BitGo Acquires NYDIG’s Institutional Trading Business; BTGO Shares Rise
BitGo has completed the acquisition of New York Digital Investment Group (NYDIG)'s institutional trading business, expanding its offerings to include derivatives, structured products, and financing. The move enhances BitGo's position as a comprehensive digital asset infrastructure provider for institutions such as hedge funds and family offices. The transaction also brought around 30 NYDIG employees into BitGo along with existing client relationships. Meanwhile, NYDIG will refocus on its core operations in power generation, bitcoin mining, and data center development. The acquisition has been well-received by the market; BTGO stock rose over 2% to $7.16 following the announcement. BitGo's recent regulatory milestones include securing a VASP license from South Korea’s Financial Intelligence Unit (FIU), marking it as the first foreign firm in the country with such authorization.