BitGo Bank and Trust, National Association, a subsidiary of BitGo Holdings, Inc., and OTC Markets Group have announced their intention to pursue a strategic alliance focused on advancing digital asset access for over 150 registered broker-dealers. The partnership aims to integrate digital asset trading and custody infrastructure with OTC Link ATS, an SEC-regulated alternative trading system. This initiative is designed to support a range of digital asset securities and lay the groundwork for broker-dealers to expand into tokenized assets, commodities, and broader blockchain-based financial markets as regulatory frameworks mature.

Under the proposed framework, subscribed broker-dealers would gain the ability to quote, price, and execute trades in digital asset securities on the same regulated electronic trading infrastructure currently used for NMS and OTC equities markets. The connection will be powered by MatchHub, Elysium’s post-trade platform, which links OTC Link ATS to digital asset custodians and facilitates the coordination of reach transactions through settlement.

BitGo Bank & Trust is designated to serve as the qualified custodian, securing assets and facilitating settlement between counterparties through Go Network, its offchain settlement infrastructure. The alliance intends to preserve traditional market structure principles within digital asset markets by leveraging the OTC Link ATS’s Qualified Interdealer Quotations System for market-making and best execution. BitGo Bank & Trust will provide enterprise-grade fiduciary oversight of tokenized assets, utilizing a bankruptcy-remote framework designed to segregate client assets from BitGo’s corporate assets.

Strategic Implications

The proposed alliance underscores a broader institutional shift toward interoperable, blockchain-based financial infrastructure. As digital assets increasingly converge with traditional capital markets, the collaboration prioritizes regulated custody, transparent settlement, and open market infrastructure capable of supporting the full spectrum of financial products.

Key Roles and Infrastructure

"The future of digital asset markets will depend on infrastructure that institutions can trust," said Mike Belshe, CEO and Co-founder of BitGo. "Financial markets function best when trading, custody and settlement responsibilities are clearly separated, and fiduciary protections remain intact."

Cromwell Coulson, President and CEO of OTC Markets Group, emphasized the readiness of the infrastructure. "OTC Link ATS was built as mission-critical, electronic trading infrastructure and our relationship with BitGo is intended to extend that framework into digital assets," Coulson stated.

BitGo Holdings will reduce its workforce by nearly 15% as part of a strategic restructuring effort. The decision was disclosed in a regulatory filing submitted to the United States Securities and Exchange Commission (SEC).

The filing outlines the company's intention to streamline operations and improve efficiency. This move reflects broader adjustments within the financial technology sector.

Workforce Reduction Details

The reduction affects nearly 15% of the total staff. The company has not specified the exact number of employees impacted or the timeline for the layoffs.

BitGo Holdings continues to focus on optimizing its operational structure. The filing does not provide further details on severance packages or affected departments.