Virtu Financial joined BitGo Prime's global liquidity network, the companies announced Wednesday, extending the electronic trading firm's push into institutional digital asset markets. Virtu will provide liquidity through BitGo Prime's trading network while BitGo continues custody and settlement services. The partnership reflects a shift in institutional crypto trading away from vertically integrated exchange models, as investors increasingly separate custody, execution, and liquidity functions to reduce counterparty exposure.
BitGo Expands Prime Brokerage Liquidity Network
BitGo Prime added Virtu to a liquidity network the company built throughout the year. In April, BitGo partnered with German liquidity provider tradias to strengthen execution in euro- and sterling-denominated digital asset markets. The company positioned BitGo Prime as a single access point connecting institutional traders with exchanges, over-the-counter desks, and market makers while assets remain in custody at BitGo Bank & Trust in the United States or BitGo Europe under its MiCA authorization.
The Virtu agreement supports BitGo's effort to build a full-service institutional prime brokerage business following its January public listing. The company expanded beyond digital asset custody by adding financing, execution, and settlement capabilities while continuing to rely on its regulated banking and custody infrastructure. BitGo says institutional clients can execute trades through its aggregated liquidity network without moving assets onto exchanges.
Virtu Discloses Q2 Financial Results Alongside Partnership
Virtu Financial disclosed preliminary second-quarter financial results alongside the partnership announcement, forecasting net income of approximately $285 million and adjusted net trading income of $718 million, or about $11.6 million per trading day. The firm provides liquidity across equities, exchange-traded funds, foreign exchange, fixed income, options, and digital assets. Virtu says it makes markets in more than 25,000 securities across over 235 trading venues in 37 countries.
Earlier this year, Virtu obtained authorization under the European Union's Markets in Crypto-Assets regulation through Virtu Financial Ireland, allowing it to provide crypto trading and liquidity services across all 27 EU member states under a single regulatory framework. Virtu joined the Talos institutional trading network as a liquidity provider, enabling investment firms using Talos to access the firm's spot digital asset pricing and execution services.
Traditional Market Makers Integrate With Institutional Crypto Infrastructure
Established trading firms are integrating with infrastructure providers that offer regulated custody, settlement, and client connectivity rather than building proprietary crypto exchanges. The model allows market makers to expand their crypto operations while avoiding the operational complexity of building custody businesses. Custodians such as BitGo are connecting clients to traditional market makers, while firms such as Virtu use regulated infrastructure partners to expand across digital assets without taking on full exchange or custody operations.
The partnership does not introduce new trading products. For institutional investors, the arrangement provides broader access to crypto liquidity under a framework that resembles traditional finance structures.
FAQ
What did BitGo Prime announce on Wednesday?
BitGo Prime announced that Virtu Financial joined its global liquidity network. Virtu will provide liquidity through BitGo Prime's trading network while BitGo continues to provide custody and settlement services.
What financial results did Virtu Financial disclose?
Virtu Financial disclosed preliminary second-quarter financial results forecasting net income of approximately $285 million and adjusted net trading income of $718 million, or about $11.6 million per trading day.
