BitGo, which makes multi-signature cryptocurrency wallets, raises $58.5M Series B from Goldman, Mike Novogratz, and others, bringing total raised to $70M
Context & Ripple Effects
BitGo's enterprise wallet business had already pulled in a $42.5M Series B led by Valor Equity Partners a year earlier; this round adds Goldman Sachs and Mike Novogratz to the cap table, lifting total funding to $70M and marking one of the clearest Wall Street endorsements of crypto key management to date.
The investor list proved consequential: Novogratz's Galaxy Digital later moved to buy BitGo outright in a $1.2B cash-and-stock acquisition, a deal that was ultimately scrapped before BitGo re-raised privately and headed toward a NYSE IPO targeting up to $201M.
First-order effects
- Goldman's participation gives BitGo institutional credibility with exactly the enterprise clients its multi-signature wallets target, while the fresh capital funds scaling beyond the $70M total raised.
Second-order effects
- Novogratz taking an equity stake put his firm inside BitGo's ownership years before Galaxy Digital attempted the full acquisition — the round effectively seeded the eventual buyer-seller relationship.
Third-order effects
- The trajectory from venture rounds to a failed $1.2B sale to a public listing shows crypto custody infrastructure maturing into standalone public companies rather than remaining features inside exchanges.
The trend: Enterprise crypto custody is consolidating around institutionally backed specialists whose backers — Goldman, Novogratz's Galaxy — double as their eventual buyers and gatekeepers to public markets.