• BitGo acquires HeightZero to serve the growing institutional interest in crypto wealth management.
• BitGo CEO, Mike Belshe, emphasizes the urgency for wealth managers and RIAs to prepare for an impending Bitcoin ETF approval.
• HeightZero’s services enhance BitGo’s capacity to offer secure long-term crypto holdings for institutional clients.

Cryptocurrency custody specialist BitGo has made a strategic move in the rapidly evolving digital asset landscape by acquiring HeightZero, a software platform dedicated to providing wealth managers with tools to incorporate cryptocurrencies into their clients’ portfolios.

While the financial specifics of this acquisition have not been disclosed, the implications are clear for the growing institutional interest in the crypto market.

Preparing for the imminent Spot Bitcoin ETF approval

With the anticipated approval of a spot Bitcoin (BTC) exchange-traded fund (ETF), BitGo’s CEO, Mike Belshe, has issued a clear call to wealth managers and regulated investment advisors (RIAs) to take action before the ETF is launched. Belshe emphasized the importance of acting swiftly in light of the impending surge in Bitcoin demand that the ETF is expected to trigger.

“RIAs should absolutely be calling up BitGo, getting HeightZero, getting qualified custody and doing it now, before the ETF,” Belshe said in a recent interview. “Because when the ETF hits, there’s going to be massive demand for bitcoin. Now, you can wait for the ETF, and then you can invest in that. But you’re going to miss out on a big growth.”

HeightZero acquisition by BitGo

HeightZero has been instrumental in simplifying the integration of cryptocurrencies into traditional wealth management practices. The platform offers a range of services, including portfolio rebalancing, statement generation, tax loss harvesting, and automated billing tailored specifically for crypto clients.

This acquisition strengthens BitGo’s capabilities in facilitating secure long-term holdings for institutions entering the crypto market.

BitGo recently secured $100 million in funding and has been actively seeking strategic acquisitions. While some companies in the crypto industry have faced financial challenges, BitGo’s approach underscores a commitment to a forward-looking strategy. The acquisition of HeightZero aligns with BitGo’s aim to be a leader in providing comprehensive cryptocurrency solutions to institutions, especially as the crypto market continues to evolve and gain traction among mainstream investors.

This acquisition is a significant step for BitGo, marking a deliberate move towards servicing the wealth management sector as digital assets become an integral part of traditional investment portfolios.