BitGo has completed its acquisition of NYDIG’s institutional trading business and related assets, expanding its regulated trading, financing, derivatives, and structured product services for institutional clients. About 30 NYDIG employees joined BitGo, along with the division’s existing trading relationships. The transferred business serves asset managers, hedge funds, corporations, family offices, and other sophisticated investors. NYDIG will now focus on vertical integration of power generation, Bitcoin mining, and high-performance computing data center activities. Following the news, BitGo stock (BTGO) rose over 3.5% in regular and after-hours trading on Thursday.
BitGo completed its acquisition of NYDIG’s institutional trading business and related assets, as announced. The deal adds derivatives, structured products, financing, and capital market services to BitGo’s federally regulated custody and settlement infrastructure.
About 30 NYDIG employees joined BitGo through the transaction, alongside the division’s existing institutional trading relationships. The acquired business serves asset managers, hedge funds, corporations, family offices, and other sophisticated investors.
The acquisition links these services through one integrated, regulated system for digital assets. According to Mike Belshe, CEO and Co-founder of BitGo, “Institutions increasingly want to work with a trusted partner that can support the full lifecycle of digital assets.”
Coverage will include custody, trading, financing, settlement, and capital markets support. Belshe said the acquisition should enable the company to serve a broader group of clients.
NYDIG will now focus on the vertical integration of power generation, Bitcoin mining, and high-performance computing data center activities.
Following the news, BitGo stock rose in both regular and after-hours trading on Thursday. Data shows NYSE-traded BTGO rose by 1.99% to close at $7.16 before rising another 1.82% in after-hours, for a total increase above 3.5%. Trading volume amounted to about 2 million shares amid a cryptocurrency market rebound, and BTGO has risen over 40% in the last month.
Canaccord recently reaffirmed its Buy rating on BitGo and kept its price target at $15 for BTGO. BitGo also received a virtual asset service provider license from South Korea’s Financial Intelligence Unit, becoming the first foreign company to obtain an approved VASP license in the country.
As of press time, Bitcoin is trading at $79,363, up over 0.5% in the past 24 hours. Trading volume has risen almost 14% over the same period.
