Greg Cipolaro
BitGo Holdings Inc. (NYSE: BTGO) has launched BitGo Research and appointed Greg Cipolaro as Head of Research, adding an institutional research function focused on digital asset markets, market structure and emerging industry trends.
Cipolaro joins the digital asset infrastructure company following BitGo’s acquisition of NYDIG’s institutional trading business. He previously served as Global Head of Research at NYDIG, where he built and led a research operation covering bitcoin and broader digital asset markets for institutional investors, allocators and corporations.
The new research unit will produce ongoing market commentary, thematic reports and data-driven analysis for BitGo’s institutional clients. Its coverage will draw on the company’s operations across custody, trading, financing and settlement, giving the research team visibility into several parts of the infrastructure used by institutions to hold and transact digital assets.
“Greg is a widely respected voice in digital asset research, and bringing his expertise in-house allows us to offer clients an even deeper level of market insight,” said Mike Belshe, CEO and co-founder of BitGo.
The launch expands BitGo’s institutional offering beyond transaction and asset infrastructure by adding analysis intended to help clients interpret market conditions. For financial institutions and other large market participants, digital asset operations increasingly involve multiple interconnected functions, including custody, liquidity, financing and settlement. BitGo Research is designed to analyze those markets from within the company’s broader operating platform.
Cipolaro said that position should provide the research group with a differentiated view of activity across institutional digital asset markets.
“BitGo sits at the intersection of custody, trading, and financing for some of the largest institutional participants in this market, which gives BitGo Research a vantage point that’s hard to replicate,” Cipolaro said. He added that the team will build on his work at NYDIG while developing research aimed at helping clients navigate changing market conditions.
The appointment also extends one component of NYDIG’s institutional trading operation into BitGo following the acquisition. Pete Janney, Head of Financial Infrastructure at BitGo, said Cipolaro’s research was an important part of NYDIG’s institutional trading franchise and that continuing the work on BitGo’s larger platform aligns with the rationale for the transaction.
BitGo Research will cover both market-level developments and the mechanics underlying digital asset trading and infrastructure. The company said the function will examine market structure, macroeconomic trends and developments across the broader digital asset landscape.
The addition is particularly relevant to BitGo’s business model because its institutional clients can interact with several stages of the digital asset lifecycle through the same infrastructure provider. BitGo offers custody, wallets, staking, trading, financing, stablecoins and settlement services, creating an operating footprint across areas that can influence liquidity, capital deployment and transaction workflows.
BitGo has operated in digital asset infrastructure since 2013 and maintains multiple regulated entities. Its operations include BitGo Bank & Trust, National Association, which the company describes as the first federally chartered digital asset trust bank owned by a publicly traded company.
The company serves thousands of institutions, including financial institutions, exchanges, digital asset platforms and other industry participants, as well as millions of investors worldwide.
With Cipolaro leading the new unit, BitGo is integrating research directly into that institutional infrastructure platform rather than operating it as a separate market-information product. The approach gives clients access to analysis alongside the custody, trading, financing and settlement functions they use to operate in digital asset markets.