BitGo Takes NYDIG's Institutional Trading Business and About 30 Staff
BitGo is taking over NYDIG's institutional trading business, folding a desk that runs derivatives, structured products, financing and other capital markets services into a firm that has mostly sold custody and settlement. About 30 NYDIG employees move across with their client relationships. Reuters put the number of transferring institutional clients at around 250, citing a person familiar with the deal. No price has been disclosed by either side, and no closing date has been published. NYDIG keeps its mining and power business.
What BitGo is buying
The unit sells to institutional investors and family offices, and its specialisms are financing and derivatives. Those are the two products a custodian cannot easily bolt on by itself. Crypto Economy, writing on Friday, described the effect as turning BitGo into a full-service regulated prime brokerage, meaning a single venue for trading, lending against positions and settling them. Mike Belshe, BitGo's chief executive and co-founder, made the lifecycle argument for it.
"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," Belshe said.
BitGo has been assembling the pieces in the open. Three days before the NYDIG announcement, the Singapore market maker Caladan went live on the Go Network, the institutional settlement network run by BitGo Bank and Trust; Caladan says it has handled more than $170 billion in annual trading volume. That one was an integration. This one is a purchase.
Announced, agreed or done
The accounts split on where the transaction stands. The Block reported late Thursday that BitGo had acquired the business and treated it as complete. Reuters and CNBC both wrote that BitGo had agreed to buy it. TheCCPress says the deal was disclosed in BitGo's second-quarter filing with the SEC and calls it agreed rather than closed, a detail that appears in that outlet alone. Neither company has published a closing date. We could not establish which framing supersedes the other.
How big BitGo is depends on the yardstick
Three figures circulate, and they measure different things. BitGo's own second-quarter results, filed on 12 August, put assets on platform at $65.2 billion, with 5,833 clients and $11.9 billion staked. Cointelegraph reported $90 billion in assets under custody at the time of the IPO filing. Bloomberg had the custody figure above $100 billion back in June 2025. Assets on platform and assets under custody are not the same measure, and the readings are months apart, so the three do not collapse into one number.
The company listed on the New York Stock Exchange in January under the ticker BTGO, raising roughly $213 million. Crypto Briefing values the company at about $2 billion on that raise; TheCCPress puts it at $2.2 billion. Revenue in the second quarter was $4.33 billion on BitGo's own reporting, up 79.6% year over year, against a net loss of $19 million. The stock closed at $7.16 on Thursday, up 1.99%.
NYDIG turns toward power
What NYDIG keeps is the physical side of the industry. The Stone Ridge affiliate has been rebuilding around bitcoin mining, power generation and high-performance computing data centres, and its Crusoe acquisition in March 2025 brought 270 megawatts of generation capacity with it. Its own site now leads with power and compute. Selling the trading desk points the firm at electricity and racks.
Nobody has said what the desk earned, how much of its book travels with the 30 people, or whether a regulator has to sign anything. BitGo's growth in Asia has run through licensing, including the Korean registration it won last week, and crypto prime brokerage has been raising money at scale, with Ripple Prime selling $275 million of investment-grade notes earlier this month. Until a price or a closing date appears, the measurable part of this deal is a headcount.