BitGo

BitGo, Inc. is a digital asset infrastructure and financial services company headquartered in Sioux Falls, South Dakota.[1]

BitGo secures approximately 20% of all on-chain Bitcoin transactions by value and is the largest independent digital asset custodian, with over $100 billion in digital assets on its platform.[1]

The company offers a multisignature bitcoin wallet service, where keys are divided among several owners to manage risk. Generally, BitGo wallets have three keys: one held by BitGo, and two held by the wallet's owner.[2][3] Wallets can be configured in both hot and cold configurations,[4] as well as non-custodial and custodial configurations.

BitGo serves as the sole custodian for

History

BitGo was founded by Mike Belshe, Ben Davenport, Will O'Brien, and Bill Lee.[7] BitGo, Inc. was incorporated in Delaware in 2011 under the name "Whensoon, Inc.". The name was changed to "Twist and Shout, Inc." later in 2011. It was renamed "BitGo, Inc." in 2014.[1]

Early growth and development (2014–2017)

In June 2014, the company raised $12 million in a Series A round led by Redpoint Ventures with participation from several early investors in Tesla and SpaceX. These included Bill Lee, a founding board member of SpaceX and early backer of Tesla, and Antonio Gracias through his firm, Valor Equity Partners.[8][9] Shares were sold for $0.59 each.[1]

In February 2015, the company bought an insurance policy from XL Catlin against theft from its wallets.[10]

In December 2017, BitGo raised a $42.5 million Series B funding round led by Valor Equity Partners; its founder Antonio Gracias joined BitGo's board of directors.[11] David O. Sacks also invested both personally and through his venture capital firm, Craft Ventures.[12][13] Shares were sold in this round for $2.53 each.[1]

Custody expansion (2016–2018)

In September 2018, BitGo was approved by the South Dakota Division of Banking to act as a qualified custodian for digital assets.[14]

In October 2018, the company raised $15 million in an addition to its Series B round from Goldman Sachs and Michael Novogratz's Galaxy Digital.[15] Shares were sold in this round for $3.54 each.[1]

Regulatory milestones (2020–present)

In December 2020, BitGo agreed to pay $98,830 to the U.S. Department of the Treasury to settle its potential civil liability for 183 apparent violations of sanctions programs related to Ukraine, Cuba, Iran, Sudan, and Syria between 2015 and 2019.[16]

In March 2021, BitGo received a NY Trust Charter from the New York State Department of Financial Services.[17][18]

In May 2021, Galaxy Digital announced the planned acquisition of BitGo for $1.2 billion in cash and stock, marking the first $1 billion deal in the cryptocurrency industry.[19] In August 2022, Galaxy terminated the deal, alleging BitGo's inability to provide certain financial statements needed by Galaxy for its SEC filing. BitGo said that it had provided its audited financials and honored its obligations, and that it would legally seek the $100 million termination fee provided for in the documents.

type	Public
traded as	nyse: BTGO
services	Bitcoin · blockchain security platform APIs · custodial services · settlement services
founded	2011
founder	Mike Belshe Ben Davenport Will O'Brien Bill Lee
key people	Mike Belshe (CEO)
location	Sioux Falls, South Dakota
revenue	US$3.080 billion (2024)
net income	US$156 million (2024)
assets	US$3.199 billion (Q2 2025)
equity	US$343 million (Q2 2025)
owner	Mike Belshe (11 million shares)<BR>Valor Equity Partners (12.5 million shares)<BR>Redpoint Ventures (10.7 million shares)<BR>Craft Ventures (7.5 million shares)
website	https://www.bitgo.com
footnotes	‡R1R‡

History

Early growth and development (2014–2017)

Custody expansion (2016–2018)

Regulatory milestones (2020–present)

External links

References