The digital asset trust firm Bitgo, headquartered in Palo Alto, California, has secured $100 million in a Series C funding round. While the company remains tight-lipped about the participants in this financial endeavor, this fresh infusion of capital catapults the firm’s post-valuation to $1.75 billion.
Bitgo Raises $100 Million From Undisclosed Investors
Bitgo has successfully bagged $100 million in a Series C funding round, with the investors’ names under wraps, as per a Bloomberg report. Bitgo’s top executive, Mike Belshe, acknowledged the challenging market landscape. Yet, he emphasized the company’s commitment to licensing and regulatory measures, noting, “Regulatory safety is top-of-mind for everyone,” in a conversation with Bloomberg’s Hannah Miller.
This update comes on the heels of Galaxy Digital scrapping its intentions to snap up Bitgo for a cool $1.2 billion in August 2022. Earlier, in June, Bitgo had its eyes on the beleaguered crypto custodian, Prime Trust, with acquisition plans. However, the deal fell through. Prime Trust soon found itself filing for Chapter 11 bankruptcy protection the following month.
Though the Prime Trust deal went south, Belshe indicated to Miller that a portion of this fresh capital would fuel future acquisitions. He alluded to two potential buyouts already in the pipeline, as cited by Miller. While Bitgo remains mum on this round’s backers, past investors have featured big names like Pantera Capital, Digital Currency Group, Redpoint, Goldman Sachs, and DRW Holdings.
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