BitGo, a Palo Alto,CA-based digital asset company, acquired Brassica, a provider of investment infrastructure for private securities and alternative investments
The amount of the deal was not disclosed.
Commenting on the news, Mike Belshe, CEO of BitGo, said: “With this acquisition, BitGo becomes the first major financial services firm to be able to provide comprehensive infrastructure support for both traditional private securities and blockchain-based assets, while significantly expanding our global presence.”
The acquisition will advance the digitization of the alternative asset industry in support of a financial services economy that is borderless and accessible 24/7. BitGo, which was valued at $1.75B in 2023 upon completing a $100M raise, will further develop new Brassica products across asset classes to provide comprehensive services and integrated platform solutions for its customers.
Led by Youngro Lee, Founder and CEO, Brassica is a financial technology company specializing in infrastructure solutions for private investing and alternative assets. Its comprehensive back-end financial and investment infrastructure services, offered via its transfer agent and its wyoming trust company subsidiaries, provide multiple financial tools and highly regulated services that help enterprises build compliant and scalable businesses while safeguarding their customer assets. Brassica launched as an independent company in March 2023 following a $8m seed round, backed by Mercury Fund, Valor Equity Partners, Long Journey Ventures, NGC, Draft VC, and Broadhaven Ventures.
Founded in 2013, BitGo provides wallet solutions for the digital asset economy, offering regulated custody, staking, trading, and core wallet infrastructure, serving institutional clients. In 2018, the company launched BitGo Trust Company, a custodian purpose-built for storing digital assets, established BitGo New York Trust in 2021, and launched institutional-grade DeFi, NFT, and web3 services in 2022. In 2023, BitGo introduced the Go Network for efficient institutional settlement.
Securing approximately 20% of all on-chain Bitcoin transactions by value, BitGo supports over 700 digital assets and serves more than 1,500 institutional clients in 50 countries.
