Key facts
- BitGo acquired NYDIG's institutional trading business.
- The acquisition expands BitGo's offerings in derivatives, structured products, and financing.
- Approximately 30 employees from NYDIG's institutional trading business have joined BitGo.
- NYDIG will now focus on power generation, Bitcoin mining, and data center development.
- BitGo recently obtained a VASP license from South Korea's Financial Intelligence Unit.
Crypto custodian BitGo announced the completion of its acquisition of NYDIG's institutional trading business, a move aimed at bolstering its derivatives, structured products, and financing capabilities for institutional clients. The transaction brings approximately 30 employees from NYDIG's trading division to BitGo, with CEO Mike Belshe stating the acquisition will "meaningfully scale" the company's trading and infrastructure services.
Meanwhile, NYDIG intends to redirect its resources towards its core operations in power generation, Bitcoin mining, and high-performance computing data centers. The acquisition has positively impacted BitGo's stock, with BTGO closing up 1.99% on Thursday and showing a 44% rally over the past month. In a separate development, BitGo recently secured a Virtual Asset Service Provider (VASP) license from South Korea's Financial Intelligence Unit, becoming the first foreign firm to receive a direct license in the country.