BitGo

Market position

Wikipedia describes BitGo as the largest independent digital asset custodian, securing about 20% of all on-chain Bitcoin transactions by value and holding over $100 billion in digital assets on its platform; it is ranked 273rd on the Fortune 500 in 2026. Ledger Insights notes that, unlike technology-only competitor Fireblocks, BitGo is a regulated trust company, and observes that BitGo raised less than some peers during the 2021-22 funding boom.

BitGo positions itself as a regulated trust and, since December 2025, an OCC-federally-chartered digital asset bank, distinguishing it from purely technological custody providers such as Fireblocks. It also cites first-to-market multi-signature wallet commercialization, TSS security technology, and an integrated stack combining custody, trading, financing and settlement in one environment.

Technology

BitGo says it was first to commercialize multi-signature wallets and subsequently developed Threshold Signature Scheme (TSS) technology. Wallets are typically secured with three keys (one held by BitGo, two by the owner) and can be deployed in hot or cold, custodial or non-custodial configurations. The platform also includes blockchain security platform APIs, the Go Network settlement infrastructure, Stablecoin-as-a-Service, a Link product for viewing and moving capital across exchanges, and BitGo Assist, an AI search agent for digital asset operations.

Go-to-market

BitGo sells directly to institutions and distributes through partners and white-label/Crypto-as-a-Service arrangements that embed its wallets, trading and licensing into third-party platforms. It emphasizes regulated entities and charters as a sales asset, offers dedicated account management and global client support, and publishes case studies across treasury operations, stablecoin launches, ETF/ETP custody and staking.

Institutional clients, including cryptocurrency exchanges, regulated platforms, ETF/ETP issuers, corporate treasuries, stablecoin issuers, funds and fintech platforms; a retail platform was launched in December 2024. Named customers include Nike, Swan Bitcoin and Mysten, and BitGo provided custody for FTX funds in bankruptcy.

Geography

Headquartered in Sioux Falls, South Dakota, after relocating from California (Palo Alto) in January 2026. The company describes a global footprint of regulated entities and references operations such as BitGo Korea; its Series C investors were described as being from the U.S. and Asia.

History

Sources differ on founding: Wikipedia states BitGo was founded in 2011 (incorporated in Delaware in 2011 as "Whensoon, Inc.", renamed "Twist and Shout, Inc." later that year and "BitGo, Inc." in 2014), while BitGo's own site and Mike Belshe's biography give 2013. Founders listed are Mike Belshe, Ben Davenport, Will O'Brien and Bill Lee. In June 2014 the company raised a $12 million Series A led by Redpoint Ventures with participation from early Tesla and SpaceX backers including Bill Lee and Antonio Gracias's Valor Equity Partners. In February 2015 it bought a theft insurance policy from XL Catlin. A $42.5 million Series B led by Valor Equity Partners closed in December 2017, followed by a $15 million Series B extension from Goldman Sachs and Galaxy Digital in October 2018; South Dakota's Division of Banking approved BitGo as a qualified custodian in September 2018. BitGo received a New York Trust Charter in March 2021. Galaxy Digital agreed in May 2021 to acquire BitGo for $1.2 billion but terminated the deal in August 2022, producing litigation that was headed to trial as of late 2025. A letter of intent to acquire Prime Core Technologies (Prime Trust) in June 2023 was terminated two weeks later. BitGo raised a $100 million Series C at a $1.75 billion valuation in August 2023, launched a retail platform in December 2024, filed for a U.S. IPO in September 2025, received OCC approval as a federally chartered crypto bank in December 2025, and listed on the NYSE in January 2026, moving its headquarters from California to Sioux Falls, South Dakota.

Risks & controversies

In December 2020 BitGo agreed to pay $98,830 to the U.S. Department of the Treasury to settle potential civil liability for 183 apparent violations of sanctions programs covering Ukraine, Cuba, Iran, Sudan and Syria between 2015 and 2019. Galaxy Digital's $1.2 billion acquisition was terminated in August 2022, triggering litigation over a $100 million termination fee; the Delaware Chancery Court dismissed BitGo's suit in June 2023, the Delaware Supreme Court reversed on appeal, and the case was headed to trial as of late 2025. A planned acquisition of Prime Core Technologies was abandoned in 2023 over the target's finances. BitGo's OCC charter approval was opposed by the Bank Policy Institute, which argued it would increase risks to the U.S. financial system and create an unlevel playing field. The company reported a net loss for 2025 and holds Bitcoin on its own balance sheet, exposing results to crypto price volatility.