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BitGo acquires Bitcoin miner NYDIG’s institutional trading business and related assets.
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The expand crypto custodian to derivatives, structured products, and financing capabilities.
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BTGO stock price jumped more than 2% to $7.16.
BitGo announced today that it has completed the acquisition of bitcoin miner NYDIG’s institutional trading business and related assets. This acquisition strengthens the crypto custodian’s position as a comprehensive platform for digital assets. As a result, BTGO stock price jumped more than 2%.
Bitgo Completes Acquisition of NYDIG Institutional Trading Business
Crypto custodian BitGo entered a definitive agreement to acquire NYDIG institutional trading business, according to an <a href="https://x.com/BitGo/status/2093087655047344453?s=20" rel="nofollow noopener" target=”_blank”>official announcement. This expanded the regulated crypto custodian’s derivatives, structured products, and financing capabilities.
Notably, NYDIG’s institutional trading business serves asset managers, hedge funds, corporates, family offices, and other sophisticated institutional investors. This strengthens BitGo’s position as a comprehensive digital asset infrastructure company.
It gives institutions access to a broader range of trading and capital markets services in a single integrated and regulated system.
With the transaction, around 30 NYDIG employees have joined BitGo, along with their institutional trading relationships. NYDIG’s institutional trading business provides derivatives, structured products, financing, and capital markets solutions.
“Institutions increasingly want to work with a trusted partner that can support the full lifecycle of digital assets – from custody and trading to financing and settlement,” said Mike Belshe, CEO and co-founder of BitGo.” He added that the acquisition is “expected to enable us to serve a broader base of sophisticated clients.”
Meanwhile, NYDIG intends to focus its reing, and high-performance computing data center development business
BTGO Stock Extends Gain
NYSE-listed BTGO stock closed 1.99% higher at $7.16 on Thursday. The stock jumped 0.56% further after market hours, extending the 24-hour gains by over 2.50%. Trading volume has also jumped to an average of 2 million in volume amid broader crypto market recovery.
Recently, Canaccord reiterated a ‘Buy’ rating on BTGO stock, with a $15 price target. Notably, BTGO stock has rallied more than 44% in a month. Notably, BitGo secured a VASP license from South Korea’s Financial Intelligence Unit (FIU) last week, becoming the first foreign firm to win a direct license in the country.
Source: finance.yahoo.com