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BitGo, one of the oldest crypto custody companies, has raised $100 million in a Series C funding round, according to two sources familiar with the matter. The $100 million investment will be used for strategic acquisitions and global expansion.
BitGo Valued at $1.75 Billion
BitGo, which has seen a 60% increase in new customers, a 20% growth in assets under custody, a 200% increase in fiat currency storage, and significant growth in assets put under custody through staking, has raised $100 million in a Series C funding round at a valuation of $1.75 billion. The company recently made headlines with the launch of the instant settlement platform, Go Network.
The investment news comes after the unexpected termination of Galaxy Digital’s planned $1.2 billion acquisition process, which was announced in May 2021 and was related to financial services in cryptocurrencies and blockchain technology. In August 2022, Galaxy Digital accused BitGo of not providing audited financial statements for the year 2021 and terminated the acquisition process. In September, BitGo retaliated by filing a lawsuit against Galaxy Digital, claiming intentional violation of the merger agreement and demanding more than $100 million in damages.
Although BitGo recently made headlines with news of a preliminary agreement to acquire crypto custody venture Prime Trust, the planned deal did not materialize. Following the failure of the Prime Trust acquisition, Prime Trust filed for Chapter 11 bankruptcy protection in the Delaware District of the US Bankruptcy Court earlier this week.
Challenging Funding Environment
Forbes reported in November of last year that BitGo had held preliminary discussions to raise funds at a $1.2 billion valuation, without providing details on how much funding the company aimed to raise, but stating that the company was seeking strategic partners.
BitGo last raised $42.5 million in a Series B funding round led by Valor Equity Partners, with participation from David Sacks, former COO of PayPal, Bill Lee, former CEO of Remarq, and trading firm DRW. Previous investors in the crypto custody company include Goldman Sachs, Craft Ventures, and Pantera Capital.
BitGo’s competitors in the crypto custody space include companies such as Fireblocks, Copper, and Anchorage Digital, which have each raised hundreds of millions of dollars at billion-dollar valuations.
