What’s the deal? BitGo is acquiring the institutional trading business of NYDIG, a move that expands the crypto custodian’s footprint in serving professional investors. Terms of the deal were not disclosed.

Why now? The acquisition comes as trading activity recovers from the 2026 crypto downturn. Companies across the sector are positioning for a rebound.

What’s the endgame? The deal signals a shift in how the industry sees itself — moving away from crypto as a standalone asset class and toward crypto-based infrastructure that institutions can build on.

The signal: BitGo’s bet on NYDIG’s trading operation reflects the broader consolidation underway as firms prepare for the next cycle. The winners may be those that own the…