BitGo launches institutional trading and financial solutions business led by former NYDIG executive

Digital asset infrastructure firm BitGo Holdings BitGo Holdings, Inc. (BTGO) announced the launch of BitGo Global Markets on Wednesday, its new institutional trading and financial solutions business bringing together global liquidity, execution, financing, derivatives, and settlement services.

The division will be headed up by former NYDIG executive Pete Janney following BitGo's acquisition of NYDIG's institutional and trading business on Aug. 27, according to a statement shared exclusively with The Block.

About 30 employees joined BitGo following the NYDIG acquisition, bringing experience in derivatives, financing, collateral servicing, and structured products. Janney initially came aboard as head of financial infrastructure and brings extensive experience in trading and capital markets. 

BitGo has been offering institutional trading through BitGo Prime since 2020, with that business becoming part of Global Markets alongside the expanded derivatives, collateral management, and structured finance solutions from NYDIG.

"BitGo has built a strong foundation across custody, liquidity, trading, financing, and settlement," BitGo CEO Mike Belshe said in the statement. "Global Markets brings these capabilities together with deeper capital markets expertise, allowing us to support more complex institutional strategies and serve a broader range of our clients' financial needs. Pete understands how institutions trade and manage risk, and I'm excited to have him leading Global Markets.”

Trading and financing services

Under the new unit, BitGo's Global Liquidity Layer will provide access to spot trading and large over-the-counter transactions, drawing liquidity from exchanges, market makers, and other counterparties, the firm said. Clients can also borrow against their crypto holdings to fund trading positions, with BitGo keeping the collateral in qualified custody, monitoring margins, and handling collateral calls or liquidations when needed.

Additionally, BitGo Global Markets will offer options, swaps, and custom structured products for eligible counterparties to hedge exposure, express market views, and manage portfolio risk, the firm said.

Global Markets will also provide managed investment strategies, private funds, and research, while BitGo's Go Network will handle clearing and settlement. 

"Clients who own digital assets need sophisticated solutions that go beyond buy and hold," Janney said. "I look forward to accelerating that work and growing the Global Markets franchise at BitGo."

BTGO was trading up 3.4% in pre-market trading on Wednesday, according to TradingView, following a 3.7% rise on Tuesday.