BitGo targets prime brokerage as its main revenue engine

BitGo built its name guarding other people’s crypto. Now it wants to put that crypto to work.

The NYSE-listed digital asset infrastructure firm is steering its business toward prime brokerage. Co-founder and CEO Mike Belshe has said he wants the service line to account for “100% of our revenue.”

Belshe laid out the plan during an interview in Singapore on October 6, 2026.

From vault to trading desk

The strategy lets institutional investors earn returns while their assets stay in qualified custody. Clients can trade, borrow, and settle without first pulling their holdings out of safekeeping.

BitGo frames the arrangement as a “virtuous cycle.” Custody feeds trading and lending, and clients do not have to sell assets to access capital.

The plumbing for this runs through two products. BitGo Prime handles the brokerage side, while the Go Network supports integrated trading, financing, and settlement.

Settlement on the Go Network operates 24/7 through Delivery-vs-Payment. That mechanism means the asset and the payment change hands together, so neither side is left holding an IOU.

Building the pieces in 2026

In August 2026, the company acquired NYDIG’s institutional trading unit. The deal strengthened BitGo’s capabilities in derivatives execution and financing.

By September 2026, BitGo and Crossover Markets had passed $2 billion in cumulative cleared volume.

In October, BitGo widened its off-exchange settlement arrangement with OKX to include international clients. Off-exchange settlement lets traders use exchange liquidity while their collateral stays with the custodian.

The broader infrastructure is substantial. BitGo operates BitGo Bank & Trust, a federally chartered digital asset trust bank. The firm supports more than 1,550 digital assets and offers $250 million in insurance.

Background: a newly public custody firm

BitGo went public on January 22, 2026, trading under the ticker BTGO. The listing raised approximately $213 million and valued the company above $2 billion.

In traditional finance, large banks bundle custody, lending, trade execution, and settlement for hedge funds and other big clients. BitGo is applying the same playbook to digital assets, with its trust bank charter serving as the regulated foundation.

What this means

For institutional clients, the pitch addresses a long-standing friction point. An integrated model means a fund can borrow against holdings, trade on an exchange like OKX, and settle around the clock without assets leaving custody.

For BTGO shareholders, the more telling numbers will be cleared volume, financing activity, and settlement flows across the Go Network. The $2 billion cleared with Crossover Markets offers one early benchmark.

Prime brokerage revenue tends to be more sensitive to market activity than custody fees. A business built on “100% of our revenue” from prime services would trade some stability for growth potential.

Financing also brings credit exposure. Lending against volatile collateral requires disciplined risk management, and the derivatives and financing capabilities acquired from NYDIG will be central to how BitGo handles that.