Free daily briefing on global business news.
The deal adds derivatives, structured products, and financing capabilities to BitGo's custody and settlement platform
SOPA Images / Getty Images
BitGo Holdings announced the acquisition of NYDIG's institutional trading business on Thursday, paying up to $57.5 million in cash and stock to expand its derivatives and financing capabilities.
Under the terms of the deal, BitGo will pay $7 million in cash at closing, along with stock valued at approximately $35.5 million, the company said. An additional $15 million in cash is contingent on the achievement of two revenue milestones, with the second milestone also triggering additional stock consideration. BitGo also expects to grant transferred employees restricted stock units and cash retention awards each with a target value of $5 million, both tied to the second revenue milestone.
