BitGo CEO Mike Belshe said the NYSE-listed digital asset infrastructure firm intends for prime brokerage to account for "100% of our revenue," outlining a strategy that converts custodial holdings into trading, financing and settlement flows.

Belshe laid out the plan during an interview in Singapore on October 6, 2026, framing the approach as a "virtuous cycle" in which custody feeds trading and lending without forcing clients to liquidate positions.

How does the model work operationally?

Two products carry the load. BitGo Prime handles the brokerage function, while the Go Network supports integrated trading, financing and settlement.

The Go Network operates 24/7 through Delivery-vs-Payment. That mechanism transfers the asset and the payment simultaneously, leaving neither party holding an IOU.

For institutional clients, the arrangement removes a structural friction point. A fund can borrow against holdings, execute on partner venues such as OKX, and settle continuously without moving collateral out of qualified custody.

What acquisitions built the stack?

BitGo acquired NYDIG's institutional trading unit in August 2026, adding derivatives execution and financing capabilities.

By September 2026, BitGo and Crossover Markets had passed $2 billion in cumulative cleared volume. In October 2026, the firm widened its off-exchange settlement arrangement with OKX to cover international clients.

That setup allows traders to access exchange liquidity while collateral remains with the custodian, an off-exchange settlement pattern that institutional desks increasingly demand.

What is the regulatory foundation?

BitGo operates BitGo Bank & Trust, a federally chartered digital asset trust bank. The platform supports more than 1,550 digital assets and carries $250 million in insurance coverage.

The trust bank charter functions as the regulated core of an offering that mirrors what bulge-bracket banks provide hedge funds: custody, lending, trade execution and settlement under one roof.

How does the public listing frame the strategy?

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

Shareholders evaluating the pivot will look past custody fee income and toward cleared volume, financing activity and settlement flows across the Go Network. The $2 billion cleared with Crossover Markets provides an early benchmark.

What risks does the shift introduce?

Prime brokerage revenue moves with market activity, replacing the relative stability of custody fees with cyclicality. A model built on "100% of our revenue" from trading-linked services trades some stability for growth potential.

Financing also introduces credit exposure. Lending against volatile collateral requires disciplined risk management, and the derivatives and financing infrastructure absorbed from NYDIG will determine how BitGo handles that book.

The next reporting cycle will test whether cleared volume, financing balances and settlement flows can scale into the revenue base Belshe described, or whether custody retains a larger share of the income statement than the stated target implies.