BitGo has agreed to expand its institutional offerings by acquiring the institutional trading business of NYDIG, a Bitcoin infrastructure provider. The deal adds derivatives and financing capabilities to BitGo’s existing platform as the company pushes deeper into capital markets services for professional crypto users.

According to a Business Wire announcement published Thursday, BitGo completed the acquisition under a definitive agreement. The transaction includes NYDIG’s institutional client trading relationships and approximately 30 employees, while financial terms were not disclosed.

Key takeaways

• BitGo says the NYDIG acquisition completed Thursday under a definitive agreement, including institutional client relationships and about 30 employees.
• The added business reportedly brings derivatives, structured products, financing, and capital markets services into BitGo’s institutional suite.
• BitGo intends to “meaningfully scale” its trading and infrastructure capabilities, positioning itself for a broader range of asset managers, hedge funds, and corporate clients.
• NYDIG said the sale enables it to focus resources on power generation, Bitcoin mining, and high-performance computing data centers.

What BitGo is buying

The acquisition centers on NYDIG’s institutional trading operations, which the companies describe as providing execution and related services for sophisticated market participants. In the announcement, BitGo outlines an expanded set of capabilities that includes derivatives and structured products, along with financing and capital markets services.

The target customer base includes asset managers, hedge funds, and companies—participants that typically require more than spot access, such as risk-managed exposure, structured payoff products, and trading workflows tied to institutional governance.

BitGo CEO Mike Belshe characterized the acquisition as a way to accelerate growth in its institutional offerings. The company said the deal will “meaningfully scale” BitGo’s trading and infrastructure capabilities and help it serve more institutional clients.

How institutional trading capabilities may change

For firms operating in crypto, the gap between retail access and true institutional trading often comes down to execution depth, product breadth, and financing options that fit balance-sheet and risk frameworks. By bringing in derivatives and structured products alongside financing and capital markets services, BitGo is effectively broadening the range of tools it can offer institutional clients through a single provider.

The practical significance is that more types of institutional strategies become easier to deploy—especially those that rely on structuring, hedging, or credit-linked financing rather than direct spot exposure alone. BitGo’s framing suggests it views the acquisition as both an expansion of product capabilities and an uplift in the infrastructure required to support them.

In remarks included in the announcement, Pete Janney, head of financial infrastructure at BitGo, said the transaction allows the combined team to continue delivering execution quality and solutions clients expect, now “backed by an even deeper set of resources.”

Why NYDIG is stepping back from trading

The deal is also described as a strategic reallocation of resources for NYDIG. Under the terms of the announcement, the sale will allow NYDIG to focus on areas tied to its infrastructure footprint—specifically power generation, Bitcoin mining, and high-performance computing data centers.

NYDIG’s development pipeline was cited as a key factor in that direction. The announcement states its development pipeline exceeds 3 gigawatts, including more than 1 GW of capacity expected to be delivered in 2027 and 2028.

That shift matters because it highlights how the institutional crypto sector is splitting strategic attention between market services and physical infrastructure. While BitGo is pulling further into trading and capital markets, NYDIG is leaning into the buildout of energy and computing capacity that supports mining and related infrastructure operations.

What to watch next

With the acquisition completed and staffing and client relationships moving to BitGo, the immediate question for the market is how quickly BitGo integrates the acquired trading capabilities into its broader institutional workflow. Investors and institutional clients may also look for any updates on product rollout—particularly around derivatives and structured offerings—and how BitGo positions its expanded services relative to the rest of the institutional trading ecosystem.

Yesterday, the SEC asked a federal court for injunctions against several crypto investment advisory firms who have displayed fake SEC certificates.

Naming crypto operators CryptoOrbit, Ftaexchange, Pinnacle, Quantum, RBH, and others, the SEC filed a total of 38 civil complaints over phony filings.

For example, the crypto-focused Quantum Financial Institute claimed it had registered investment advisor status that didn’t exist.

One of its incredible press releases pitched “a multi-dimensional intelligent investment system” and “courses” where students could learn about “bitcoin giveaways” and “the highest win-rate strategies, helping students understand the deep logic of the market.”

It even rendered a phony SEC certificate to dupe customers.

Commissioners are asking a federal court for injunctions to order civil penalties and to ban the defendants’ reporting exemption privileges for future advisory filings.

At the commission’s direction, FINRA has already removed non-compliant forms for these advisors from adviserinfo.sec.gov. 

RBH Infinity Exchange Inc, Pinnacle Crypto Exchange Inc, THEVGPRO Ltd, Quantum Financial Institute Ltd, Ftaexchange Ltd, and other problematic crypto businesses are now defendants of US civil lawsuits.

SEC sues unregistered crypto advisors

Third-party, promotional write-ups of some of these crypto businesses falsely claimed that they carried valid SEC registration with numbers that precisely match yesterday’s SEC enforcement action.

Pinnacle, for example, marketed crypto swaps and its good standing with US regulators. THEVGPRO pitched a BTC backed “settlement security fund, enhancing global liquidity and payment efficiency” with registration numbers that the SEC never approved.

The SEC accuses these entities of making materially false statements on Form ADV, as well as failing to file disclosures.

Commissioners allege violations of Sections 204(a) and 207 of the Investment Advisers Act. They have not quantified investor losses in these initial complaints.

SEC staff attempted to contact many crypto advisors making false claims. Several phone numbers were disconnected or belonged to unrelated businesses. Postal mail was returned as undeliverable.

Ethena’s native token ENA surged after the Ethena Foundation announced a package of governance and treasury updates aimed at changing how the protocol’s revenue is handled and how certain investor token schedules unwind.

In an ecosystem update posted Thursday, the foundation detailed four changes, including a vote on a “fee-switch” mechanism that would direct a large share of net revenue toward ENA buybacks once Ethena’s synthetic dollar supply (USDe) reaches a specified milestone.

Key takeaways

• The Ethena Foundation opened a governance vote on a fee-switch proposal tied to USDe reaching a $7.5 billion milestone.
• Under the proposal, 95% of the foundation’s net revenue from Ethena’s core business lines would be used to buy ENA after the threshold is met.
• Tokenholders have until Sept. 2 to vote; at the time of publication, Snapshot showed 65 votes representing about 14.4 million ENA voting power, all in favor.
• The foundation also said it completed a buyout of locked ENA held by certain early investors and agreed to adjust remaining investor unlock timing to Oct. 5.

Fee-switch proposal links buybacks to USDe scale

The center of the announcement is a governance vote on whether to switch Ethena’s fee handling toward token repurchases. According to the Ethena Foundation’s blog post, 95% of the net revenue paid to the foundation from Ethena’s core business lines would be allocated to purchase ENA once the circulating supply of USDe reaches the first milestone of $7.5 billion.

Voting runs until Sept. 2. Data from Snapshot shows all cast votes so far have supported the proposal. At the time of writing, 65 votes accounting for roughly 14.4 million ENA in voting power were recorded, with every one of them in favor.

For ENA holders, the significance is practical: if implemented, the buyback program would effectively transform a portion of protocol revenue into recurring demand for the token—though the trigger is conditional on USDe growth, which means timing depends on how quickly supply climbs to the milestone.

ENA reacts as governance activity accelerates

Market pricing reflected the renewed focus on treasury policy. CoinGecko data shows ENA rose 10.7% over 24 hours and gained 27% over the past week, trading above $0.17 as of 8:11 am UTC on Friday.

Even without assuming the vote’s outcome, the governance framing itself can matter to traders: buyback mechanisms are often viewed as a direct link between protocol economics and token supply dynamics. Here, the foundation’s proposal is explicit about how revenue would be used after the USDe threshold is reached.

Locked token buyout and changes to investor unlock timing

Beyond the fee-switch idea, the Ethena Foundation outlined steps affecting locked ENA held by early participants. The foundation said it had bought locked ENA from certain major seed investors who reduced some holdings during the previous nine months.

In a separate development, the foundation stated it agreed with lead investors to release remaining unvested investor allocations on Oct. 5, replacing the existing monthly unlock schedule. The foundation emphasized that team tokens remain subject to their original vesting schedules.

Importantly, the change described in the update accelerates remaining investor unlocks rather than canceling the tokens. For market watchers, that distinction is notable: faster unlocks can increase near-term supply pressure if demand does not keep pace, even if buyback plans later aim to offset supply effects through repurchases.

Where Ethena’s stablecoin ranks and why it matters for ENA

Ethena’s synthetic dollar, USDe, is listed by DefiLlama as the sixth-largest stablecoin by market capitalization, with roughly $4 billion at the time referenced in the update. A protocol’s stablecoin scale can be consequential because governance proposals and revenue flows are often tied to activity that grows with circulating supply.

In this case, the foundation’s fee-switch vote is explicitly tied to USDe reaching $7.5 billion in circulating supply—meaning the token’s economics are positioned to change as the synthetic dollar expands. Investors should therefore track not only ENA’s price, but also USDe’s growth rate toward the milestone.

Strategic investor interest remains part of the backdrop

Ethena’s ecosystem update comes amid ongoing institutional attention. Earlier coverage cited an investment by M2 Capital, the investment arm of UAE-based M2 Holdings, which put $20 million into ENA as a strategic holding in September 2025 while total value locked neared $15 billion. The conglomerate had previously invested in the Sui Foundation.

While that investment does not determine the outcome of the new vote or the timing of unlocks, it underscores that ENA is being treated as a strategic position by at least some larger investors—precisely the group that is likely to weigh governance and supply-schedule changes closely.

With the fee-switch vote still open until Sept. 2 and the remaining unvested allocation timing now set for Oct. 5, the next key question for ENA holders is whether USDe’s path toward the $7.5 billion milestone keeps pace—while also monitoring how accelerated unlocks might affect supply in the interim.

On 26 August, the US Commerce Department released July data on the Personal Consumption Expenditures (PCE) index. Core PCE rose 0.2% month-on-month and 3.3% year-on-year, in line with market expectations. Ellen Zentner, Chief Economic Strategist at Morgan Stanley Wealth Management, noted that the modest upside surprise in inflation was not significant enough to shift the balance of expectations ahead of the Federal Reserve’s September meeting.

Earlier, on 19 August, minutes from the Fed’s July meeting showed that policymakers remained open to further rate increases if inflationary pressures persisted, with three committee members having already voted in favour of a hike. Against this backdrop, Treasury yields remain close to multi-year highs, keeping rate expectations tilted towards the possibility of further tightening.

Technical Analysis of Dow Jones

The four-hour Dow Jones chart (WS30m on FXOpen) shows a short-term downtrend, with prices steadily declining from a local peak around 54,700 and establishing a descending trendline in the process.

On 25 August, the index moved beyond the trendline and subsequently formed the current market profile. The index is now trading between the Point of Control (POC) at 53,490 and the upper boundary of the profile at 53,700.

If the breakout develops into a sustained advance, the next significant level to watch is the red resistance area around 53,900.

Conversely, if the trend breakout proves to be false and the decline resumes, the price would first need to move through the POC at 53,490 and then break below the lower profile boundary at 53,320. Only after clearing this area would the path towards the green support level around 53,150 become more open.

The RSI + MAs indicator currently shows readings of 52, 55 and 51. The oscillator and both moving averages remain within the neutral zone, although the moving averages are still displaying a bullish signal.

Key Takeaways

The attempted break above the descending trendline is taking place within a dense market-profile area, providing no clear confirmation of a sustained move in either direction.

The index’s next move could depend on whether the current divide in expectations surrounding the Fed’s September decision persists or whether incoming economic data shifts the balance decisively in one direction.

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