BitGo
| Company type | Private |
|---|---|
| Industry | Digital asset security, blockchain technology, financial services |
| Founded | 2013 |
| Founder | Mike Belshe, Ben Davenport |
| Headquarters | Palo Alto , United States |
Key people | Mike Belshe (CEO) |
| Products | Blockchain security platform APIs, multisignature bitcoin wallets, custodial and settlement solutions |
BitGo, Inc. is a company focused on digital asset security and trust services, with its headquarters located in Palo Alto, California. Established in 2013 by founders Mike Belshe (CEO) and Ben Davenport, BitGo offers blockchain security platform APIs along with custodial and settlement solutions. In 2021, Galaxy Digital revealed plans to acquire BitGo for $1.2 billion; however, this transaction was called off in 2022 due to the downturn in the cryptocurrency market, allowing BitGo to maintain its independence.
The flagship offering from BitGo is its multisignature bitcoin wallet service, which distributes cryptographic keys among several parties to reduce risk exposure. Typically, these wallets contain three keys: one held by BitGo and two controlled by the wallet owner. The wallets accommodate both hot and cold storage configurations and can be customized as custodial or non-custodial services to meet various client requirements.
Moreover, BitGo serves as the exclusive custodian for bitcoin used in the creation of Wrapped Bitcoin (WBTC), a tokenized form of bitcoin operating on the Ethereum blockchain. This role strengthens BitGo’s position in digital asset custody and facilitates liquidity across multiple blockchain ecosystems.
Initial expansion and innovation (2014–2015)
In June 2014, BitGo obtained $12 million in venture capital financing led by Redpoint Ventures. The company introduced its Platform API in January 2015 and secured an insurance policy from XL Catlin against wallet theft the following month.
Growth in security and custody capabilities (2016–2018)
In August 2016, Bitfinex, a cryptocurrency exchange utilizing BitGo’s technology, suffered a $72 million security breach. While BitGo itself was not compromised, it processed withdrawal requests initiated by the attacker who had gained access to Bitfinex’s keys. By September 2018, BitGo earned approval as a qualified custodian for digital assets from the South Dakota Division of Banking and launched the BitGo Trust Company. In October 2018, it raised $15 million in funding from Goldman Sachs and Galaxy Digital, led by Mike Novogratz.
Regulatory achievements and corporate developments (2020–)
In December 2020, BitGo resolved apparent sanctions violations by paying $98,830 to the U.S. Treasury's Office of Foreign Assets Control. By March 2021, it secured a New York Trust Charter from the New York State Department of Financial Services.
Galaxy Digital announced its $1.2 billion acquisition of BitGo involving cash and stock in May 2021, marking a landmark billion-dollar deal within the crypto sector. However, this agreement was terminated by Galaxy in August 2022 due to BitGo’s alleged failure to provide specific financial documents necessary for SEC filings. Disputing this termination, BitGo initiated legal proceedings seeking a $100 million termination fee.
In September 2022, BitGo filed a complaint in Delaware Chancery Court accusing Galaxy of using last-minute accounting objections to delay and ultimately cancel the acquisition. Galaxy denied these allegations. The court dismissed BitGo’s lawsuit in June 2023, upholding Galaxy’s right to terminate; BitGo declared its intention to appeal the decision.
Also in June 2023, BitGo entered into a letter of intent to acquire Prime Core Technologies—the parent company of digital asset custodian Prime Trust—though financial terms were not disclosed. Two weeks later, CEO Belshe announced the deal’s cancellation due to Prime Trust’s unrealistic business valuation.
On August 16, 2023, BitGo secured $100 million through Series C funding at a valuation of $1.75 billion from undisclosed strategic investors.
In May 2025, BitGo unveiled its Crypto-as-a-Service (CaaS) platform designed for banks and fintech firms to integrate digital asset trading, wallets, and staking functionalities via modular APIs backed by institutional-grade wallet infrastructure.