BitGo Expands Services with Acquisition of NYDIG Trading Arm
BitGo has acquired NYDIG's institutional trading arm in a deal that marks a significant expansion of its services for institutional investors. The move comes as institutions increasingly demand more than just custody services, seeking a full range of financial solutions to manage their crypto assets.
The acquisition brings BitGo's client roster to around 250 asset managers, hedge funds, corporates, and family offices, according to the company. This is in addition to its existing custody business, which has been built over several years.
NYDIG had previously shifted its focus towards bitcoin mining and high-performance computing, and the sale of its trading arm was seen as a natural move given BitGo's expertise in custody services.
BitGo CEO Mike Belshe stated that institutions want a single counterparty to handle the full digital-asset lifecycle - custody, trading, financing, settlement. This acquisition allows BitGo to provide a comprehensive service to its clients, making it an attractive option for institutional investors.