Wall Street's Favorite Crypto Broker Abandons Institutional Trading

BitGo, Wall Street's favorite Bitcoin broker, has transferred its institutional trading business to NYDIG. The deal makes it clear that NYDIG is now concentrating resources on power, Bitcoin mining, and high-performance computing data centers.

The closing terms disclosed by BitGo put roughly $42.5 million of consideration upfront. This includes $7 million in cash plus 5,933,577 BitGo shares, valued at about $35.5 million at the agreement reference price of $5.9829 per share.

NYDIG is directing attention toward a company-described power-and-compute footprint exceeding 3 GW. The target's historical revenue, direct costs, and operating profit remain undisclosed. The useful comparison is between the proof points each side must deliver.