BitGo expands custody, trading, financing services with NYDIG deal
New York - Digital asset infrastructure firm BitGo has acquired NYDIG's institutional trading business and associated assets, according to a press release. This strategic move expands BitGo's custody, settlement, and wallet infrastructure with derivatives, structured products, financing, and capital markets capabilities. The acquisition includes 30 NYDIG employees and their institutional client trading relationships.
In exchange, NYDIG will focus on its power generation, bitcoin mining, and high-performance computing data center development business. NYDIG projects a development pipeline of over 3 GW, with 1 GW set to be operational by 2027 and 2028. BitGo's CEO, Mike Belshe, highlighted the importance of trusted partners for institutions dealing with digital assets throughout their lifecycle, from custody to settlement.
NYDIG's institutional trading business caters to asset managers, hedge funds, corporations, and family offices by offering liquidity, risk management, and customized trading strategies. BitGo, known for its robust digital asset infrastructure platform, now aims to provide its institutional trading clients with enhanced scale and breadth of capabilities.
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