BitGo announced today $100M Series C financing from new, outside strategic investors with a valuation of $1.75B. The funds will be deployed to make strategic acquisitions and expand its secure and regulated custody, wallet, and infrastructure solutions globally.
Since January 2023, BitGo has seen a 60% increase in newly onboarded clients, 20% increase in AUC, 200% increase in fiat custody, and 40x growth in staked assets. BitGo is also the custody provider for the FTX creditors funds under John Ray III’s leadership and had been previously chosen as the distributor for Mt. Gox creditors.
CEO Mike Belshe shared, “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. 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.”
The announcement of this funding round follows BitGo’s launch of Go Network, which enables institutions to trade and settle both digital assets and fiat 24/7 from secure custody.
BitGo provides the most secure and scalable wallet solutions for the digital asset economy, offering regulated custody, staking and trading, and core infrastructure to investors and builders alike.
Founded in 2013, BitGo pioneered the multi-signature wallet and is the first digital asset company to focus exclusively on serving institutional clients. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets and established BitGo New York Trust in 2021. In 2022, BitGo launched institutional-grade staking, DeFi, NFT and Web3 services. BitGo secures approximately 20% of all on-chain Bitcoin transactions by value and supports more than 700 digital assets within its platform. BitGo provides the security and operational backbone for more than 1500 institutional clients in 50 countries, including many regulated entities and the world’s top cryptocurrency exchanges and platforms.
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