BitGo and HashKey Cloud are moving beyond their initial staking arrangement into a broader institutional partnership that now spans trading, custody and real-world asset tokenization, with Ethereum and Solana as the first assets covered by the expanded staking program.
The companies signed the agreement in Singapore during TOKEN2049 week, BitGo said on Oct. 6. WanCloud Ltd., which operates as HashKey Cloud within HashKey Group, entered the deal with NYSE-listed BitGo Holdings. The arrangement builds on a partnership first announced in July that centered on institutional staking.
Under the new terms, HashKey Cloud becomes a validator partner on BitGo's platform, with ETH and SOL as the initial staking assets for eligible institutional clients. The original July setup was designed to let institutions participate in proof-of-stake networks while keeping their assets within BitGo's custody framework, with HashKey Cloud supplying validator infrastructure.
The October agreement covers four business lines: staking, institutional trading flow, custody and RWA tokenization. Services will be limited to eligible institutional customers and jurisdictions where the relevant products are permitted.
Custody Terms Take Shape
The custody component is the most specific part of the expanded deal. BitGo will make its custody services available to HashKey Capital and associated funds, subject to client onboarding and separate agreements. That structure gives HashKey's investment businesses another institutional custody option while keeping the custody relationship separate from HashKey Cloud's validator work.
Trading is another new area, though the announcement did not identify exchanges, trading pairs or expected volumes. BitGo already operates trading and settlement infrastructure alongside its custody business. Its Singapore entity holds a Major Payment Institution license covering digital payment token services and cross-border money transfers, according to the Monetary Authority of Singapore's financial institutions register.
BitGo recently expanded its off-exchange settlement arrangement with OKX for eligible institutions outside the U.S. Under that service, supported assets can remain in segregated custody at BitGo Singapore while clients access exchange liquidity. The HashKey agreement does not state that the same setup will automatically apply to the trading relationship.
RWA Tokenization Added
Real-world assets form the fourth pillar of the expanded agreement. BitGo will serve as a custody partner for HashKey's tokenization initiatives, according to the Oct. 6 release.
HashKey already operates an RWA business with meaningful scale. The company reported HK$2.68 billion (approximately $341.5 million) in onchain RWA total value locked during the first half of 2026, up 167.8% from a year earlier. Institutional customers accounted for HK$231.5 billion (approximately $29.5 billion) of HashKey's HK$282.2 billion (approximately $36.0 billion) platform trading volume during the same six-month period, representing 82% of total volume.
HashKey's tokenization work has included regulated products in Hong Kong. HashKey Exchange recently began distributing Franklin Templeton's tokenized U.S. government money market fund to eligible professional investors. In September, HashKey signed another arrangement with Prometheum Capital and Velocity Capital covering a proposed route for tokenized U.S. equities to eligible international investors. That project remains subject to final agreements, regulatory clearance and technical work.
BitGo's Expanding Footprint
The HashKey agreement arrives as BitGo pushes beyond its custody roots into trading, financing and settlement. On Aug. 27, the company completed its acquisition of NYDIG's institutional trading business, bringing derivatives, financing, execution and structured-product capabilities into BitGo along with roughly 30 NYDIG employees and institutional client relationships.
BitGo CEO Mike Belshe has said he wants prime brokerage to become the company's main revenue engine. The strategy centers on offering trading, financing and settlement while clients keep supported assets under custody.
The company reported 5,833 clients at the end of June, with $65.2 billion in assets on its platform and $11.9 billion in assets staked. Second-quarter staking revenue reached $64.7 million. BitGo generated $4.33 billion in second-quarter revenue, largely from digital asset sales, though direct costs reached $4.29 billion, resulting in a $19 million net loss for the quarter.
HashKey has been building its institutional network in parallel. First-half platform trading volume rose 31.8% year over year, while institutional trading volume increased 58.8%, according to company results. HashKey listed on the Hong Kong Stock Exchange in December 2025 under stock code 3887.
Executive Perspectives
Abel Seow, BitGo's managing director and head of APAC sales, said institutions in Asia are seeking infrastructure covering several stages of digital asset activity. Leo Li, CEO of HashKey OnChain BG, described the combination of HashKey's Hong Kong presence and BitGo's custody infrastructure as a "trusted pathway across staking, trading, custody, and tokenization."
The companies disclosed no financial terms, launch schedule, initial customers or expected assets under management. BitGo's custody services for HashKey Capital and its associated funds remain subject to customary onboarding and applicable agreements, while access to each service depends on local law and regulatory requirements.
HashKey Cloud has operated blockchain validation infrastructure since 2018. Its current services include staking products for institutions, asset managers and professional investors across multiple blockchain networks.
The expanded partnership signals continued institutional appetite for consolidated digital asset infrastructure that combines custody, staking and tokenization services. For institutions evaluating exposure to Ethereum and Solana, the addition of regulated staking options through established custody providers could lower barriers to entry for yield-generating strategies. The tokenization component also fits into a wider industry push to bring traditional financial assets onto blockchain rails.