BitGo Valued at $1.75b After $100m Funding Round

18. August 2023 0 Comments

• BitGo secured a $100 million Series C funding round, attaining a valuation of $1.75 billion.
• The digital asset custodian witnessed its clients and assets under custody (AUC) rise in 2023.
• In June 2022, BitGo terminated plans to acquire Prime Trust, and lost a lawsuit to Galaxy Digital for the termination.

BitGo Secures $100 Million Series C Funding Round

The Palo Alto-based security infrastructure and custodian firm, BitGo, secured a $100 million Series C funding round. This put the company at a $1.75 billion valuation. According to the press release, despite the regulatory differences, BitGo is already regulated in 50 countries.

Client Growth in 2023

The US-based firm, founded in 2013, witnessed its clients rise by 60% in 2023 while its assets under custody (AUC) grew by 20%. BitGo’s staked assets also rose 40 times. The digital asset custodian stated utilizing recent funding for developing and expanding its services globally.

Termination of Acquisition Deal with Prime Trust

On June 12, BitGo lost a lawsuit to Galaxy Digital, one of the company’s early investors, for terminating an acquisition deal in August 2022. The U.S. court dismissed the legal case, claiming Galaxy Digital had a “clean termination right.” On June 22 two weeks after an initial acquisition announcement., BitGo halted its plan to acquire Prime Trust—a crypto custody platform..

Funding Will be Used for Global Expansion

BitGo CEO Mike Belshe said that due to growing demand from institutions as well as brands and coin foundations for regulated custodial solutions on both global and US scale they are pleased to announce their series C funding round which will be used towards meeting this need and providing seamless participation into digital asset ecosystem: “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.”

US Court Grants Victory To Galaxy Digital

US court granted victory to Galaxy Digital dismissing $100 million dollar lawsuit against Bitgo allowing them clean termination right over acquisition deal of Prime Trust which was later terminated by bitgo itself after initial announcement two weeks prior .