BitGo targets prime brokerage as core business revenue source

BitGo, the U.S. crypto custodian, is shifting its focus from storage to trading and lending services, aiming to make prime brokerage its primary revenue source. CEO Mike Belshe stated on Oct. 6 that he envisions prime brokerage eventually accounting for all of BitGo’s revenue, though no specific timeline was provided.

BitGo has already taken steps to expand its trading and financing capabilities, including the acquisition of NYDIG’s institutional trading business in August. This deal added derivatives, execution, financing, and structuring capabilities to BitGo’s platform. By September, the company’s Go Network had cleared over $2 billion through Crossover Markets.

The shift aligns with a broader industry trend where crypto firms are bundling custody, trading, lending, and settlement into single institutional service platforms. BitGo’s prime brokerage offering includes trade execution, financing, collateral management, and settlement, all while client assets remain in regulated custody.

Financial filings reveal that BitGo’s trading revenue grew significantly in the second quarter of 2026, with total revenue reaching $4.33 billion, up 79.6% year-over-year. However, the company cautioned that headline revenue figures can fluctuate due to differences in accounting methods for spot and derivatives trading.