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About NYDIG
NYDIG is a vertically integrated bitcoin platform operating two core businesses: bitcoin mining and power infrastructure, and institutional-grade financial services. On the mining side, it leverages low-cost stranded energy from natural gas production to power mining operations, reducing energy costs while supporting the bitcoin network's proof-of-work security. On the financial side, it offers institutional clients services such as trading, custody, derivatives, and structured products, built on a regulated and compliant foundation.
Its core competitiveness lies in the synergy between these two franchises: energy assets provide cheap power for mining, while the financial arm provides liquidity and market access, creating a full-stack advantage. The company emphasizes regulatory compliance and operational excellence, positioning itself as a trusted bridge for traditional financial institutions entering the bitcoin space.
The market pain point NYDIG addresses is the institutional barrier to bitcoin adoption—concerns over custody security, regulatory uncertainty, and market volatility. By offering regulated financial products and transparent mining operations, it aims to lower these barriers.
In the past six months (February to August 2026), NYDIG's Q2 2026 report highlighted that bitcoin's drawdown was driven by supply-side factors rather than broad risk-off sentiment, with leverage rebuilding in derivatives markets while spot demand remained weak. The company also commented on the CLARITY Act, noting that the July 13 to August 7 window was the last pragmatic legislative opportunity before the recess and midterm elections, warning that delays could push capital and innovation to other jurisdictions. In August 2026, BitGo acquired NYDIG's institutional trading business, with around 30 employees joining BitGo, while NYDIG will focus on power, mining, and high-performance computing data centers, with over 1 GW of infrastructure expected to be operational by 2027-2028.
NYDIG, founded in 2017, has evolved from a bitcoin-focused financial firm into a vertically integrated platform spanning mining, custody, trading, and policy advocacy. Key milestones include:
Acquiring Coinmint for $200 million in 2021, significantly expanding its mining infrastructure and hashrate capacity.
In 2024, Alcoa entered negotiations to sell its idle New York smelting plant to NYDIG for bitcoin mining infrastructure, marking an industrial crossover into energy-repurposed mining.
In 2025, BitGo acquired NYDIG's institutional trading business and related assets, allowing NYDIG to focus on mining and custody while BitGo strengthened its prime brokerage.
NYDIG has also been a vocal policy advocate, repeatedly warning that the US crypto market structure bill faces collapse if not passed before August, highlighting its role in shaping regulatory outcomes.
Its research arm proposed putting US gold reserves on the blockchain, a concept that could benefit bitcoin by legitimizing digital asset infrastructure at the state level.
In the past six months, the key development was NYDIG's sale of its institutional trading business to BitGo, completed in August 2026. This transferred derivatives, structured products, financing, and capital markets solutions, along with ~30 employees and ~250 institutional client relationships. Consideration was ~$7M cash and ~$35.5M stock, plus up to $15M in milestone payments.
Officially, NYDIG now focuses on vertically integrated power generation, Bitcoin mining, and high-performance computing (HPC) data centers. Its development pipeline exceeds 3 GW, with over 1 GW deliverable in 2027-2028. The company will leverage its energy assets and grid positions for AI, HPC, and mining workloads, using the sale proceeds to underwrite long-term tenant commitments and finance large-scale compute infrastructure projects.
NYDIG Leadership
Ross Stevens - Founder & Executive Chairman. Founded NYDIG in 2017. Also Founder and CEO of parent company Stone Ridge Holdings Group. Previously at Goldman Sachs. Holds a PhD in Finance and Statistics from the University of Chicago (Booth) and a BSE in Finance from the University of Pennsylvania (Wharton).
Tejas Shah - Chief Executive Officer (since October 2022). Previously Global Head of Institutional Finance at NYDIG (2020-2022). Before that, worked at Two Sigma (systematic options trading) and nearly 20 years at Goldman Sachs (Partner, co-head of Equity Derivatives Trading). Holds a dual BS in Physics and Economics from the University of Michigan.
Robert Gutmann - Co-founder and former CEO (until October 2022). Also co-founder of Stone Ridge. Previously Head of Product Development and Execution at Stone Ridge. Holds a BA in Mathematics and Music from Columbia University.