BitGo launches dedicated research arm, taps former NYDIG analyst Greg Cipolaro to lead it
The crypto custodian is building out institutional services with a new research division designed to leverage its unique position across custody, trading, and financing.
BitGo is no longer content just holding your Bitcoin. The publicly traded crypto custodian launched BitGo Research on September 24, a new division aimed squarely at institutional clients hungry for data-driven market analysis. Leading the charge is Greg Cipolaro, who previously served as Global Head of Research at NYDIG’s institutional trading business.
What BitGo Research will actually do
BitGo Research will produce ongoing market commentary and thematic reports covering digital asset markets and emerging industry trends. What makes the unit potentially interesting is the data it can draw from. BitGo sits at the intersection of custody, trading, financing, and settlement operations, meaning the research team can pull insights from actual transaction flows and market activity rather than relying solely on public blockchain data or third-party feeds.
Cipolaro himself made this point in the announcement, noting that BitGo’s positioning at the junction of those business lines gives the research division a perspective that competitors would struggle to replicate.
Why Cipolaro matters
Greg Cipolaro built his reputation at NYDIG, where he ran the research operation for the firm’s institutional trading arm. The appointment carries extra weight given that BitGo acquired NYDIG earlier this year. That deal brought NYDIG’s technology, client relationships, and personnel under BitGo’s roof, and Cipolaro’s transition from NYDIG researcher to BitGo research chief is a natural extension of that integration.
BitGo CEO Mike Belshe called Cipolaro a “widely respected voice in digital asset research.”
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BitGo’s institutional buildout
Just days before the research announcement, the company appointed Alex Rozman as Chief Compliance Officer, effective September 21. Adding a CCO and a Head of Research in the same week is the kind of double move that signals a company preparing for a more regulated, more institutional future.
BitGo went public under the ticker BTGO on the New York Stock Exchange. The firm supports over 1,550 digital assets and had approximately $104 billion in assets secured on its platform as of September 30, 2025, positioning BitGo as the largest independent custodian in the digital asset sector.
The competitive landscape
BitGo isn’t the first crypto firm to launch an institutional research product. Coinbase has its own research division. Galaxy Digital publishes regular market reports. Grayscale produces thematic pieces tied to its fund offerings. Even some traditional finance firms like JPMorgan and Citi have built dedicated digital asset research teams.
BitGo’s angle is different from most of these competitors. Its research will be informed by the operational data flowing through one of the largest custody and settlement platforms in the industry, a data advantage that a pure research shop or an asset manager simply doesn’t have.