BitGo Acquires NYDIG's Institutional Trading Business

BitGo has entered into a definitive agreement and completed the acquisition of NYDIG's institutional trading business and related assets, the companies announced on August 27. The deal brings NYDIG's derivatives, structured products, financing and capital markets business, along with roughly 30 employees and its institutional client relationships, into BitGo's platform.

BitGo, which listed on the New York Stock Exchange under the ticker BTGO in January, already offers regulated custody, wallets, staking, settlement and trading services. NYDIG's team adds financing and derivatives capabilities that BitGo says will complement that existing infrastructure rather than duplicate it.

Mike Belshe, BitGo's CEO and co-founder, said the acquisition is expected to scale the company's trading and infrastructure capabilities and let it serve a broader base of sophisticated institutional clients through a single integrated platform.

For NYDIG, the sale completes a transition that has been underway for more than a year. The firm built its name as an institutional bitcoin platform serving asset managers, hedge funds, corporates and family offices with liquidity, structured products and tailored risk management. That trading and capital markets business is now gone. What remains is NYDIG's power generation, Bitcoin mining and high-performance computing infrastructure business, an area the company has been building out aggressively: it acquired Crusoe Energy's Bitcoin mining operations, including more than 270 megawatts of power generation technology, in March 2025. NYDIG now describes a development pipeline exceeding 3 gigawatts, with more than 1 gigawatt deliverable in 2027 and 2028. As an affiliate of Stone Ridge Holdings Group, which controls assets responsible for roughly 3% of US natural gas production, NYDIG is positioning itself as a vertically integrated power and compute operator serving AI training, inference and other compute-intensive workloads, alongside bitcoin mining, rather than as a financial services firm.

Tejas Shah, NYDIG's CEO, framed the sale in exactly those terms, saying the trading business the firm built was complementary to BitGo's infrastructure while the discipline that built it will now drive the HPC data centre business, which he called one of the most significant opportunities ahead for the company.

The transaction fits a broader pattern among firms that entered crypto through bitcoin mining or trading and are now converting scarce power positions into AI infrastructure plays, a shift that has accelerated across the mining sector over the past year as the economics of dedicating megawatts to bitcoin mining have compressed relative to long-term AI hosting contracts. NYDIG's move is a variation on that same repositioning: rather than converting mining sites into data centres, it is exiting the trading and custody-adjacent business entirely to concentrate capital and management attention on power infrastructure.

For BitGo, the acquisition extends a pattern of building out its institutional markets platform since going public. The company expanded its over-the-counter derivatives trading capabilities earlier this year and has continued to add infrastructure aimed at giving institutional clients access to custody, trading, financing and settlement inside one regulated platform. Absorbing an established trading team and client book, rather than building the same capabilities from scratch, is a faster route to the derivatives and structured products expertise that BitGo says it was missing.