BitGo buys NYDIG’s institutional trading business, expanding derivatives offering
BitGo announced today that it has completed the acquisition of bitcoin (BTC) miner NYDIG's institutional trading business and related assets, which is expected to complement its digital asset infrastructure services.
According to the Thursday announcement, BitGo plans to utilize NYDIG's business to expand its institutional markets platform by branching out derivatives offerings and enhancing financing capabilities.
With the transaction, around 30 NYDIG employees have joined BitGo, along with their institutional trading relationships. NYDIG's institutional trading business provides derivatives, structured products, financing, and capital markets solutions.
"Institutions increasingly want to work with a trusted partner that can support the full lifecycle of digital assets – from custody and trading to financing and settlement," said Mike Belshe, CEO and co-founder of BitGo. "[This is] expected to enable us to serve a broader base of sophisticated clients."
NYDIG, on the other hand, intends to focus its resources on its vertically integrated power generation, bitcoin mining, and high-performance computing data center development business.
BitGo's NYSE stock (BTGO) rose 1.99% to close Thursday at $7.16.
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