BitGo vs Bakkt — Head-to-Head Custody Comparison
An independent, data-driven comparison of BitGo and Bakkt across security, insurance, fees, regulatory compliance, and more.
Verdict
Quick Verdict
BitGo scores 8.2 vs Bakkt's 7.0. BitGo leads in 7 of 8 categories.
BitGo is better suited for Institutions, Exchanges, Funds. Bakkt is better suited for Institutions, Financial services companies, Fintechs.
Scores
Score Comparison
Weighted scores across all 8 custody criteria.
| Criterion | Weight | BitGo | Bakkt | Winner |
|---|---|---|---|---|
| Security | 20% | 9.0 | 8.0 | BitGo |
| Insurance | 15% | 8.5 | 6.0 | BitGo |
| Regulatory | 15% | 9.0 | 8.5 | BitGo |
| Fee Transparency | 10% | 6.5 | 7.0 | Bakkt |
| Track Record | 15% | 9.0 | 7.0 | BitGo |
| Withdrawal Flexibility | 10% | 8.0 | 6.5 | BitGo |
| Reporting & Audit | 10% | 8.5 | 7.5 | BitGo |
| Counterparty Diversification | 5% | 3.0 | 2.0 | BitGo |
| Overall Score | 100% | 8.2 | 7 | BitGo |
Visual
Score Radar
Visual overlay of BitGo and Bakkt across all categories.
Deep Dive
Category-by-Category Analysis
A deeper look at how each provider performs in every scoring criterion.
Security (9.0 vs 8.0)
BitGo uses Multi-signature + MPC key management with Majority cold in cold storage and regular penetration testing. Compliance: SOC 2 Type 2. Incident history: No major incidents. Minor service disruptions reported..
Bakkt uses Cold storage with multi-zone physical security key management with Majority cold in cold storage and regular penetration testing. Compliance: SOC 2 (details not fully public). Incident history: No custody incidents. Company has faced financial challenges (stock price decline)..
Insurance (8.5 vs 6.0)
BitGo offers $250M policy limit via Lloyd's of London syndicate. Covers assets in hot and cold storage against theft and security breaches. Institutions should confirm per-asset limits and exclusions.
Bakkt offers $125M reported (as of 2019, may have changed) via Not publicly confirmed recently. Insurance details less transparent than competitors. Originally claimed $125M coverage.
Regulatory (9.0 vs 8.5)
BitGo holds South Dakota Trust Charter, New York BitLicense and is a qualified custodian operating in United States. BitGo Trust Company is a qualified custodian regulated by the South Dakota Division of Banking.
Bakkt holds NYDFS Qualified Custodian (Bakkt Trust Company LLC) and is a qualified custodian operating in United States. Bakkt Trust Company LLC is a New York State-regulated qualified custodian. Parent ICE/NYSE provides institutional gravitas.
Fee Transparency (6.5 vs 7.0)
BitGo charges Based on AUM — tiered pricing in annual custody fees with Varies per transaction. Enterprise pricing available. BitGo Go for smaller clients.
Bakkt charges 0.10% AUM/month for BTC (1.2% annually). 0.20% AUM/month for ETH. in annual custody fees with Varies per transaction. $100/month minimum fee. Higher annual rate than most competitors.
Track Record (9.0 vs 7.0)
BitGo was founded in 2013 and is headquartered in Palo Alto, CA. AUM: $64B+ in custody. Incident history: No major incidents. Minor service disruptions reported..
Bakkt was founded in 2018 and is headquartered in Alpharetta, GA. AUM: Not publicly disclosed. Incident history: No custody incidents. Company has faced financial challenges (stock price decline)..
Withdrawal Flexibility (8.0 vs 6.5)
BitGo withdrawal fees: Network fees. Minimum account: Contact for pricing. Supported assets: Bitcoin, Ethereum, 700+ tokens.
Bakkt withdrawal fees: Network fees. Minimum account: Contact for pricing. Supported assets: Bitcoin, Ethereum.
Reporting & Audit (8.5 vs 7.5)
BitGo: SOC compliance is SOC 2 Type 2. As a qualified custodian, it meets SEC reporting requirements.
Bakkt: SOC compliance is SOC 2 (details not fully public). As a qualified custodian, it meets SEC reporting requirements.
Counterparty Diversification (3.0 vs 2.0)
BitGo is a qualified custodian provider. Key management: Multi-signature (2-of-3) with optional MPC. Keys split between client and BitGo..
Bakkt is a qualified custodian provider. Key management: Warehouse-grade cold storage with multi-zone physical security..
Fees
Fee Comparison
Side-by-side fee breakdown for BitGo and Bakkt.
| Fee Type | BitGo | Bakkt |
|---|---|---|
| Setup Fee | Varies by plan | Contact for pricing |
| Annual Custody | Based on AUM — tiered pricing | 0.10% AUM/month for BTC (1.2% annually). 0.20% AUM/month for ETH. |
| Transaction | Varies | Varies |
| Withdrawal | Network fees | Network fees |
BitGo: Enterprise pricing available. BitGo Go for smaller clients.
Bakkt: $100/month minimum fee. Higher annual rate than most competitors.
Features
Feature Comparison
Checklist of features across both providers.
| Feature | BitGo | Bakkt |
|---|---|---|
| 24/7 response support | ✗ | ✓ |
| 700+ token support | ✓ | ✗ |
| Consumer wallet solutions | ✗ | ✓ |
| Crypto rewards and loyalty programs | ✗ | ✓ |
| DeFi and Web3 access | ✓ | ✗ |
| Hot and cold storage options | ✓ | ✗ |
| ICE/NYSE pedigree | ✗ | ✓ |
| Multi-signature wallets (2-of-3) | ✓ | ✗ |
| Policy engine for governance workflows | ✓ | ✗ |
| Portfolio and tax reporting | ✓ | ✗ |
| Publicly traded (BKKT) | ✗ | ✓ |
| Staking services | ✓ | ✗ |
| Warehouse-grade cold storage | ✗ | ✓ |
Recommendation
Who Should Choose Which?
BitGo is better if you…
- ✓Are a institutions
- ✓Are a exchanges
- ✓Are a funds
- ✓Are a fintechs
- ✓Want: Industry-leading institutional track record since 2013
- ✓Want: $250M insurance coverage
- ✓Want: SOC 2 Type 2 compliant
Bakkt is better if you…
- ✓Are a institutions
- ✓Are a financial services companies
- ✓Are a fintechs
- ✓Are a merchants
- ✓Want: Owned by ICE (NYSE parent) — unmatched traditional finance pedigree
- ✓Want: NYDFS qualified custodian
- ✓Want: Publicly traded — financial transparency
FAQ
Frequently Asked Questions
Is BitGo or Bakkt better for Bitcoin custody?
BitGo scores 8.2 vs 7.0 in our weighted Custody Score. BitGo leads in 7 of 8 scoring categories. However, the best choice depends on your specific needs: BitGo is best for Institutions and Exchanges, while Bakkt suits Institutions and Financial services companies.
What is the difference between BitGo and Bakkt?
BitGo is a qualified custodian provider, while Bakkt is a qualified custodian provider. BitGo excels in Security, whereas Bakkt is strongest in Regulatory.
How do BitGo and Bakkt fees compare?
BitGo charges Based on AUM — tiered pricing annual custody fees with Varies transaction fees. Bakkt charges 0.10% AUM/month for BTC (1.2% annually). 0.20% AUM/month for ETH. annual custody fees with Varies transaction fees.
Which is more secure, BitGo or Bakkt?
BitGo scores 9.0/10 for security while Bakkt scores 8.0/10. BitGo uses Multi-signature + MPC key management, and Bakkt uses Cold storage with multi-zone physical security.
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