Markets · Companies
Crypto custodian BitGo launched a trading and financing business led by Pete Janney, who joined in August when BitGo bought NYDIG's institutional trading business for cash and stock, SEC filings show.
BitGo on Nov. 4 launched BitGo Global Markets, a business it says brings together "execution, financing, derivatives, structured solutions, collateral management, research, and asset management," and put it under Pete Janney, "who joins BitGo from NYDIG alongside other experienced capital markets professionals" [1]. Janney came over ten weeks earlier, when BitGo bought NYDIG's institutional trading business, and NYDIG separately reports a stake in BitGo, filings show [2][3][4].
BitGo, a digital-asset custodian, describes Global Markets as "Building on BitGo Prime and the acquisition of NYDIG's institutional finance business" [1]; BitGo Prime is what the post calls BitGo's "established Prime Services business," its trading and financing service for institutions [1]. Its offer, in BitGo's words, includes "Prime Financing," which it defines as "borrowing and lending against eligible digital assets to manage liquidity, support trading activity, and maintain market exposure," plus "options, swaps, and structured solutions to hedge exposure" and collateral management covering "margin monitoring, reporting, and liquidation" [1]. BitGo's post does not give client numbers or volumes [1].
The team behind it arrived in a single transaction. BitGo Holdings said on Aug. 27 that it "entered into a definitive agreement and completed the acquisition of the institutional trading business and related assets of NYDIG," and that "approximately 30 NYDIG employees joined BitGo, along with NYDIG's institutional client trading relationships" [3]. Janney was then titled Head of Financial Infrastructure at BitGo [3]. On Nov. 4 BitGo calls him Head of Global Markets [1].
BitGo paid partly in its own stock. The 8-K, the form companies use to report major events to the SEC, lists $7,000,000 in cash, BitGo shares "with an aggregate value of approximately $35,500,000," a contingent $10,000,000 cash payment tied to a revenue milestone, and up to $5,000,000 more in cash plus additional shares tied to a second milestone [2]. About five times as much was paid in stock as in cash at closing, by Le Coin's arithmetic on those figures.
| How BitGo and NYDIG are tied | What the filing or post says | Source |
|---|---|---|
| Aug. 27, 2026: deal | BitGo buys NYDIG's institutional trading business; about 30 employees join | [3] |
| Aug. 27, 2026: payment | $7M cash plus BitGo shares valued at about $35.5M at closing, with milestone payments on top | [2] |
| Ownership | NYDIG IHC LLC reports 5,933,577 BitGo Class A shares, 5.46% of the class (event date Aug. 27; filed Sept. 2) | [4] |
| Oct. 14, 2026: custody | Riot discloses moving its custody from NYDIG Trust to BitGo Bank & Trust | [5] |
| Oct. 29, 2026: transfer done | Riot's NYDIG custody agreement ends on completion of the transfer | [6] |
| Nov. 4, 2026: launch | Global Markets launched, led by Pete Janney from NYDIG | [1] |
Source: BitGo; SEC filings by BitGo Holdings, NYDIG IHC LLC and Riot Platforms [1]-[6]. Table: Le Coin.
The ownership filing is a Schedule 13G, the form an investor files when it holds more than 5% of a company's shares as a passive stake. NYDIG IHC LLC and its parents, up to Stone Ridge Holdings Group and Ross Stevens, report shared voting power over 5,933,577 Class A shares, which is 5.46% of 108,690,240 shares outstanding as of Aug. 7 [4]. They certify the shares "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer" [4]. The filing's event date matches the deal's closing day, Aug. 27 [2][4]; it does not say the shares came from the deal.
The two companies also share a client. On Oct. 14, Riot Platforms disclosed it would move its digital assets and cash from NYDIG Trust to BitGo Bank & Trust under a transition agreement among Riot, NYDIG Trust, BitGo Bank & Trust "and certain of their affiliates" [5]. Riot's Nov. 4 filing says that NYDIG agreement ended on Oct. 29 when the transfer was completed, with no early-termination penalty [6]. Le Coin covered the move in October (Riot Platforms Moves Crypto Custody From NYDIG to BitGo Bank).
NYDIG's own account of why it sold: the August release says the deal "allows NYDIG to focus its resources on its vertically integrated power generation, bitcoin mining, and high-performance computing (“HPC”) data center development business" [3].
The launch arrives as a BitGo blog post, and BitGo had filed no 8-K for it on EDGAR, the SEC's public filing database, as of 9:34 a.m. ET [1]. The post gives no assets, revenue or client count for Global Markets [1]. NYDIG's 5.46% is a passive stake by its own certification, and the 8-K's milestone payments depend on revenue targets it does not quantify [2][4].
In Le Coin's view, Global Markets puts BitGo Prime under the executive who came with the NYDIG business BitGo bought in August, while NYDIG separately reports a 5.46% stake in BitGo. The two milestone payments in the August 8-K are the measure to watch, because they pay out only if the business BitGo bought hits its revenue targets.
Holding the Corner.
Not financial advice.