BitGo Holdings (NYSE: BTGO) has announced that it entered into a definitive agreement and completed the acquisition of NYDIG’s institutional trading business and other assets.
The deal terms were not immediately available. Shares of BitGo were little changed on the news.
BitGo offers custody, wallets, staking, trading, financing, stablecoins, and settlement services from regulated cold storage. It also has a federally chartered digital asset trust bank
BitGo said the acquisition of NYDIG’s institutional trading business is expected to boost its institutional markets platform by improving its financing capabilities and derivatives while complementing BitGo’s custody, settlement, and wallet infrastructure. T
BitGo stated that as part of the transaction, approximately 30 NYDIG employees have joined BitGo, along with NYDIG’s institutional client trading relationships.
Mike Belshe, CEO and co-founder of BitGo, said they believe this transaction will meaningfully scale their services.
“It is also expected to enable us to serve a broader base of sophisticated clients that we believe will benefit from BitGo’s comprehensive infrastructure offerings. We are excited to deliver a more integrated experience for clients while creating efficiencies across technology, operations, and compliance.”
Pete Janney, Head of Financial Infrastructure at BitGo, said they were excited to provide their institutional customers with new capabilities.
“This transaction allows our team to continue delivering the same innovative solutions, execution quality, and dedication clients have come to expect, now backed by an even deeper set of resources. We look forward to a smooth transition and to the opportunities this creates for our clients.”
NYDIG also builds and operates vertically integrated power and compute infrastructure, which it will continue to operate. NYDIG is an affiliate of Stone Ridge Holdings Group, a diversified financial services firm which has a subsidiary that operates assets tied to about 3% of US natural gas production.
