Aug 16, 2023

According to a new report from Bloomberg, BitGo has raised $100 million at a valuation of $1.75 billion.

Video transcript

Bloomberg is reporting that crypto custodian bit go has raised $100 million at a $1.75 billion valuation. The raise comes nearly two months after bit go ended its plan to buy rival Prime Trust. Yesterday we talked about Prime Trust going into bankruptcy. Now we have this $1.75 billion number, Lawrence, it feels like a bull cycle number but the market is not moving and nothing is happening. I what, what do you make of all this? Uh Yeah, it's interesting that you did get a valuation of a billion dollars and, and they were able to raise that much money. I, but then again, I mean, like their biggest competitor folded, I mean, like one of their biggest competitors, like, you know, in the midst of chaos. So, um it, it, it's kind of like, hey, we're the only game in town. So if you do have anything bullish, I mean, they're not the only game in town, obviously, but um it, it, you know, they're the biggest one, you know, one of the biggest ones here and, and the biggest fish. So, uh if you're trying to invest in, in, you know, the future of Bitcoin, you're trying to invest in the future of crypto. Um, you're looking at it going ii, I want to buy into a custodian. All right. Well, here you go. Here's your one chance and that's it. Get in. And I think that's, um, that's kind of what we're seeing here is, uh, they knocked out their rivals, they were gonna do it one way or another. Either buy them out or watch them burn and they watched it burn. So, um, that's where we're at. Uh, I, I don't think we're gonna see. Um, I, I, I'd be curious to see if we're gonna see these kind of numbers, uh, before an ETF comes out. II I, if an ETF comes out in the next few months, we'll start seeing more things like this. But, uh, it's pretty bold. That was my next question. If you think we're going to see more billion dollar valuations in the months to come, but sounds like the ETF could be that catalyst, at least in your opinion, either way. Like I, I, if you, if you have an ETF, they, they don't get an ETF approved, um, you, you'll see, you, you might see some investments but they'll be at lower numbers.

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