"BitGo, a cryptocurrency startup approaching an IPO that could value it as high as $1.96 billion, is pulling its headquarters out of California. In December and January filings with the Securities and Exchange Commission, the company swapped its longtime Palo Alto headquarters address for one site, and then another, in Sioux Falls, South Dakota. On Wednesday, spokesperson Sam Cohen confirmed to SFGATE that the company had indeed moved - BitGo is now officially based in the Dakotas' largest city."
"The proposed wealth tax, which a major union is campaigning to put on the November ballot, is spurring a new trickle of exits from the state, headlined by the co-founders of Google. But when tech companies have pulled their headquarters from California in the past, the departures haven't led to vast exoduses of employees. Elon Musk's Tesla, X and xAI, for instance, still have major footprints in the Bay Area, despite his moves to take the headquarters elsewhere."
BitGo moved its headquarters from Palo Alto, California to Sioux Falls, South Dakota following December and January Securities and Exchange Commission filings and company confirmation. The company will retain its Palo Alto office and maintains additional offices in San Francisco, New York, Canada, India, Germany, Singapore, South Korea and Dubai. Bay Area office space is about 9,514 square feet versus roughly 5,250 square feet in Sioux Falls. BitGo had 566 full-time employees as of September, with about 30% remote. The firm provides institutional cryptocurrency custody, wallets, security, insurance and compliance services while preparing for an initial public offering potentially valuing it up to $1.96 billion. CEO criticism of California leadership and a proposed billionaire wealth tax have been cited amid the move.
Read at SFGATE
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