BitGo Broadens Insurance to Cover Over $100M

Cryptocurrency insurance is notoriously difficult to obtain and policies often require the assets to be held in cold storage, or offline.

article-image

Mike Belshe, Co-Founder and CEO, BitGo; Source BitGo

share
  • Digital asset custodian BitGo has secured $700 million in insurance coverage for digital assets custodied in cold storage
  • BitGo’s digital asset insurance, which is sourced from Lloyd’s of London market, launched in 2019

Digital asset custodian BitGo has secured $700 million in insurance coverage for digital assets custodied in cold storage, the firm announced Wednesday. 

The Silicon Valley-based company expanded its cold storage insurance program by $600 million. BitGo covers all clients up to $100 million in the case that assets are lost or damaged. The firm now allows clients to purchase their own limits for up to $700 million in coverage. 

BitGo’s digital asset insurance, which is sourced from Lloyd’s of London market, launched in 2019. 

Cryptocurrency insurance is notoriously difficult to obtain and policies often require the assets to be held in cold storage, or offline. While cold storage shifts the risk from digital to physical, critics claim that it is difficult to trade the assets and it can take time to access them. 

Also today, Michael Novogratz’s crypto-focused financial services firm Galaxy Digital is reportedly in advanced discussions to purchase BitGo. Last year, online payment service provider PayPal almost purchased BitGo for a reported $750 million in cash before the deal was called off.

BitGo has raised $69.5 million in past funding rounds. Investors include Galaxy Digital and Goldman Sachs. BitGo is also being considered by Goldman Sachs as custodian for a wealth fund that will offer bitcoin exposure to high-net-worth investors.

Tags

    Decoding crypto and the markets. Daily, with Byron Gilliam.

    Upcoming Events

    Javits Center North | 445 11th Ave

    Tues - Thurs, March 24 - 26, 2026

    Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

    recent research

    Unlocked by Template.png

    Research

    The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

    article-image

    The goal, per Santiago Santos, is to make crypto a relatable piece of tech for people who may not even understand it

    article-image

    Stripe stablecoin unit aims to operate under a federal charter enabling regulated stablecoin issuance and custody services

    by Blockworks /
    article-image

    Will TradFi make crypto better or create more problems than it solves?

    article-image

    Subtle decisions by risk curators saved Aave from significant turmoil

    article-image

    The new Rootstock Institutional unit aims to connect professional investors to Bitcoin-native yield and liquidity strategies anchored in BTC’s security layer

    by Blockworks /
    article-image

    DOJ files record civil forfeiture against more than 127,000 BTC linked to scam activity

    by Blockworks /