BitGo has completed a two-step merger to acquire NYDIG's institutional trading business for roughly $42.5 million, comprised of $7 million in cash and about $35.5 million in BitGo stock. The deal includes an earnout tied to revenue milestones and is expected to bring around 30 NYDIG employees to BitGo.

The acquired unit provides derivatives, structured products, financing, and capital markets services to asset managers, hedge funds, corporations, and family offices.

BitGo CEO Mike Belshe said institutional clients are increasingly seeking trusted partners that can support the full digital asset lifecycle, including custody, trading, financing, and settlement.

NYDIG noted the sale enables it to focus on power generation, Bitcoin mining, and high-performance computing data center operations, with a development pipeline exceeding 3 gigawatts.

BitGo went public on the New York Stock Exchange this year with a valuation near $2 billion and has launched the USDS stablecoin.