BitGo consolidates position with $100m Series C funding, valuation soars to $1.75bn

BitGo consolidates position with $100m Series C funding, valuation soars to $1.75bn

BitGo, the “leading regulated custodian in over 50 countries” and responsible for processing “20% of all on-chain Bitcoin transactions by value”, has announced today a considerable achievement. The company successfully raised $100m in their Series C financing round.

The new capital comes from strategic investors outside of BitGo’s existing network and pushes the company’s valuation to an impressive $1.75bn. With this fresh influx of funds, BitGo is poised to make strategic acquisitions, further strengthening their offering of secure and regulated custody, wallet, and infrastructure solutions across the globe.

BitGo’s services, which encompass the most secure and scalable wallet solutions for the digital asset economy, are evidently in high demand. In 2023 alone, the company witnessed a 60% increase in newly acquired clients and a staggering 40x growth in staked assets. Their offerings have gained trust from Fortune 100 clients like Nike, leading Bitcoin businesses such as Swan, and new-age Web3 projects including Mysten.

Furthermore, the company aims to utilise the new funding to “provide institutions, brands, coin foundations, and others with secure and seamless participation in the digital asset ecosystem.” BitGo’s announcement today follows its recent unveiling of the Go Network, a service that facilitates institutions in trading and settling both digital assets and fiat currencies around the clock from secure custody.

BitGo CEO Mike Belshe shared his optimism, “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.”

On a historical note, BitGo has been at the forefront of the FinTech industry since its inception in 2013. Over the years, the company has introduced numerous innovative solutions and has managed to secure backing from prominent investment firms including Goldman Sachs, Craft Ventures, and Galaxy Digital Ventures.

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