BitGo Crypto Custodian Secures $100 Million in Funding, Valuation Reaches $1.75 Billion

Crypto custody provider BitGo has raised $100 million in a Series C funding round to reach a valuation of $1.75 billion, the firm announced on Wednesday.

Participating in the funding round were several “new, outside strategic investors,” BitGo said in the announcement.

The firm did not name any of the investors.

According to the announcement, the newly raised funds will be used to make new strategic acquisitions, as well as to scale up the firm’s international expansion.

The firm added in a post on social media platform X that it will also use the funds to “drive the coming wave of [crypto] adoption.”

“This vote of confidence grants us optimism about global belief in this new asset class,” the firm added.

BitGo has secured $100M Series C funding.

Trust is not given, it is earned. We believe in delivering it to our clients and the industry. Being a custodial and infrastructure leader is an undertaking, one we have consistently provided for over a decade.

This funding will allow… pic.twitter.com/TlPO7722Ha

— BitGo (@BitGo) August 16, 2023

Prioritizing global expansion

In a comment, BitGo CEO EO Mike Belshe said his firm sees rising demand for crypto custody services both in the US and internationally.

“We are very pleased to announce our $100M Series C for the purpose of meeting this growing need and to provide institutions, brands, coin foundations, and others with secure and seamless participation in the digital asset ecosystem,” Belshe said.

The announcement comes after BitGo’s launch of Go Network, a platform that enables institutions to trade and settle digital assets and fiat within a custodied environment.

BitGo operates in over 50 countries and claims to be responsible for around 20% of all on-chain Bitcoin transactions when measured by US dollar value.

Back in June, BitGo’s Belshe said that his firm has several acquisitions in the pipeline, despite abandoning a deal to take over Prime Trust.

At the time, Belshe claimed that BitGo is “talking to pretty much every big deal that’s out there,” noting that even BlackRock CEO Larry Fink has his phone number.