/news-details/2026/BitGo-Becomes-the-First-Public-Federally-Chartered-Digital-Asset-Infrastructure-Company/default.aspx"},{"credibility":2,"name":"Robinhood Chain documentation","type":"official","url":"https://docs.robinhood.com/chain"},{"credibility":1,"name":"OFAC recent actions, 30 Dec 2020","type":"regulatory","url":"https://ofac.treasury.gov/recent-actions/20201230_33"},{"credibility":2,"name":"BitGo blog: WBTC multi-jurisdictional custody","type":"official","url":"https://bitgo.com/resources/blog/bitgo-to-move-wbtc-to-multi-jurisdictional-custody-to-accelerate-global/"},{"credibility":2,"name":"Unchained: WBTC custody shift","type":"news_article","url":"https://unchainedcrypto.com/wbtc-completes-shift-to-multi-jurisdiction-custody-model/"},{"credibility":2,"name":"The Block: Belshe on Sun's WBTC involvement","type":"news_article","url":"https://www.theblock.co/post/310576/bitgo-ceo-mike-belshe-on-justin-suns-wbtc-involvement-a-big-nothingburger"},{"credibility":2,"name":"Decrypt: BiT Global sues Coinbase","type":"news_article","url":"https://decrypt.co/296540/bit-global-sues-coinbase-delisting-wrapped-bitcoin?amp=1"},{"credibility":2,"name":"Decrypt: BiT Global drops Coinbase lawsuit","type":"news_article","url":"https://decrypt.co/324211/justin-sun-bit-global-drops-coinbase-lawsuit-wrapped-bitcoin?amp=1"},{"credibility":2,"name":"The Block: BitGo v. Galaxy","type":"news_article","url":"https://www.theblock.co/post/169602/bitgo-confirms-100-million-lawsuit-against-galaxy-digital-following-merger-breakdown"},{"credibility":2,"name":"Cointelegraph: Delaware Supreme Court ruling","type":"news_article","url":"https://regional-front.cointelegraph.com/news/bitgo-galaxy-digital-lawsuit-delaware-supreme-court"}],"summary":"BitGo is a digital asset custody and infrastructure company, listed on the NYSE (BTGO) since January 2026 and, per its own announcement, holding final OCC approval to operate as a national trust bank. It is listed under Institutional Custody among Robinhood Chain's infrastructure partners and was the original sole custodian of Wrapped Bitcoin (WBTC) until a 2024 move to multi-jurisdictional custody involving BiT Global, which drew criticism because of that firm's alleged ties to Justin Sun. Documented incidents found are a 2020 OFAC sanctions settlement and a commercial dispute with Galaxy Digital; no custody-loss incident was found in the sources reviewed.","timeline":[{"date":"2020-12-30","date_evidence":"OFAC announced the BitGo settlement on December 30, 2020","event":"OFAC announces $98,830 settlement with BitGo over 183 apparent sanctions violations.","source":"OFAC","source_url":"https://ofac.treasury.gov/recent-actions/20201230_33"},{"date":"2022-08-15","date_evidence":"August 15, 2022: Galaxy announced it was terminating the merger","event":"Galaxy Digital terminates its planned $1.2B acquisition of BitGo.","source":"The Block","source_url":"https://www.theblock.co/post/169602/bitgo-confirms-100-million-lawsuit-against-galaxy-digital-following-merger-breakdown"},{"date":"2022-09-12","date_evidence":"September 12, 2022: BitGo filed a lawsuit against Galaxy in Delaware Chancery Court","event":"BitGo sues Galaxy Digital for over $100 million.","source":"The Block","source_url":"https://www.theblock.co/post/169602/bitgo-confirms-100-million-lawsuit-against-galaxy-digital-following-merger-breakdown"},{"date":"2024-08","event":"BitGo announces WBTC move to multi-jurisdictional custody via joint venture with BiT Global.","source":"BitGo blog","source_url":"https://bitgo.com/resources/blog/bitgo-to-move-wbtc-to-multi-jurisdictional-custody-to-accelerate-global/"},{"date":"2024-10-08","date_evidence":"The change was completed on October 8, 2024","event":"WBTC custody transition completed across U.S., Singapore and Hong Kong.","source":"Unchained","source_url":"https://unchainedcrypto.com/wbtc-completes-shift-to-multi-jurisdiction-custody-model/"},{"date":"2024-12","event":"Coinbase delists WBTC; BiT Global sues Coinbase.","source":"Decrypt","source_url":"https://decrypt.co/296540/bit-global-sues-coinbase-delisting-wrapped-bitcoin?amp=1"},{"date":"2026-01-22","date_evidence":"initial public offering and related listing on the New York Stock Exchange took place on January 22, 2026","event":"BitGo IPO and NYSE listing (BTGO).","source":"BitGo IR","source_url":"https://investors.bitgo.com/news/news-details/2026/BitGo-Becomes-the-First-Public-Federally-Chartered-Digital-Asset-Infrastructure-Company/default.aspx"},{"date":"2026-01-29","date_evidence":"The announcement was issued on January 29, 2026","event":"BitGo announces final OCC approval to operate as a national trust bank.","source":"BitGo IR","source_url":"https://investors.bitgo.com/news/news-details/2026/BitGo-Becomes-the-First-Public-Federally-Chartered-Digital-Asset-Infrastructure-Company/default.aspx"}]},"v":1}