BitGo announced today that it has completed the acquisition of the institutional trading business and related assets of NYDIG, the bitcoin mining and financial services firm. The deal reinforces the crypto custodian's position as a comprehensive platform for digital assets. Following the announcement, the price of BitGo stock (BTGO) jumped by more than 2%.

The acquisition adds NYDIG's institutional trading operations to BitGo's existing lineup of services for institutional clients. BitGo, founded in 2013, is a digital asset custodian known for its focus on institutional-grade security, including multi-signature wallet technology, and offers custody, staking, and related services across a broad range of digital assets. Its institutional custody business operates through BitGo Trust Company, a South Dakota-chartered trust company, giving the firm a regulated, qualified-custodian footing as it brings execution capability in-house. NYDIG (New York Digital Investment Group) is a bitcoin-focused financial services firm, an affiliate of asset manager Stone Ridge, that provides institutional access to bitcoin, including custody, execution, and mining-related services, and has historically worked with banks and other institutions on bitcoin products.

BitGo did not disclose additional terms of the transaction in the announcement. The move continues the custodian's expansion beyond pure custody into a fuller suite of institutional digital asset services, a space where platforms such as Coinbase's institutional arm and Anchorage Digital also compete for banks, asset managers, and other institutions seeking custody and trading from a single provider. The completed deal also marks a notable step in BitGo's corporate history: a planned SPAC merger was terminated in 2021, and Galaxy Digital's proposed $1.2 billion acquisition of BitGo was called off in 2022, after which the firm continued expanding on its own.

The announcement included no details on the financial value of the deal, expected revenue contribution, or changes to NYDIG's remaining businesses. That leaves open questions for clients and observers, including how NYDIG's trading clients and teams will be integrated into BitGo's platform and how NYDIG's remaining bitcoin mining and related operations will proceed following the divestiture.

Sources: CryptoNewsNet; CoinGape