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Crypto Custodian BitGo Secures $100 Million in Series C Financing, Achieving a Valuation of $1.75 Billion
BitGo, a crypto custodian based in California, has announced that it has secured $100 million in a Series C funding round, elevating its valuation to $1.75 billion. The newly acquired funds will be utilized for strategic acquisitions and to enhance its regulated custody, wallet, and infrastructure solutions on a global scale.
The funding round saw participation from both new and external strategic investors.
- In a statement, BitGo CEO Mike Belshe emphasized the increasing demand for regulated custody solutions not only in the US but also worldwide.
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“We are witnessing a rising demand for regulated custody solutions in the US, as well as on a global level. We are excited to announce our $100M Series C to address this growing need and to offer institutions, brands, coin foundations, and others secure and seamless engagement in the digital asset ecosystem.”
- As per the platform’s analysis, BitGo has experienced a 60% rise in newly onboarded clients since the start of the year, a 20% increase in assets under custody (AUC), a 200% growth in fiat custody, and a 40-fold increase in staked assets.
- Galaxy Digital, the cryptocurrency investment firm led by Mike Novogratz, had previously revealed intentions to acquire BitGo for $1.2 billion.
- However, the deal was ultimately canceled, with Galaxy citing BitGo’s failure to provide audited financial statements for 2021 as required by the agreement.
- This led the digital asset custodian to initiate a lawsuit against Galaxy, seeking damages exceeding $100 million, alleging “improper repudiation and intentional breach of its merger agreement.”
- Additionally, BitGo announced that it will not be acquiring Prime Trust, which subsequently filed for Chapter 11 bankruptcy protection in Delaware.
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