BitGo Secures $100M Funding Round, Valuation Hits $1.75B
Portfolio Pulse from Murtuza Merchant
Cryptocurrency custody firm BitGo Inc. has raised $100 million in a funding round, increasing its valuation to $1.75 billion. The company, which safeguards crypto assets, oversees assets for creditors of digital asset exchange FTX (CRYPTO: FTT) and counts Swan Bitcoin, Mysten Labs Inc., and Nike Inc (NYSE:NKE) among its clients. BitGo's past investors include Goldman Sachs Group Inc. (NYSE:GS). The new funds will be used for strategic acquisitions.
August 16, 2023 | 6:09 pm
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NEUTRAL IMPACT
BitGo oversees assets for creditors of FTX during its ongoing legal battles. The successful funding round for BitGo could indirectly impact FTX.
BitGo's successful funding round could provide it with more resources to manage the assets it oversees for FTX's creditors, potentially affecting FTX indirectly.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Goldman Sachs is a past investor in BitGo. The successful funding round for BitGo could indirectly impact Goldman Sachs.
As a past investor in BitGo, Goldman Sachs could potentially benefit indirectly from BitGo's successful funding round.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Nike is a client of BitGo. The successful funding round for BitGo could indirectly impact Nike.
As a client of BitGo, Nike could potentially benefit indirectly from BitGo's successful funding round.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50