BitGo Acquires NYDIG's Institutional Trading Business for 42.5 Million USD
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BitGo has acquired the institutional trading business of NYDIG, enhancing its derivatives, financing, and capital-markets capabilities. The deal, finalized under a definitive agreement, includes approximately 30 NYDIG employees and their institutional client relationships. The transaction is structured as a two-step merger with a total consideration of about 42.5 million USD, comprising 7 million USD in cash and roughly 35.5 million USD in BitGo stock. Additional earnout provisions include a 10 million USD cash payment linked to a revenue milestone and up to 5 million USD more in cash plus additional shares tied to a second milestone. The acquired business offers derivatives, structured products, financing, and capital-markets solutions to asset managers, hedge funds, corporates, and family offices. This acquisition strengthens BitGo's trading platform and complements its regulated custody, settlement, and wallet infrastructure. NYDIG will focus on its power-generation, Bitcoin mining, and high-performance computing data-center business, which has a development pipeline exceeding 3 gigawatts. The acquisition follows a significant year for BitGo, which went public on the NYSE with a valuation of around 2 billion USD and later reduced its workforce by about 15%. BitGo has also launched its USDS stablecoin to compete with established players like Circle and Tether.
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