Crypto custody firm BitGo is in the process of acquiring the institutional trading business of NYDIG, according to a source cited by WTVB. The deal would expand BitGo's existing operations in digital asset custody into the institutional trading space currently occupied by NYDIG.
BitGo is one of the larger custodians in the cryptocurrency industry, holding digital assets on behalf of institutional clients such as hedge funds, exchanges, and other financial firms. Adding NYDIG's institutional trading arm would give BitGo a broader footprint across the infrastructure layer of the crypto market.
NYDIG is a bitcoin-focused financial services company that has built out services for institutional investors, including custody, lending, and trading. Its institutional trading business serves clients that need large-scale, regulated access to bitcoin and other digital assets.
Details on the terms of the deal, including price, were not disclosed in the report. The source did not specify a timeline for closing.
The move comes as the institutional cryptocurrency market continues to develop following years of volatility and regulatory uncertainty. Custody and trading infrastructure have become increasingly competitive areas as traditional financial firms and crypto-native companies both push to serve large institutional clients.