BitGo
Qualified CustodianBitGo is one of the largest institutional digital asset custodians, processing approximately 20% of all global Bitcoin transactions. Offers multi-signature wallets, hot and cold storage, and serves over 1,500 institutional clients.
Quick Verdict
With a Custody Score of 8.2/10, BitGo is ranked #2 of 11 among qualified custodian providers. Its strongest category is Security and its weakest is Counterparty Diversification.
Analysis
Score Breakdown
The Custody Score is a weighted average across 8 criteria, each rated 1-10.
| Criterion | Score | Weight | Weighted |
|---|---|---|---|
| Security | 9 | 20% | 1.80 |
| Insurance | 8.5 | 15% | 1.27 |
| Regulatory | 9 | 15% | 1.35 |
| Fee Transparency | 6.5 | 10% | 0.65 |
| Track Record | 9 | 15% | 1.35 |
| Withdrawal Flexibility | 8 | 10% | 0.80 |
| Reporting & Audit | 8.5 | 10% | 0.85 |
| Counterparty Diversification | 3 | 5% | 0.15 |
| Total | 100% | 8.2 |
Key Features
- ✓Multi-signature wallets (2-of-3)
- ✓Hot and cold storage options
- ✓700+ token support
- ✓Policy engine for governance workflows
- ✓Staking services
- ✓DeFi and Web3 access
- ✓Portfolio and tax reporting
Fee Breakdown
| Setup Fee | Varies by plan |
| Annual Custody Fee | Based on AUM — tiered pricing |
| Transaction Fee | Varies |
| Withdrawal Fee | Network fees |
| Notes | Enterprise pricing available. BitGo Go for smaller clients. |
Security Details
Key Management
Multi-signature + MPC
Cold Storage
Majority cold
SOC Compliance
SOC 2 Type 2
Penetration Testing
Yes
Incident History: No major incidents. Minor service disruptions reported.
Insurance Coverage
Coverage
$250M policy limit
Carrier
Lloyd's of London syndicate
Details
Covers assets in hot and cold storage against theft and security breaches. Institutions should confirm per-asset limits and exclusions.
Regulatory Status
Licenses
- South Dakota Trust Charter
- New York BitLicense
BitGo Trust Company is a qualified custodian regulated by the South Dakota Division of Banking.
Pros & Cons
Pros
- Industry-leading institutional track record since 2013
- $250M insurance coverage
- SOC 2 Type 2 compliant
- Processes ~20% of all global Bitcoin transactions
- 700+ token support for diversified portfolios
Cons
- Single custodian — assets concentrated with one entity
- Pricing not transparent (requires sales contact)
- Complex onboarding for smaller clients
- MPC key management adds complexity
How BitGo Compares
Top qualified custodian providers ranked by Custody Score.
| Provider | Custody Score | Compare |
|---|---|---|
| Fidelity Digital Assets | 8.4 | Compare → |
| Coinbase Custody | 8.2 | Compare → |
| Anchorage Digital | 7.9 | Compare → |
| Gemini Custody | 7.7 | Compare → |
| Zodia Custody | 7.2 | Compare → |