OCC Approves BitGo’s Transition to National Bank Status

The Office of the Comptroller of the Currency approved BitGo’s conversion of its South Dakota trust company into BitGo Bank & Trust, National Association, providing national digital asset services.

This secures BitGo’s federal exemption from state licenses, enhancing its service reach amid increasing regulatory focus on digital assets nationwide.

BitGo Gains National Bank Status, Elevates Custody Services

BitGo has been authorized to become a national bank, transforming from its previous status as a South Dakota-registered trust company. This change is part of a broader OCC initiative approving five trust banks to offer services nationwide, bypassing individual state licensing requirements. Federal scrutiny ensures adherence to trust mandates, providing custodial and asset services aligned with trust and non-trust federal guidelines. Among the impacted areas are the maintenance of digital assets and certain financial assets.

The newly sanctioned operation enhances BitGo’s ability to provide digital asset services without needing licensing in each state. This move aligns BitGo with national standards, specifically in custody services. The national bank designation suggests greater oversight but facilitates broader service capabilities.

Historical Legislation and Market Impact of BitGo’s Bank Status

Did you know? OCC’s authority to approve national banks stems from the National Bank Act of 12 USC 21-27, a legislative framework dating back to before the widespread adoption of digital assets.

Bitcoin, currently priced at $90,332.43 with a market cap of $1.80 trillion, holds a dominant market share of 58.78%. Its trading volume within the last 24 hours increased by 26.61% to $80.58 billion. Bitcoin has experienced price fluctuations, declining 1.90% in the past 24 hours while slight growth of 1.08% occurred over the last week, as per CoinMarketCap’s latest update on December 13, 2025.

BitGo’s strategic move to a national bank status may drive significant growth in digital asset services. Market observers identify potential financial benefits due to the federal authority’s preemption over state regulations, possibly influencing broader adoption and integration of digital asset custodial solutions in national banking.