BitIRA

BitIRA is an American digital asset retirement service that sets up self-directed individual retirement accounts (SDIRAs) for holding cryptocurrencies. Operating since 2017, the platform allows clients to rollover balances from existing traditional IRAs, Roth IRAs, or 401(k) plans into digital currency accounts while retaining IRS-compliant tax-deferred or tax-free status.

Corporate background and structure

BitIRA was founded in 2017 and operates from Burbank, California. Rather than operating as a direct financial custodian or broker-dealer, the firm is a specialized facilitator. Staff members, including digital assets specialists like Cory McDaniels, coordinate the account opening, paperwork, and rollover processes between clients, custodians, and crypto trading venues.

Custody and account management

Account administration is managed by independent self-directed IRA custodians, primarily Equity Trust Company, alongside Preferred Trust Company. Customers hold control over transaction decisions while the designated custodian executes directions and maintains formal account records. Security for the underlying digital assets relies on Multi-Party Computation (MPC) architecture rather than personal hardware devices or exposed private keys. Transactions require dual authorization from the account holder and security partners before execution.

Asset access and operational workflow

Users establish and monitor their portfolios through the proprietary My BitIRA portal. Once a rollover or direct transfer clears from an existing custodian, BitIRA connects the retirement capital to integrated exchange partners to execute spot buy and sell orders. Assets supported for IRA placement include major cryptocurrencies such as Bitcoin and Ethereum under IRS Notice 2014-21 rules, which treat digital assets as personal property for federal tax purposes.

Risks and structural trade-offs

Self-directed crypto retirement accounts carry specific structural constraints. BitIRA services are limited to United States taxpayers and require complete compliance paperwork and identification checks. Because custodial management involves third-party providers, savers encounter expenses, including transaction fees and partner custodian maintenance, which can impact overall portfolio performance over extended periods. Portfolios also remain fully exposed to extreme crypto market volatility without traditional banking deposit protections.