BitGo has completed its acquisition of NYDIG's institutional trading business for about $42.5 million, in a two-step merger paid with $7 million in cash and roughly $35.5 million in BitGo stock, according to Decrypt. The deal brings about 30 NYDIG employees and institutional client relationships into BitGo, adding derivatives, structured products, financing and capital markets solutions for asset managers, hedge funds, corporates and family offices. Earnout provisions include a $10 million cash payment tied to a revenue milestone and up to $5 million in cash plus extra shares tied to a second milestone, along with retention awards for transferring staff. NYDIG will focus on power generation, bitcoin mining and high-performance computing data centers, with a disclosed development pipeline of more than 3 gigawatts. BitGo recently listed on the New York Stock Exchange at a post-offering valuation of about $2 billion and introduced the USDS token.
According to Decrypt, BitGo has wrapped up its acquisition of NYDIG's institutional trading business, paying roughly $42.5 million in a two-step merger. The consideration includes $7 million in cash and about $35.5 million in BitGo stock.
Around 30 NYDIG employees and institutional client relationships move over to BitGo, extending its offering into derivatives, structured products, financing and capital markets solutions for asset managers, hedge funds, corporates and family offices.
The deal also carries earnout provisions: a $10 million cash payment tied to a revenue milestone, and up to $5 million in cash plus additional shares tied to a second milestone. Employees transferring to BitGo are eligible for retention awards.
NYDIG, after the sale, is focusing on power generation, bitcoin mining and high-performance computing data centers. The company said its development pipeline exceeds 3 gigawatts. BitGo, meanwhile, completed an IPO on the New York Stock Exchange recently, at a post-offering valuation of around $2 billion, and has launched its USDS token.
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