BitGo shifts its headquarters to South Dakota ahead of its initial public offering
The post BitGo shifts its headquarters to South Dakota ahead of its initial public offering appeared on BitcoinEthereumNews.com.
California-based crypto firm BitGo has relocated its headquarters from Palo Alto to South Dakota as it prepares for its initial public offering, to avoid the state’s proposed 5% billionaires tax on high-net-worth individuals. BitGo declared in its December filings with the U.S. Securities and Exchange Commission about the shift and is now officially based in South Dakota’s largest city, Sioux Falls. BitGo will keep its Palo Alto location and has offices in San Francisco, New York, Canada, India, Germany, Singapore, South Korea, and Dubai. BitGo moves its headquarters due to California’s Billionaire Tax Act The company did not reveal in its U.S. SEC filings in December why it had moved its headquarters. However, Mike Belshe, BitGo’s CEO, has repeatedly criticized Gavin Newsom, the Governor of California, for allegedly pioneering poor leadership in the state. On November 29, the executive likened the governor to the real-life President Coriolanus Snow from The Hunger Games. In another X post dated June 2022, Belshe said that Governor Newsom was “doing to California what he did to San Francisco,” emphasizing that he “ruined” it. A proposal to tax billionaires at 5% on their wealth to fund healthcare has sparked widespread discussion and heavy backlash since its introduction. Under the Billionaire Tax Act, Californians worth more than $1 billion would pay a one-time 5% tax on their total wealth. The state will then allocate most of the funding to the healthcare sector to offset widespread cuts initiated by the Trump administration. In a more recent post, Belshe referenced the proposed bill, saying California was kneecapping all future businesses to get a slight tax increase. He then added, “Who in their right mind would found a new business in California if California does this?” Some technology leaders in the tech sector, such as Google co-founders Larry Page and…
Filed under: News - @ January 21, 2026 5:22 pm