NYDIG Sells Trading Unit to BitGo, Focuses on 3GW Power

BitGo completed the acquisition of NYDIG’s institutional trading, derivatives and virtual-asset management business on Aug. 27. The deal transfers about 30 institutional employees and client relationships and excludes NYDIG’s Bitcoin mining and custody operations.

The upfront consideration totals roughly $42.5 million before adjustments, consisting of $7 million in cash subject to holdback and 5,933,577 BitGo shares valued at a $5.9829 reference price, about $35.5 million. The agreement includes potential earn-outs tied to revenue performance.

A first earn-out can pay $10 million in cash if trailing 12-month revenue reaches $45 million. A second earn-out provides $5 million in cash plus 835,715 BitGo shares-valued at about $5 million at the reference price-if revenue hits $70 million through February 2028. Separate awards of roughly $10 million are allocated to transferred employees and sit outside the seller’s purchase price.

The acquired business covers spot and derivatives trading, virtual-currency asset management, borrowing and lending, and loan servicing. BitGo described the purchase as adding derivatives, structured products, financing and capital-markets capabilities to its custody and settlement platform.

BitGo’s results for the quarter ended June 30 show Digital Asset Sales revenue of $4.197517 billion and direct costs of $4.190435 billion, a difference of $7.082 million, or about 16.9 basis points on that revenue line. The company reported a consolidated net loss of $19.025 million for the quarter. Those figures predate the closing and are not allocated to the acquired NYDIG business.

NYDIG retains its power and compute business. NYDIG’s materials list ownership of generation assets, grid positions and data-center halls for high-performance computing, AI training and inference, and Bitcoin mining. NYDIG states it has a North American footprint exceeding 3 GW and that more than 1 GW is deliverable in 2027 and 2028. The company announced an agreement to acquire Crusoe’s Bitcoin mining business in March 2025, subject to approvals.

NYDIG has not disclosed how much capacity in the footprint is operating, contracted or financed, nor has it published tenant revenue, construction or financing costs, utilization rates or expected project returns. The target unit’s historical revenue, direct costs and operating profit were not disclosed in the transaction terms.

Both companies indicated the acquired unit must retain institutional relationships and meet the revenue thresholds tied to the earn-outs. BitGo will report integration results and the acquired business’s contribution to revenue and profit in future financial filings.