Cryptocurrency custody specialist BitGo is buying the institutional trading business of bitcoin-focused financial firm NYDIG
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The acquisition will expand BitGo’s custody, settlement and wallet business to include derivatives, structured products, financing and other capital markets services.
Key facts
The deal to buy NYDIG IF Holdings is made up of $7 million in cash and around $35.5 million in stock, as well as the $15 earnout tied to revenue milestones and potential additional stock
BItGo BTGO $ 6.8600
At close was the first crypto firm to IPO in 2026, at a share price of $18, raising about $212.8 million and valuing the firm at over $2 billion
Cryptocurrency custody specialist BitGo is buying the institutional trading business of bitcoin-focused financial firm NYDIG, for $42.5 million comprising cash and stock, plus $15 million in cash
Our team built NYDIG's institutional trading business into something exceptional: proven execution expertise with derivatives and financing capabilities,” said Tejas Shah, CEO of NYDIG
Summary
BitGo also agreed to issue restricted stock units and cash retention awards to transferred employees upon meeting a revenue milestone. Cryptocurrency custody specialist BitGo is buying the institutional trading business of bitcoin-focused financial firm NYDIG, for $42.5 million comprising cash and stock, plus $15 million in cash which is contingent on meeting revenue milestones, according to a filing on Friday. The deal to buy NYDIG IF Holdings is made up of $7 million in cash and around $35.5 million in stock, as well as the $15 earnout tied to revenue milestones and potential additional stock. The acquisition is indicative of the wider theme of institutionalisation in crypto markets, said Andrew Melville, Head of Research at institutional crypto derivatives data and analytics firm Block Scholes.