Crypto Custodian BitGo Hits $1.75B Valuation After Latest Funding

Crypto custodian BitGo has secured $100 million in a Series C financing round, propelling the company's valuation to $1.75 billion.

While the Palo Alto-based firm declined to disclose the participating investors, it said the fresh capital will be deployed to make strategic acquisitions and expand the company’s regulated custody, wallet, and infrastructure solutions globally.

As for the acquisitions, the spokesperson told Decrypt that it "will be announcing this info in future dates," said a spokesperson.

"Not only are we seeing growing demand for regulated custody solutions in the US, but we're also seeing the demand on a global scale,” BitGo CEO Mike Belshe said in a statement. “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."

Launched in 2013, BitGo pioneered a multi-signature Bitcoin wallet in the early days of the industry, currently offering security, custody, and liquidity solutions. The company stated that it serves more than 1500 institutional clients in over 50 countries and processes approximately 20% of all on-chain Bitcoin transactions by value.

In 2018, launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets, followed by a prime brokerage service BitGo Prime in 2020, BitGo New York Trust in 2021. Last year, BitGo expanded its offering with the launch of institutional-grade staking, DeFi, NFT, and Web3 services.

Some of the company’s notable clients include Nike, which utilizes BitGo’s wallet-as-a-service solution, as well as financial services company Swan Bitcoin and Web3 project Mysten, both of which turn to BitGo as their qualified custodian to safeguard their customer assets.

The company also acts as custodian for the creditors of the bankrupt crypto exchange FTX and had been previously chosen as the distributor for Mt. Gox creditors.

With the new round secured, the total amount of funds BitGo has raised to date now stands at $169 million.

The company closed Series B fundraising in October 2018, securing $57.5 million in a round led by Goldman Sachs and Galaxy Digital.