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BitGo Raises $100M After Scrapping Prime Trust Deal: Bloomberg
The raises comes nearly two months after BitGo ended its plan to buy beleaguered rival Prime Trust.
By Parikshit Mishra, Oliver Knight
BitGo CEO Mike Belshe joins “First Mover” to address why the custodian terminated its acquisition of rival Prime Trust after reaching a preliminary agreement to acquire the firm for an undisclosed amount. Plus, insights into BitGo’s Go Network and Belshe’s outlook on crypto regulation.
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Crypto custodian BitGo has raised $100 million at a valuation of $1.75 billion, Bloomberg reported on Wednesday.
The $100 million raise comes nearly two months after the custodian scrapped plans to buy rival Prime Trust. The troubled Prime Trust could reportedly cut up to 75% of its staff, due to immense financial and regulatory challenges.
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BitGo did not immediately respond to CoinDesk’s request for comment.
Edited by Parikshit Mishra.
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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Parikshit Mishra is CoinDesk’s Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
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