Despite Abandoning Prime Trust Deal, BitGo Eyes Other Acquisitions

After abandoning the Prime Trust deal, BitGo CEO Mike Belshe has said that there are several other acquisitions in the pipeline.   

In an interview with CoinDesk TV, BitGO CEO said that they have got more acquisition pending which the company has not been able to announce yet. 

Belshe predicted that there’s going to be consolidation in the space over the next six months.

The American-based crypto custodian platform cancelled the deal to acquire Prime Trust on June 22 amid the speculation of the company’s bankruptcy. 

As reported earlier, the acquisition of Prime Trust by BitGo was expected to provide financial support to Prime Trust to deal with the ongoing bankruptcy challenges.

BitGo CEO on Future Plans

During the interview, Belshe also talked about the future of BitGo. 

The California-based company was nearly acquired by Mike Novogratz’s crypto merchant bank Galaxy Digital. However, the $1.2 billion deal was cancelled in August 2021. 

The CEO said that they have received offers from time to time since the Galaxy’s deal. 

The crypto custody company is now more focused on growing its business rather than being acquired by a major player, Belshe added. 

Talking about Coinbase, which BlackRock (BLK) selected as custodian for its fund-management unit iShares’ proposed Bitcoin ETF, Belshe said that the American exchange is a public company and it’s got a very healthy balance sheet, so they do get some of those first movers.  

However, it may at some point be required to separate its custody service from its trading business, BitGo CEO added. 

Belshe further added that Coinbase will have to eventually choose which side of the fence they want to be on; a custodian or an exchange. 

Belshe revealed that BitGo is “talking to pretty much every big deal that’s out there” and even BlackRock CEO Larry Fink has his phone number.