BitGo has completed its acquisition of NYDIG's institutional trading business, adding trading, derivatives, structured products, and financing capabilities to its existing custody and settlement platform. The transaction closed with approximately $42.5 million in upfront consideration, consisting of $7 million in cash and 5,933,577 BitGo shares valued at roughly $35.5 million.
The deal transfers roughly 30 NYDIG employees and institutional client relationships to BitGo. Additional earn-out payments of up to $15 million are tied to revenue hurdles of $45 million and $70 million in trailing 12-month figures through February 2028, with separate employee retention awards of approximately $10 million.
NYDIG is concentrating resources on power, Bitcoin mining, and high-performance-computing data centers. The company claims a North American power-and-compute footprint exceeding 3 gigawatts, with more than 1 gigawatt deliverable in 2027 and 2028. The mining and custody businesses remain with NYDIG and were excluded from the BitGo transaction. In March 2025, NYDIG announced a separate agreement to acquire Crusoe's Bitcoin mining business as part of its infrastructure expansion.
BitGo's second-quarter filing showed its Digital Asset Sales line generated $4.197 billion in revenue against $4.190 billion in direct costs, representing a narrow margin of approximately 16.9 basis points. The company recorded a consolidated net loss of $19.025 million for the quarter.
The acquisition leaves several performance metrics unresolved. BitGo's success will depend on whether the acquired institutional trading business reaches its revenue targets and whether broader services deepen client relationships. NYDIG's value proposition rests on converting its claimed infrastructure footprint into financed, contracted, and operating capacity with demonstrated returns.
