BitGo, a leading crypto custodian headquartered in California, has triumphantly secured an impressive $100 million through a resounding success in its Series C funding round. This exceptional achievement has propelled its valuation to a remarkable $1.75 billion. The substantial influx of funds is now poised to be strategically channeled towards facilitating transformative acquisitions and furthering the global expansion of its unparalleled regulated custody, wallet, and infrastructure solutions.
Notably, the funding round witnessed enthusiastic participation not only from existing supporters but also from a cohort of astute new strategic investors. This resounding backing underscores the unwavering confidence in BitGo’s pioneering vision and steadfast commitment to revolutionizing the crypto custodial landscape.
- Assertively stated by BitGo CEO Mike Belshe, the surging demand for regulated custody solutions is palpable, spanning both the United States and global markets.
“We’re not just witnessing a surge in demand for regulated custody solutions within the US; this demand is reverberating on a global level. With immense satisfaction, we unveil our impressive $100M Series C funding. This substantial infusion is strategically dedicated to addressing the escalating requirement and empowering institutions, brands, coin foundations, and various entities with an unequivocally secure and effortlessly integrated role in the dynamic digital asset ecosystem.”
- As per the platform’s comprehensive analysis, BitGo has achieved remarkable milestones in the current year, boasting a remarkable 60% surge in newly acquired clients, a substantial 20% increase in Asset Under Custody (AUC), an impressive 200% upswing in fiat custody, and an extraordinary 40-fold expansion in staked assets.
- In a significant move, Mike Novogratz’s Galaxy Digital, a cryptocurrency investment powerhouse, had initially unveiled a grand $1.2 billion acquisition plan for BitGo.
- Regrettably, this ambitious agreement hit a snag and was subsequently annulled. Galaxy Digital attributed the cancellation to BitGo’s inability to furnish audited financial statements for the year 2021, a stipulation enshrined within the agreement.
- Consequently, this pivotal development propelled the digital asset custodian BitGo to take legal action against Galaxy. The lawsuit seeks damages exceeding $100 million, citing the grounds of “improper repudiation and deliberate breach of the merger accord.”
- Meanwhile, BitGo has decisively communicated its decision not to pursue the acquisition of Prime Trust. This choice proved timely, as Prime Trust later sought refuge under Chapter 11 bankruptcy protection in the state of Delaware.