{"id":"bitgo","title":"BitGo","content":"**BitGo** is a [digital asset](https://iq.wiki/wiki/digital-assets) infrastructure company founded in 2013 by [Mike Belshe](https://iq.wiki/wiki/mike-belshe). It provides institutional-grade custody, wallet, settlement, and trading solutions for [cryptocurrencies](https://iq.wiki/wiki/cryptocurrency) and other digital assets.[\\[7\\]](#cite-id-iksxx0ed26s) BitGo serves institutional investors, financial platforms, and builders through prime services, wallet services, crypto-as-a-service offerings, [stablecoin](https://iq.wiki/wiki/stablecoin) solutions, and ecosystem support.[\\[7\\]](#cite-id-iksxx0ed26s)​\n\nBitGo’s shares are listed on the New York Stock Exchange under the ticker symbol “BTGO.”[\\[18\\]](#cite-id-bVYs5t8xqh)​[\\[7\\]](#cite-id-iksxx0ed26s)​[\\[1\\]](#cite-id-nblzb1uat58)​[\\[2\\]](#cite-id-qd7038v4d4e)​\n\n[YOUTUBE@VID](https://youtube.com/watch?v=coNVjDZRWMU)\n\n## History\n\nBitGo was founded in 2013 by [Mike Belshe](https://iq.wiki/wiki/mike-belshe). Prior to starting BitGo, Belshe had a background in internet technology and had also observed the increase in malware on the internet, leading him to recognize the vulnerability of the emerging [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) market.[\\[4\\]](#cite-id-dc30c3ru7o)​\n\nTo address these concerns, Belshe developed air-gapped storage systems for himself and investors in Silicon Valley. However, as the value of cryptocurrencies increased, he recognized the need for a more robust security solution. This led to the development of the first commercially available multi-signature wallets, which formed the basis of BitGo's multi-signature system.[\\[4\\]](#cite-id-dc30c3ru7o)​\n\nBitGo was established in 2013 in the early stages of cryptocurrency adoption. The company pioneered multi-signature wallets, and later developed TSS to enhance other companies' MPC technology offerings.[\\[7\\]](#cite-id-iksxx0ed26s)​\n\nIn 2014, BitGo announced that it had successfully raised $12 million in Series A financing. The funding round was led by Redpoint Ventures, a venture capital firm, and included investments from several prominent [Bitcoin](https://iq.wiki/wiki/bitcoin) investors such as Founders Funds, Barry Silbert’s [Bitcoin](https://iq.wiki/wiki/bitcoin) Opportunity Corp., and Crypto Currency Partners. Additionally, Ashton Kutcher's A-Grade Investments and Liberty City Ventures also participated in the round.[\\[4\\]](#cite-id-dc30c3ru7o)​\n\nIn January 2015, BitGo announced the general availability of their Platform API. The following month the company bought an insurance policy from XL Catlin against theft from its wallets.[\\[10\\]](#cite-id-u1aulankkdo)​\n\nOn August 2, 2016, [Bitfinex](https://iq.wiki/wiki/bitfinex), a digital currency exchange using BitGo software, announced it had suffered a security breach. \\[11] BitGo was not itself hacked, but processed withdrawal requests from the hacker, who had obtained access to [Bitfinex](https://iq.wiki/wiki/bitfinex)'s keys.[\\[11\\]](#cite-id-411xgvmx0zl)​\n\nOver time, BitGo expanded beyond wallet services to provide a complete suite of solutions. This allows customers to securely store assets and use them efficiently. In 2018, BitGo Trust Company was introduced, providing fully regulated and qualified cold storage to complement BitGo Inc.'s original hot wallet solution.[\\[7\\]](#cite-id-iksxx0ed26s)​\n\nIn September 2018, BitGo was approved by the South Dakota Division of Banking to act as a qualified custodian for digital assets and created BitGo Trust Company.[\\[12\\]](#cite-id-nv2m2a6z4ls)​\n\nIn October 2018, the company raised US$15 million in venture capital funding from Goldman Sachs and Mike Novogratz's [Galaxy Digital](https://iq.wiki/wiki/galaxy-digital).[\\[13\\]](#cite-id-05u3x21p45vk)​\n\nBitGo Prime was launched in 2020, allowing clients to trade, borrow, and lend. BitGo also provides access to DeFi, [staking](https://iq.wiki/wiki/staking), NFT wallets, and other services, and is the exclusive global custodian for [WBTC](https://iq.wiki/wiki/wrapped-bitcoin-wbtc) (wrapped [Bitcoin](https://iq.wiki/wiki/bitcoin)).[\\[7\\]](#cite-id-iksxx0ed26s)​\n\nIn December 2020, the Office of Foreign Assets Control announced that BitGo had paid $98,830 to settle apparent violations of multiple sanctions programs.[\\[17\\]](#cite-id-KaEDFmIXXD)​\n\nIn March 2021, BitGo received NY Trust Charter from the New York State Department of Financial Services.[\\[14\\]](#cite-id-huj86wcndgs)​\n\nIn May 2021, [Galaxy Digital](https://iq.wiki/wiki/galaxy-digital) announced its acquisition of BitGo for $1.2 billion in a cash and stock deal, marking the first $1 billion deal in the cryptocurrency industry.[\\[3\\]](#cite-id-fb4lhb65r3l)In August 2022, Galaxy's Board of Directors terminated the deal following BitGo's inability to provide certain financial statements needed by Galaxy for its SEC filing. BitGo claimed that it had provided its audited financials and honored its obligations, and that it would take legal action against Galaxy and seek a $100 million termination fee.[\\[15\\]](#cite-id-slfvi8953qr)​\n\nIn a Delaware Chancery Court complaint dated Sept. 15, 2022, BitGo asserted that while it had filed the required financial reports, Galaxy twice used last-minute criticisms of the accounting methods employed to first delay and then scuttle the acquisition. The suit sought at least $100 million under a termination agreement that was part of the takeover accord between the companies. Galaxy told Forbes that it “completely” disagreed with the allegations.[\\[16\\]](#cite-id-z3ponrps8v)​\n\nIn July 2025, BitGo confidentially submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission (SEC) for a proposed Initial Public Offering (IPO) of its Class A common stock.[\\[18\\]](#cite-id-bVYs5t8xqh)​\n\nBitGo filed for an initial public offering (IPO) in the United States in September 2025, registering its intent to list class A common shares on the New York Stock Exchange under the ticker symbol “BTGO.” As of June 30, 2025, the company reported approximately US$90.3 billion in assets under custody, serving over 4,600 institutional clients and more than 1.1 million users worldwide. In the first half of 2025, revenues climbed to US$4.19 billion, nearly quadrupling from US$1.12 billion during the same period in 2024, though net income fell to US$12.6 million from US$30.9 million. The filing also revealed a dual-class share structure designed to maintain founder control, with the co-founder and CEO continuing to hold enhanced-voting shares.[\\[18\\]](#cite-id-bVYs5t8xqh)​\n\n## Overview\n\nBitGo’s platform is structured around several main lines of service that target institutional and enterprise clients. Its prime services combine trading, financing, [collateral](https://iq.wiki/wiki/collateral) management, and settlement to give institutions integrated access to liquidity and capital for digital asset strategies.[\\[7\\]](#cite-id-iksxx0ed26s) Wallet services provide institutional-grade hot and [cold wallet](https://iq.wiki/wiki/cold-wallet) infrastructure, supporting both regulated custody and self-custody models for digital asset storage and operations.[\\[7\\]](#cite-id-iksxx0ed26s)​[\\[6\\]](#cite-id-43gfs73pv3y)​\n\nThrough crypto-as-a-service, BitGo offers plug-and-play infrastructure that enables platforms to embed secure wallets, trading, and on/off ramps without building these capabilities in-house.[\\[7\\]](#cite-id-iksxx0ed26s) Its [stablecoin](https://iq.wiki/wiki/stablecoin) services support holding, swapping, managing, and issuing stablecoins, including tooling for treasury operations and payment flows, while its ecosystem support helps projects launch, manage, and grow networks by integrating with exchanges, [liquidity providers](https://iq.wiki/wiki/liquidity-providers), and institutional custody.[\\[7\\]](#cite-id-iksxx0ed26s) Other products and services include hot wallets, custodial wallets, self-managed cold wallets, NFT wallets, trading, borrowing, lending, and [staking](https://iq.wiki/wiki/staking).[\\[6\\]](#cite-id-43gfs73pv3y)​\n\n[YOUTUBE@VID](https://youtube.com/watch?v=SsNNsGqbW4Q)\n\n### BitGo Prime\n\nIn the Trading solution offered by BitGo Prime, traders can execute trades from the safety of cold storage. BitGo Prime acts as the sole counterparty, connecting to a network of market makers and exchanges to source the best execution for the trade. This approach helps traders obtain a better price and reduce the risk of front-running or market manipulation. BitGo Prime does not operate its own proprietary trading desk. \n\nBy working with a single, impartial counterparty, traders can benefit from increased efficiency in both operations and capital management, as they do not need to spread their funds across multiple exchanges and manage each of them separately.[\\[8\\]](#cite-id-1od7x6kohd4)​\n\n### Threshold Signature Scheme (TSS)\n\nBitGo’s [Ethereum](https://iq.wiki/wiki/ethereum) hot wallets are backed by BitGo’s Threshold Signature Scheme (TSS) security, which enables lower [gas](https://iq.wiki/wiki/gas) fees. \n\nTSS wallets have been designed to minimize gas fees by reducing the amount of computational work required compared to Multi-Sig [smart contracts](https://iq.wiki/wiki/smart-contract). As a result, they consume less gas per transaction. TSS base wallets can be created for free, while the fees for sending payments from TSS wallets are equivalent to the standard on-chain gas fee for a simple payment.[\\[9\\]](#cite-id-7x9spkilkne)​\n","summary":"BitGo is a digital asset security company, founded in 2013, providing regulated custody, borrowing, lending, and infrastructure services for cryptocurrencies.","images":[{"id":"QmPBWCEjn7A4KJzgf1WcUkyPAi1qBSuMC2CzH2TQGUacRg","type":"image/jpeg, image/png"}],"categories":[{"id":"projects-and-protocols","title":"Projects & 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prices\",\"timestamp\":1684298093181},{\"id\":\"05u3x21p45vk\",\"url\":\"https://www.bloomberg.com/news/articles/2018-10-18/goldman-wades-deeper-in-crypto-betting-on-bitgo-with-novogratz\",\"description\":\"Goldman Wades Deeper in Crypto, Betting on BitGo With Billionaire Mike Novogratz\",\"timestamp\":1684298489405},{\"id\":\"huj86wcndgs\",\"url\":\"https://www.bloomberg.com/press-releases/2021-03-04/bitgo-receives-ny-trust-charter-from-the-new-york-state-department-of-financial-services\",\"description\":\"BitGo Receives NY Trust Charter from the New York State Department of Financial Services\",\"timestamp\":1684298520103},{\"id\":\"slfvi8953qr\",\"url\":\"https://www.bloomberg.com/news/articles/2022-08-15/novogratz-s-galaxy-terminates-1-2-billion-bitgo-acquisition\",\"description\":\"Novogratz’s Spurned Takeover Target Seeks Termination Fee\",\"timestamp\":1684298580437},{\"id\":\"z3ponrps8v\",\"url\":\"https://www.forbes.com/sites/rosemariemiller/2022/09/19/bitgo-bites-back-says-galaxy-unfairly-tanked-12-billion-takeover-it-found-unpalatable/?sh=7004e4a6eb22\",\"description\":\"Bitgo Back, Says Galaxy Unfairly Tanked $1.2 Billion Takeover It Found `Unpalatable’\",\"timestamp\":1684298617919},{\"id\":\"KaEDFmIXXD\",\"url\":\"https://ofac.treasury.gov/recent-actions/20201230\\\\_33\",\"description\":\"Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and BitGo, Inc.\",\"timestamp\":1753112701256},{\"id\":\"bVYs5t8xqh\",\"url\":\"https://cointelegraph.com/news/bitgo-ipo-filing-crypto-custody-2025\",\"description\":\"Cointelegraph report on IPO filing\",\"timestamp\":1753112701256}]"},{"id":"previous_cid","value":"QmaZXMvkUnd38Pkz7Sgcac9p6BDgxztCbzWiFSYFWSiGAC"},{"id":"commit-message","value":"Expand BitGo wiki by 44 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