BTIG

What BTIG does

BTIG is a global institutional financial services firm founded in 2005 and headquartered in San Francisco, operating from 20 cities worldwide with a headcount of approximately 501 to 1,000 employees. The firm serves institutional clients — including hedge funds, asset managers, pension funds, and corporations — through four integrated business lines: Investment Banking; Institutional Sales and Trading across Equities and Fixed Income; Outsource Trading and Prime Brokerage; and Research and Strategy. The firm is licensed across multiple major regulatory regimes including FINRA, FCA, SFC, MAS, ASIC, and NFSA, supporting cross-border institutional execution and settlement.

The firm's technology platform centers on TradeSave FX, a proprietary electronic foreign exchange trading platform launched in 2024, alongside algorithmic equity execution tools such as the disclosed Pivot Algorithm. The business model combines transactional revenue (commissions and trading spreads across asset classes), advisory and underwriting fees from investment banking mandates, recurring prime brokerage and outsource trading relationships, and research distribution. The firm has pursued a sustained product diversification strategy, expanding into interest rate trading (2019), Digital Health research (2020), CMBS trading (2021), structured products (2022), a tactical hedge fund group (2023), the TradeSave FX platform (2024), and a hedge fund solutions group (2025).

BTIG's history includes repeated strategic investment from tier-one financial institutions — Goldman Sachs (2007/2010), CLSA (2014/2015), and Blackstone Tactical Opportunities (2016) — followed by the announced acquisition by U.S. Bancorp for up to $1 billion, scheduled to close on June 1, 2026. Co-founder Scott Kovalik remains associated with the firm; leadership transitioned to CEO Anton LeRoy in 2023, and a dedicated CTO (Pawan Misra) was appointed in 2024, signaling a strategic elevation of the technology function in the period immediately preceding the transaction.

Name

BTIG

Legal name

BTIG, LLC

Website

https://btig.com

Company type

Private

Founded year

2005

Operating status

Acquired

Headcount range

501–1,000 employees

Short description

BTIG is a global institutional financial services firm offering investment banking, equities and fixed income sales and trading, prime brokerage, outsource trading, and research to hedge funds, asset managers, and corporates across 20 cities. The firm is being acquired by U.S. Bancorp for up to $1 billion.

Ownership category

akta.pro rank

Product category

Institutional Brokerage & Investment Banking

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Institutional Multi-Asset Trading Platforms (OTC/RFQ) (FSAFAEAB)

Keywords

• Institutional brokerage services
• Investment banking advisory
• Prime brokerage services
• Electronic trading platforms
• Equity research services

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Core offering

BTIG is a global financial services firm that delivers institutional sales and trading, investment banking, prime brokerage, outsource trading, and equity research to corporations and institutional investors. Its platform is built around four core service lines: Investment Banking (M&A and Strategic Advisory, Equity Capital Markets, Debt Capital Markets), Institutional Sales & Trading across Equities and Fixed Income, Outsource Trading & Prime Brokerage, and Research & Strategy. The firm also operates proprietary electronic trading platforms such as TradeSave and TradeSave FX, and serves clients globally from 20 cities with 24-hour coverage.

Product overview

BTIG operates as a global financial services firm offering a platform-plus-modules architecture built around four core service lines: (1) Investment Banking — comprising M&A and Strategic Advisory, Equity Capital Markets, and Debt Capital Markets; (2) Institutional Sales & Trading — split into Equities (Equity Sales and Trading, Global Portfolio and ETF Trading, Equity Derivatives Trading, Event-Driven Trading, ADR Conversion Trading, Corporate Access) and Fixed Income (Credit and Convertibles Trading, Emerging Markets Fixed Income, Foreign Exchange Trading, Global Rates Trading, Structured Products), with the proprietary TradeSave FX electronic FX platform and broader Electronic Trading services; (3) Outsource Trading & Prime Brokerage — covering Prime Brokerage, Outsource Trading, Capital Introduction, Electronic Trading, and Transition Management, with the recently launched Hedge Fund Solutions Group as a dedicated vertical; and (4) Research & Strategy — providing sector and thematic equity research across Consumer, Energy Infrastructure, Financials, Healthcare, Industrials, Real Estate, and TMT. These service lines are delivered in an integrated fashion, allowing clients to access investment banking advisory, capital markets execution, institutional trading, prime brokerage, and research through a single firm.

Differentiator

Problem solved

Functional benefit

Brands

• TradeSave: BTIG's electronic trading platform offering proprietary algorithms, including TradeSave FX for foreign exchange.
• TradeSave FX
• Pivot Algorithm
• BTIG Charity Day

Products and services

• Investment Banking Advisory and capital markets service line providing M&A and strategic advisory (including fairness opinions and valuation analyses), equity capital markets execution (IPOs, follow-ons, private placements), and debt capital markets execution (investment grade, high yield, leveraged finance) to corporate clients. Sectors covered include Business Services, Consumer & Retail, Energy Infrastructure, Financials, Healthcare, Housing and Real Estate, Industrials, Power and Utilities, and Technology, Media and Telecom (TMT).
• Equities (Institutional Sales & Trading) Institutional equity sales and trading services for asset managers and institutional clients, spanning Equity Sales and Trading, Global Portfolio and ETF Trading, Equity Derivatives Trading, Event-Driven Trading, ADR Conversion Trading, and Corporate Access. Connects to all major ATSs and exchanges, with access to exchange co-located modules, single-dealer platforms, and exclusive hosted rooms.
• Fixed Income (Institutional Sales & Trading) Institutional fixed income sales and trading services covering Credit and Convertibles Trading, Emerging Markets Fixed Income, Foreign Exchange Trading, Global Rates Trading, and Structured Products. Includes the proprietary TradeSave FX electronic FX platform and additional fixed income electronic trading capabilities.
• Outsource Trading & Prime Brokerage Provides trade execution, prime brokerage, outsource trading, capital introduction, electronic trading, and transition management services to hedge funds and institutional asset managers. Custody and clearing coordination is provided through Pershing, J.P. Morgan Clearing Corp, and Goldman Sachs Execution & Clearing.
• Research & Strategy Provides institutional equity research and strategy, including thematic and sector research across Consumer, Energy Infrastructure, Financials, Healthcare, Industrials, Real Estate, and TMT. Includes Sponsoring Research and EBT hosted research, delivered to institutional clients through a dedicated research portal.
• TradeSave FX Electronic FX Platform BTIG's electronic FX platform that provides clients with access to FX executions across the street through a single, integrated platform. Supports spots, forwards, swaps, NDFs, and options for institutional clients seeking low-touch foreign exchange execution.
• Hedge Fund Solutions Group Dedicated business line offering hedge fund clients customized solutions spanning execution, prime brokerage, capital introduction, and research coverage, with coverage built around the needs of the hedge fund community.

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves6 records

Expansion highlights5 records

Direct peers

• Jefferies Financial Group: Mid-sized full-service broker-dealer offering investment banking, institutional sales & trading, equities and fixed income research, and prime brokerage. The closest publicly traded comparable to BTIG in scale, product breadth, and institutional client focus.
• Piper Sandler Companies: Mid-market investment bank and institutional broker-dealer with comparable sector coverage in healthcare, technology, consumer, and financial services. Overlapping ECM, M&A advisory, fixed income, and equity research capabilities.
• Cantor Fitzgerald: Diversified financial services firm with material institutional brokerage, investment banking, and fixed income trading businesses. Directly comparable in mid-market institutional orientation and product mix.
• Stifel Financial Corp. Diversified mid-sized broker-dealer with institutional sales & trading, investment banking, and research across multiple sectors. Similar scale, multi-product architecture, and institutional client mix to BTIG.
• Robert W. Baird & Co. Mid-sized private broker-dealer providing institutional equity research, investment banking, and fixed income trading. Comparable in scale, ownership structure (private), and integrated platform model.
• Guggenheim Securities: Diversified financial services firm with strong fixed income, equities trading, and investment banking businesses. Comparable multi-asset institutional platform with similar mid-market IB positioning.
• Needham & Company: Investment bank and broker with focus on growth companies in technology and healthcare. Similar institutional sales & trading and IB business model, though more sector-concentrated than BTIG.
• Houlihan Lokey: Global investment bank with strong M&A advisory, capital markets, and financial restructuring capabilities. More IB-focused but shares the mid-market positioning and institutional client base.
• TD Cowen: Mid-sized broker-dealer and investment bank (acquired by TD Bank Group) with healthcare, technology, and consumer focus. Operates with a similar integrated platform model to BTIG post-parent-acquisition.
• Wedbush Securities: Mid-sized private broker-dealer with institutional sales & trading, investment banking, and equity research. Comparable in scale, private ownership structure, and institutional orientation.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/btig_2

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries6 records

Funding overview

Funding rounds5 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BTIG