Overview
- BitGo completed the purchase of NYDIG’s institutional trading business on Aug. 28 in a two-step deal that transfers the unit’s assets and client relationships to BitGo.
- The transaction is worth about $42.5 million composed of roughly $7 million in cash and $35.5 million in BitGo stock with up to $15 million of additional earnouts tied to revenue milestones and employee retention awards.
- About 30 NYDIG trading staff moved to BitGo and their institutional client relationships now sit on BitGo’s platform to provide derivatives, structured products, financing and capital-markets services.
- NYDIG said it will use proceeds and focus to scale bitcoin mining, power-generation and high-performance computing projects with a development pipeline exceeding 3 gigawatts and expected delivery of more than 1 gigawatt in 2027–28.
- The market reacted modestly positive with BTGO shares rising roughly 2%, and participants flagged remaining questions about legal-entity allocation, asset segregation and counterparty protections that regulators and clients may now scrutinize.