BitGo has acquired NYDIG’s institutional trading business, pulling roughly 30 employees and a roster of institutional client relationships into the publicly traded custody firm. The cash-and-stock deal is reportedly valued at up to $57.5 million.
CoinDesk pegged the consideration at up to $57.5 million, broken out as $7 million in cash, around $35.5 million in BitGo stock, and a $15 million earnout tied to revenue targets. CNBC, which broke the story late Wednesday, said terms were not immediately available. BitGo’s own release offered no financial details.
BitGo trades on the New York Stock Exchange under ticker BTGO. It went public at the start of 2026 and carries a market value below $1 billion, according to CNBC. The firm was founded in 2013 in Sioux Falls, South Dakota, making it one of the oldest names still operating in institutional crypto custody.
The acquired unit, NYDIG IF Holdings, handles derivatives, structured products, financing, and capital markets services for asset managers, hedge funds, corporates, and family offices. CNBC, citing a person close to the matter, put the moving book at roughly 250 institutional client relationships.
“The acquisition is expected to expand BitGo’s institutional markets platform by enhancing financing and derivatives capabilities, complementing its regulated custody, settlement, and wallet infrastructure,” BitGo said in a press release.
What that looks like in practice: BitGo can now offer trading desks a single counterparty for custody and financing, rather than splitting those functions across separate firms. It is the kind of consolidation institutions have been pushing custody providers toward as they deploy more capital into digital assets.
BitGo CEO Mike Belshe framed the deal as a lifecycle play. “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,” he said in the release. “We believe this transaction will meaningfully scale our trading and infrastructure capabilities and adds an exceptional team with experience serving institutional clients.”
Pete Janney, identified in the release as BitGo’s Head of Financial Infrastructure, said the trading team’s clients would gain access to BitGo’s broader platform. “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,” he said.
NYDIG, an affiliate of Stone Ridge Holdings Group, retains its power generation, bitcoin mining, and high-performance computing data center operations. Its development pipeline exceeds 3 gigawatts, with more than 1 GW deliverable in 2027 and 2028, according to the release. Stone Ridge’s energy franchise operates assets responsible for roughly 3% of U.S. natural gas production.
NYDIG CEO Tejas Shah said the trading unit’s strengths were “complementary to BitGo’s digital asset infrastructure,” adding that “the discipline and intensity that built our trading franchise also drives our HPC data center development business, where we see one of the most significant opportunities ahead.”
The transaction lands as crypto trading volumes climb out of a months-long slowdown. CNBC reported bitcoin has risen more than 20% over the past week, briefly topping $80,000 on Tuesday. The move, as the network characterized it, ranks among the first signs of a broader rebound following the 2026 trading lull. BitGo’s regulated entities include BitGo Bank & Trust, National Association, the first federally chartered digital asset trust bank owned by a publicly traded company.
BitGo said the acquisition is complete. It did not detail regulatory approvals or closing conditions. Neither company disclosed the trading unit’s revenue or assets under management.
