TL;DR: BridgePort collaborated with Virtu Financial to execute its first Prime Brokerage trade workflow using digital assets via SpotEx with the trade settling off-exchange through Anchorage Digital’s Atlas Network.
BridgePort has expanded its institutional settlement network with the deployment of a prime brokerage workflow connecting Anchorage Digital, SpotEx, and Virtu Financial.
The initial production deployment brings together participants from across the institutional trading lifecycle, each performing an established role within the workflow.
Virtu Financial - one of the first institutional trading firms participating in the workflow, helping validate the operational model in a controlled production environment.
SpotEx - provides the execution venue, demonstrating how exchanges can support institutional trading workflows while integrating with independent custody and settlement infrastructure.
Anchorage Digital - facilitates the collateral and settlement workflow through Atlas, a robust collateral management and settlement network.
BridgePort - provides the orchestration layer that coordinates messaging, allocations, reconciliation, and settlement between the parties.
Together, the deployment demonstrates how execution, prime brokerage, custody, and settlement can operate as coordinated, but independent, components of an institutional market structure. The initial rollout’s objective was to validate the complete end-to-end workflow before expanding participation to live trading environments and more participants.
For years, institutional crypto has relied on pre-funded trading models that require firms to distribute capital across multiple venues, increasing credit risk, operational complexity, and reducing capital efficiency. As institutional participation continues to grow, the industry is looking toward infrastructure that increases capital mobility while preserving the segregation of custody, execution, and settlement.
Scotte Moegling, Head of business development for digital assets at Virtu Financial said, “The successful deployment of this workflow, powered by BridgePort, demonstrates how institutional trading, custody, and settlement can seamlessly operate together. It’s an important milestone in removing pre-funding drag and bringing increased capital efficiency to the market."
The Workflow
Virtu initiates its desired trade for execution on the SpotEx venue.
BridgePort enables the coordination layer between custody, and prime brokerage in this case both provided byAnchorage Digital, and execution on SpotEx.
Assets remain in secure custody at Anchorage Digital while BridgePort communicates available balances and coordinates the operational workflow between participants.
Trades execute on the venue, while allocations, messaging, and reconciliation are facilitated by BridgePort while settlement occurs through Anchorage Digital.
The model is designed to support interoperability across custodians and execution venues without requiring BridgePort to take custody of the assets or become a counterparty to the trade. Each stakeholder continues to perform its existing role while operating within a coordinated settlement workflow.
The deployment represents a production implementation of an integrated institutional workflow connecting execution, prime, custody, and settlement through independent market participants. Importantly, this demonstrates how these functions can operate together without requiring changes to each participant's core operating model.
Looking Ahead
Institutional participation in digital assets continues to grow, but much of the digital market still relies on a trading framework that requires capital to be distributed across multiple venues and trades to be pre-funded. As more custodians, exchanges, prime brokers, and trading firms enter the market, the need for interoperable post-trade infrastructure becomes increasingly important.
This deployment demonstrates how institutional participants can coordinate custody, execution, prime brokerage, and settlement within a single operational workflow while allowing each participant to continue performing its established role.
As additional participants join the network, BridgePort will continue expanding the infrastructure needed to support a more connected and capital-efficient institutional market.
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