BitGo vs Anchorage Digital: Chartered Custodians Compared
Quick answer. Neither wins for every institution: both run OCC-chartered national trust banks with SOC 1 and SOC 2 Type 2 reports. They differ in key model, published insurance and products, so judge each on its evidence.
Video transcript
BitGo and Anchorage Digital both run OCC-chartered national trust banks. Neither wins for every institution. The differences sit in keys, insurance and regulatory record.
The OCC conditionally approved Anchorage's bank in January 2021, and BitGo's in December 2025. Beyond the US, BitGo also names entities in the EU and Dubai.
BitGo says its custody wallets are all cold and sign with two of three keys it creates. No one person controls more than one. Anchorage describes HSM-secured cold storage with biometric approvals.
Neither company publishes a full quorum map on the pages we read. Ask for one under NDA.
BitGo cites up to 250 million dollars of insurance for qualified custody, though its 10-Q warns insurers could seek to deny a claim. Anchorage's custody page names no figure for digital assets.
BitGo settled with OFAC in 2020 over its non-custodial hot wallet service, not its custody business. Anchorage's 2022 OCC consent order over its anti-money laundering program was terminated in August 2025.
Ask both the same questions and score the evidence: which entity holds your assets, the quorum, the last backup restore, insurance exclusions, SOC report scope and how fast you can exit.
Read the full comparison for products, segregation and the questions to ask both. Or talk to Guardian for an independent read on your custodian's key ceremony and quorum.
BitGo and Anchorage Digital now both hold national trust bank charters from the OCC. On paper, they look alike.
The differences sit in how keys are held, what is insured, what the regulatory record shows and what else each sells.
Every claim below comes from the companies' own pages and filings, or from OCC and Treasury records. We rank neither.
Charters and Regulators
Start with who supervises the bank that would hold your assets.
On January 13, 2021, the OCC conditionally approved converting Anchorage Trust Company, a South Dakota trust company, into Anchorage Digital Bank, N.A., a national trust bank.
The approval required an operating agreement covering capital, liquidity and risk management. Anchorage calls itself "the first federally chartered crypto bank".
On December 12, 2025, the OCC conditionally approved converting BitGo Trust Company, also a South Dakota trust company, into BitGo Bank & Trust, N.A. It was one of five national trust bank approvals that day.
BitGo's blog calls it "full, unconditional approval". Its 10-K for 2025 describes BitGo Bank & Trust as chartered as a national trust bank.
Beyond the US banks, each lists other regulated entities:
| Market | BitGo | Anchorage Digital |
|---|---|---|
| US federal | BitGo Bank & Trust, N.A. (OCC) | Anchorage Digital Bank, N.A. (OCC charter 25243) |
| New York | BitGo New York Trust Company, a limited purpose trust company | Anchorage Digital NY, LLC, BitLicense 0000041 |
| European Union | BitGo Europe GmbH, a MiCA crypto-asset service provider supervised by BaFin | None named on its homepage |
| Singapore | Major payment institution license from the MAS | Anchorage Digital Singapore, a MAS major payment institution |
| Dubai | BitGo Custody MENA FZE, regulated by VARA | None named on its homepage |
Key Management Models
Next, the keys. Here the two describe different designs.
BitGo
BitGo's developer docs say its custody wallets are all cold. They sign with 2 of 3 keys, as multisig or MPC depending on the chain, and BitGo creates all three keys.
Key material is spread across Class 3 physical vaults, and "no one person controls more than one key for a given wallet".
An operator signs with the user key after a video ID check with the client. A different operator signs with the BitGo key.
Its self-custody wallets come as onchain 2-of-3 multisig, where the client creates the user and backup keys, or as MPC wallets using threshold signatures.
For MPC, BitGo says private keys "are never fully created or exposed". Its 10-K says qualified custody is "100% supported by cold storage".
Anchorage Digital
Anchorage's custody page describes HSM-secured cold storage, with "secure biometric approvals for global, 24/7 transaction authorization."
Its SOC 2 examination is scoped to the controls around its private key management infrastructure: HSMs, signing processes and authentication.
Porto, its self-custody wallet, is provided by Anchorage Innovations, which says it is not a custodian. Porto uses HSM hardware and quorum approval policies.
| Element | BitGo | Anchorage Digital |
|---|---|---|
| Custody storage | Cold; multisig or MPC, all three keys created by BitGo | HSM-secured cold storage |
| Approvals | Separate signers for the user and BitGo keys | Biometric approvals, around the clock |
| Self-custody | Multisig or MPC (threshold signature) wallets | Porto: HSM-based, quorum approvals |
Neither company publishes a full quorum map on the pages we read. Ask for one under NDA. Our crypto custody guide compares HSM, MPC and multisig.
Insurance and Segregation
BitGo's 10-K cites "up to $250 million of insurance coverage for digital assets held in qualified custody".
Its Q2 2026 10-Q says the policy covers theft or loss of keys. It also warns that insurers could seek to deny a claim, even where BitGo believes the policy applies.
Anchorage's custody page names no insurance figure for digital assets. It offers fiat custody "through the use of an FDIC-insured, licensed sub-custodian."
On segregation, both make strong claims:
- BitGo: client assets sit in segregated accounts, "never commingled", and are not available to general creditors in a bankruptcy.
- Anchorage: "bankruptcy-remote, segregated custody, backed by a federally chartered crypto bank."
Ask each for the custody agreement language behind those claims. See what policies exclude in crypto insurance for institutions.
Audits and Enforcement History
Both report SOC 1 Type 2 and SOC 2 Type 2 examinations.
BitGo's 10-K says it has completed both. Anchorage says its SOC 2 covers security, availability and confidentiality, and that it keeps four SOC reports across its custody offering.
The regulatory record:
| Date | Firm | Record |
|---|---|---|
| Dec 30, 2020 | BitGo | OFAC settlement: $98,830 for 183 apparent sanctions violations |
| Apr 21, 2022 | Anchorage | OCC consent order over its BSA/AML program |
| Aug 18, 2025 | Anchorage | OCC order terminating that consent order |
OFAC said BitGo's non-custodial hot wallet service processed $9,127.79 for users in sanctioned jurisdictions from 2015 to 2019. OFAC noted the apparent violations did not relate to BitGo Trust Company's custodial services.
The OCC found Anchorage had not adopted and implemented a compliance program covering the required BSA/AML elements. In August 2025 it ended the order, saying the bank's safety and soundness and compliance no longer required it.
BitGo has traded on the NYSE since January 22, 2026, so its 10-K and 10-Q are public. Read their risk factors and legal proceedings, and ask Anchorage for the equivalent.
Staking, Settlement and Stablecoins
Both sell more than custody.
| Service | BitGo | Anchorage Digital |
|---|---|---|
| Staking | $11.9B median staked, Q2 2026; no liquid staking | Staking in its Prime platform; Porto on 15+ networks |
| Settlement | Go Network, "near-instantaneous settlement" | Atlas, real-time settlement across counterparties |
| Stablecoin issuance | Stablecoin-as-a-Service, launched March 2025 | Issued by Anchorage Digital Bank |
BitGo held $4.6 billion in segregated reserves backing stablecoins it issues as of June 30, 2026, per its 10-Q.
Anchorage's issuance page says reserve attestations are published monthly, "in anticipation of federal requirements under the GENIUS Act".
The same page features Ethena's USDtb, OSL's USDGO and Western Union's USDPT.
Holding one of those coins is a separate decision. Use our stablecoin due diligence checklist.
Questions to Ask Either One
Ask both the same questions and score the evidence:
- Entity: which legal entity holds our assets, under which charter?
- Control: can anyone, including us, move assets alone? Show the quorum.
- Approvals: what does an approver see, on which device, before signing?
- Recovery: when was a backup last restored, and how long did it take?
- Insurance: who are the insurers, what is excluded, and is the limit shared?
- Assurance: what period and scope do the SOC reports cover, with what exceptions?
- Segregation: segregated or omnibus wallets? Any lending or rehypothecation?
- Delegates: which sub-custodians, validators and banks touch our assets?
- Exit: how fast can we withdraw everything, and has it been tested?
Our vendor due diligence questionnaire has the full question set.
How Guardian Helps
Guardian's institutional practice reviews the custodians, bridges, oracles and protocols you would depend on, "as concentrations of risk rather than as logos on a slide."
Its OpSec audit covers custody and key ceremony: where keys live, who holds which share and what a quorum requires in practice.
The Digital Asset Assurance Pilot is a low-commitment start that is easy for a vendor process to accept.
Frequently Asked Questions
Is Anchorage Digital a bank?
Yes. Anchorage Digital Bank, N.A. is a national trust bank. The OCC conditionally approved its conversion from a South Dakota trust company on January 13, 2021. Anchorage says it offers fiat custody through an FDIC-insured, licensed sub-custodian.
Does BitGo have a federal bank charter?
Yes. On December 12, 2025, the OCC conditionally approved converting BitGo Trust Company into BitGo Bank & Trust, N.A., a national trust bank. BitGo's 10-K for 2025 describes it as chartered as a national trust bank.
Are assets held at BitGo insured?
BitGo's 10-K cites up to $250 million of insurance for digital assets in qualified custody, covering theft or loss of keys. Its 10-Q warns insurers could seek to deny a claim. Ask for the policy terms and exclusions.
Which is safer, BitGo or Anchorage Digital?
Public evidence does not settle it. Both hold OCC charters and SOC 1 and SOC 2 Type 2 reports. Compare quorum design, recovery tests, report scope and insurance terms for the assets you plan to hold.
Sources
- OCC: News Release 2021-6, conditional approval of Anchorage Digital Bank, N.A. (January 13, 2021)
- OCC: News Release 2022-41, consent order against Anchorage Digital Bank (April 21, 2022)
- OCC: Order Terminating the Consent Order, Anchorage Digital Bank, AA-ENF-2025-44 (PDF, August 18, 2025)
- OCC: News Release 2025-125, conditional approvals for five national trust bank charter applications (December 12, 2025)
- OFAC: Settlement with BitGo, Inc. for apparent violations of multiple sanctions programs (PDF, December 30, 2020)
- SEC EDGAR: BitGo Holdings, Form 10-K for fiscal 2025 (March 2026)
- SEC EDGAR: BitGo Holdings, Form 10-Q for the quarter ended June 30, 2026 (August 12, 2026)
- BitGo: BitGo Secures OCC Approval to Convert to Federally Chartered National Trust Bank (December 2025)
- BitGo Developer Portal: Wallet Types
- Anchorage Digital: homepage, regulated entities and licenses (accessed November 5, 2026)
- Anchorage Digital: Custody (accessed November 5, 2026)
- Anchorage Digital: Anchorage Digital's SOC 2 Type 2 examination (July 31, 2026)
- Anchorage Digital: Stablecoin issuance (accessed November 5, 2026)
- Anchorage Digital: Porto self-custody (accessed November 5, 2026)
- Guardian: Institutional
- Guardian: OpSec Audit
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