BitGo Strengthens Institutional Crypto Services Through NYDIG Trading Division Acquisition
The acquisition of NYDIG's institutional trading division by BitGo brings approximately 30 new team members and enhances the company's offerings in derivatives and financing services.
The institutional trading division of NYDIG, a Bitcoin infrastructure company, has been purchased by BitGo, bringing enhanced derivatives and financing capabilities to the acquiring company as it broadens its service portfolio for institutional cryptocurrency customers.
The finalization of the acquisition of NYDIG's institutional trading division through a definitive agreement was announced by BitGo on Thursday. Approximately 30 employees transferred to BitGo as part of the deal, along with NYDIG's institutional client trading relationships. Neither company has revealed the financial details of the transaction.
Clients including hedge funds, asset managers and corporations receive derivatives, structured products, financing and capital markets services from the business that has been acquired. According to BitGo CEO Mike Belshe, the company's trading and infrastructure capabilities will be "meaningfully scale" through this acquisition, enabling BitGo to cater to a more diverse range of institutional clients.
This transaction allows our team to continue delivering the same innovative solutions, execution quality, and dedication clients have come to expect, now backed by an even deeper set of resources.
Pete Janney, head of financial infrastructure at BitGo
The divestiture will enable the company to concentrate its resources on high-performance computing data centers, Bitcoin mining and power generation, according to both companies. The announcement revealed that NYDIG's development pipeline surpasses 3 gigawatts, with over 1 GW of capacity anticipated to come online during 2027 and 2028.
BitGo was contacted by Cointelegraph for further information regarding the transaction, but no response had been received at the time of publication.