BitGo Signs Letter of Intent to Acquire Prime Trust to Expand Digital Asset and Fintech Infrastructure Services Worldwide

BitGo signed a term sheet to acquire the equity of Prime Core Technologies, Inc., the parent company of Prime Trust, bringing business continuity, long-term stability and regulated, secure solutions to valued Prime Trust clients.

This acquisition makes BitGo the first global digital asset company to provide a full suite of solutions for institutions and fintech platforms.

BitGo’s long track record of credibility, strong balance sheet, and best-in-class operational standards position the company for M&A and business growth amid this crypto winter.

PALO ALTO, C.A., June 8, 2023 — Early today, BitGo Holdings, Inc., a leading provider of the most secure and scalable solutions for the digital asset economy, signed a non-binding term sheet to acquire 100% of the equity of Prime Core Technologies, Inc., the parent company of Prime Trust, a leading provider of financial infrastructure for fintech and digital asset innovators.

“The combination of Prime Trust and BitGo would be a significant enhancement for the industry,” said Prime Trust’s Interim CEO and President, Jor Law. “No other company will have the breath of product and services nor depth of experience that this combined company would have. We are excited to offer our world-class infrastructure within a broader ecosystem and revolutionize the future of crypto.”

Mike Belshe, CEO and Co-Founder of BitGo, said, “This is a landmark transaction, leading a greater shift in the digital asset landscape toward a more secure and sustainable future. With the expected acquisition of Prime Trust, BitGo is well positioned to enhance its best-in-class, trusted solutions and to service the combined customer base.”

Key expected transaction benefits include:

• Prime Trust’s Nevada Trust Company will join BitGo’s existing global network of regulated trust companies in South Dakota, New York, Germany, and Switzerland.
• Prime Trust’s fintech API infrastructure and Prime Trust exchange network to reinforce BitGo Wallet Services (BWS) and BitGo’s Go Network — custody, liquidity, settlement, and compliance capabilities to map over 1:1.
• BitGo to gain Prime Trust’s world-class network of banking partners and payment rails, crypto IRA, and additional wealth management offerings.

About BitGo

BitGo provides the most secure and scalable solutions for the digital asset economy, offering regulated custody, borrowing and lending, and core infrastructure to investors and builders alike.

Founded in 2013, BitGo pioneered the multi-signature wallet and later built TSS to improve upon other companies’ MPC offerings. Between multi-sig and TSS, BitGo offers the safest technology on the market and safeguards over 600 tokens across a wide variety of blockchains. BitGo has expanded from offering wallets to providing a full-suite solution that lets clients hold assets safely and then put them to work. BitGo launched BitGo Trust Company in 2018, providing fully regulated, qualified cold storage to complement BitGo Inc’s original hot wallet solution. In 2020, BitGo launched BitGo Prime, which allows its clients to trade, borrow, and lend. Moreover, BitGo also provides access to DeFi, staking, NFT wallets, and beyond, and serves as the world’s sole custodian for WBTC, or wrapped Bitcoin. Today, BitGo is the leader in digital asset security, custody, and liquidity, providing the operational backbone for more than 1500 institutional clients in over fifty countries — a list that includes many regulated entities and the world’s top cryptocurrency exchanges and platforms. BitGo also processes approximately 20% of all global Bitcoin transactions by value.

BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners. For more information, please visit www.bitgo.com.

About Prime Trust

Named to CB Insights Blockchain 50 and the Fintech 250 in 2022, Prime Trust is a trust company that offers digital asset infrastructure tools. Prime Trust powers innovation in the digital economy by simplifying the complexity of building with digital assets, making it easier for its customers to build, launch, and scale quickly and compliantly. Named to CB Insights Blockchain 50 for 2022. For more information, please visit www.primetrust.com.

Disclaimer

The information in this press release is not an offer to sell or solicitation of an offer to buy an interest in any investment or for the provision of any investment management or advisory services. Custody services are offered through BitGo Trust Company, Inc., a South Dakota chartered trust company and other BitGo entities. BitGo is not registered with the SEC as an investment advisor or custodian, and does not offer legal, tax, investment, or other advice. Please consult your legal/tax/investment professional for questions about your specific circumstances.

BitGo Trust Company, Inc., BitGo Inc., and BitGo Prime LLC are separately operated, wholly-owned subsidiaries of BitGo Holdings, Inc., a Delaware corporation headquartered in Palo Alto, CA.

Contact

press@bitgo.com