Companies · Other

Bitgo Holdings, Inc.

PALO ALTO · Other

Diligence memoA one-page analyst read on Bitgo Holdings, Inc. — recommendation, valuation, rhythm, risks.
$193.1M
Total raised · real
4
Rounds
1.9×
Latest step-up
Top 3%
Sector rank · raised
Series D+
Latest stage · inferred · Thu Oct 06 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

Bitgo Holdings, Inc. looks under-valued against its niche peers and is at-risk on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.00× the median modeled value of Series D+ Other companies in 2022–2024 (109 peers) — value vs value, same stage and era.
At-risk
  • Last raise 3.7 yr ago; this sector typically re-raises about every 11 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

Bitgo Holdings, Inc. behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
8.2 yr record
Peak capital year was 2018 with $192.5M across 2 filings.
Market position
ahead of 98% of Other peers
Capital scale is ahead of 98% of Other peers; modeled value is above 26% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Lower applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Consistent
Canonical totals and visible filing detail are broadly aligned.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • Sector is still broad/Other, so operating comparables are weak.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2018: $192.5M across 2 filings.
  • Largest single filing was $177.5M on 2018-05-07.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Other

Bitgo Holdings, Inc. is one of 25015 Other companies tracked from PALO ALTO. By capital raised it ranks among the largest (ahead of 98% of sector peers), and in the long tail by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
1
Investors (latest)
2017
Year incorporated
2022-10-06
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$1.3B$2.5B$3.8B$5.0BSeries D+ · 2018-05-07 Raised $177M (real) Modeled valuation $3.1B (est)$177M$3.1BSeries D+2018Series D+ · 2018-10-12 Raised $15M (real) Modeled valuation $259M (est)$15M$259MSeries D+2018Series D+ · 2019-07-03 Raised $216K (real) Modeled valuation $3.7M (est)$216K$3.7MSeries D+2019Series D+ · 2022-10-06 Raised $420K (real) Modeled valuation $5.2M (est)$420K$5.2MSeries D+2022+$15M+$216K+$420KCumulative $193M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series D+$177.5M · 2018
Series D+ extension$15.0M · 2018
Series D+ extension$216K · 2019
Series D+ extension$420K · 2022

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B, Series C — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 17%.

Modeled valuation trajectory
$5.2M
Base estimate est.
$2.4M
Conservative case
$8.8M
Upside case
$3.5M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks. Directional, not a quoted figure.

Series D+ · modeled $3.1B · 2018-05-072018Series D+ · modeled $258.9M · 2018-10-12Series D+ · modeled $3.7M · 2019-07-03Series D+ · modeled $5.2M · 2022-10-062022
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
85%
Survival probability
68% low · 94% high
1.16×/yr
Annual markup
1.30×/yr upside case
3.7 yr
Elapsed time used
3.7 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
18 mo
Avg between rounds
$43.7M/yr
Capital velocity
8.2 yr
On record since
2018
First round
4
Rounds on file
How it compares to the market

Benchmarked against 25015 companies in Other. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 94× above median
This company$193.1M
Sector median$2.0M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 0.0× of median
This company$420K
Sector median$125.1M
Modeled value — vs sector median (estimate, all stages) 0.3× of median
This company$5.2M
Sector median$17.7M

Raised more than 98% of sector peers (real $). Modeled value above 26% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series D+) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #106 of 109.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0B$10.0B$100.0M$1.0BCapital raised (log)Getaround, Inc · Series D+ Raised $380.7M · modeled $5.0B (est)Relentless Topco, Inc. · Series D+ Raised $384.2M · modeled $4.9B (est)NQ PE Project Colosseum Parent, L.P. · Series D+ Raised $359.0M · modeled $4.4B (est)Cowboy Topco, Inc. · Series D+ Raised $328.1M · modeled $4.3B (est)Office Topco, Llc · Series D+ Raised $302.1M · modeled $4.1B (est)Litera Holdco LP · Series D+ Raised $854.9M · modeled $3.7B (est)Ergotron Investments, LLC · Series D+ Raised $287.5M · modeled $3.7B (est)Bolt Financial, Inc. · Series D+ Raised $756.7M · modeled $3.5B (est)Lambda, Inc./DE · Series D+ Raised $359.7M · modeled $3.4B (est)FS NU Investors LP · Series D+ Raised $264.8M · modeled $3.3B (est)AuditBoard HoldCo L.P. · Series D+ Raised $330.2M · modeled $2.9B (est)Atlantic Fields Club, LLC · Series D+ Raised $229.2M · modeled $2.8B (est)Bitgo Holdings, Inc. (this company) Raised $193.1M · modeled $5.2M (est)Bitgo Holdings, Inc.
CompanyStageRaised · realValue · estvs peer med.
Getaround, IncSeries D+$380.7M$5.0B3.66×
Relentless Topco, Inc.Series D+$384.2M$4.9B3.60×
NQ PE Project Colosseum Parent, L.P.Series D+$359.0M$4.4B3.26×
Cowboy Topco, Inc.Series D+$328.1M$4.3B3.15×
Office Topco, LlcSeries D+$302.1M$4.1B3.04×
Litera Holdco LPSeries D+$854.9M$3.7B2.73×
Ergotron Investments, LLCSeries D+$287.5M$3.7B2.70×
Bolt Financial, Inc.Series D+$756.7M$3.5B2.60×
Lambda, Inc./DESeries D+$359.7M$3.4B2.50×
FS NU Investors LPSeries D+$264.8M$3.3B2.45×
AuditBoard HoldCo L.P.Series D+$330.2M$2.9B2.15×
Atlantic Fields Club, LLCSeries D+$229.2M$2.8B2.04×
Bitgo Holdings, Inc. this companySeries D+$193.1M$5.2M0.00×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series D+$177.5M2018-05-07$1.5B$3.1B90%
Series D+$15.0M2018-10-12$125.0M$258.9M90%
Series D+$216K2019-07-03$1.8M$3.7M90%
Series D+$420K2022-10-06$3.5M$5.2M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series D+$177.5M2018-05-07
    • First recorded raise — entered as Series D+.
    • 47 investors on this round.
  2. Series D+$15.0M2018-10-12
    • Came back fast: 5 mo vs the ~11 mo sector norm.
    • Round 11.8× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  3. Series D+$216K2019-07-03
    • Raised 9 mo later, in step with the ~11 mo sector norm.
    • Round 69.3× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  4. Series D+$420K2022-10-06
    • Raised again after 39 mo — slower than the ~11 mo sector norm.
    • Round 1.9× larger than the prior — scaling up.
    • 1 investor on this round.
Intelligence
2024 ~Q1
Modeled next raise · ~18mo cadence
$815K
Modeled next size est.range $530K$1.3M
1.9×
Last step-up
$43.7M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
David A. Sacks1 other2019-07
Jeff A. Brody1 other2018-05
Matthew A. Cowan1 other2018-05
Michael A. Belshe1 other2018-05
Stratton A. Sclavos1 other2019-07
Antonio William Gracias2018-05
Brian A. Murray2022-10
David William Sacks2018-05
Ed A. Reginelli2022-10
J. William Lee2018-05
Matthew A. Cowen2018-10
Stratton William Sclavos2018-05
Vivek A. Pattipati2019-07
Registry & provenance

Bitgo Holdings, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1740604
SEC CIK
2017
Incorporated
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
BitGo, Inc.OtherSeries B$36.2M$602.3Mnetwork5 shared operators · same sector
FASETTO, Inc.OtherSeries A$51.0M$4.9Msame sector
U.S. Rare Earths, IncOtherSeries B$38.2M$5.2Msame sector
Cerebelly Inc.OtherSeries A$19.1M$5.0Msame sector
American Sands Energy Corp.OtherSeries A$17.0M$5.3Msame sector
Ignitedata (Delaware) Inc.OtherSeries A$15.9M$5.3Msame sector
Thwapr, Inc.OtherSeries B$15.8M$5.0Msame sector
Henley Putnam UniversityOtherSeries A$13.8M$5.0Msame sector
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
BitGo, Inc.OtherSeries B$602.3M96%
BitRail Holdings Inc.OtherPre-Seed$5.8M90%
Global Bit Ventures Inc.OtherSeries A$24.5M86%
Pogo Holdings Inc.OtherSeries A$52.5M86%
Bitwise Asset Management, Inc.OtherSeries C$532.6M86%
BitPagos, Inc.Other TechnologySeed$79.1M85%
Bitbotcex LtdOtherSeries A$29.3M85%
Bitovation CorpOtherSeed$28.4M85%
Frequently asked
How much funding has Bitgo Holdings, Inc. raised?
Bitgo Holdings, Inc. has raised approximately $193.1M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Bitgo Holdings, Inc.'s estimated valuation?
Provath's modeled valuation for Bitgo Holdings, Inc. is approximately $5.2M (modeled range $2.4M–$8.8M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Bitgo Holdings, Inc. at?
Bitgo Holdings, Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Thu Oct 06.
What does Bitgo Holdings, Inc. do and where is it based?
Bitgo Holdings, Inc. operates in the Other sector, based in PALO ALTO.
Explore related

See where Bitgo Holdings, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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