BitGo has acquired the institutional trading business of Bitcoin infrastructure company NYDIG, adding derivatives and financing capabilities as it expands services for institutional crypto clients.
BitGo said it completed the acquisition of NYDIG‘s institutional trading business under a definitive agreement, the company announced Thursday. The transaction includes NYDIG’s institutional client trading relationships and about 30 employees who joined BitGo. The companies did not disclose financial terms.
The acquired business provides derivatives, structured products, financing and capital markets services to clients including asset managers, hedge funds and companies. BitGo CEO Mike Belshe said the acquisition will “meaningfully scale” the companys trading and infrastructure capabilities and allow it to serve a broader range of institutional clients.
“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,” said Pete Janney, head of financial infrastructure at BitGo.
The companies said the sale will allow the company to focus its resources on power generation, Bitcoin mining and high-performance computing data centers. According to the announcement, NYDIGs development pipeline exceeds 3 gigawatts, including more than 1 GW of capacity it expects to deliver in 2027 and 2028.
Cointelegraph reached out to BitGo for additional details about the transaction but had not received a response by publication.
Related: BitGo posts $19M Q2 loss despite 80% revenue surge to $4.3B