BitGo Expands Institutional Reach with Acquisition of NYDIG Trading Unit
BitGo, a leading provider of institutional crypto services, has expanded its reach in the sector with the acquisition of NYDIG's trading unit. The deal brings derivatives and financing capabilities to BitGo's existing platform, positioning it for a broader range of asset managers, hedge funds, and corporate clients.
The transaction includes NYDIG's institutional client relationships and approximately 30 employees, while financial terms were not disclosed. According to Pete Janney, head of financial infrastructure at BitGo, the acquisition will allow the combined team to continue delivering execution quality and solutions clients expect, now 'backed by an even deeper set of resources.'
The added business reportedly brings derivatives, structured products, financing, and capital markets services into BitGo's institutional suite. NYDIG said the sale enables it to focus resources on power generation, Bitcoin mining, and high-performance computing data centers.
BitGo CEO Mike Belshe characterized the acquisition as a way to accelerate growth in its institutional offerings. The company said the deal will 'meaningfully scale' BitGo's trading and infrastructure capabilities and help it serve more institutional clients.