BitGo relocates headquarters to South Dakota ahead of IPO amid California billionaire tax debate

Cryptocurrency firm BitGo has relocated its corporate headquarters to Sioux Falls, South Dakota, according to a December 2025 filing with the U.S. Securities and Exchange Commission, as it prepares for an initial public offering targeting a $1.96 billion valuation. The move comes amid growing scrutiny over California’s proposed Billionaire Tax Act, which would impose a one-time 5% wealth tax on individuals worth over $1 billion. BitGo, previously based in Palo Alto, now occupies 5,250 square feet in Sioux Falls under a lease set to expire in 2028. The company maintains offices globally, including in San Francisco, New York, India, Germany, Singapore, South Korea, and Dubai, and employs 566 full-time staff. CEO Mike Belshe criticized the proposed tax, warning it could deter new startups from forming in California. While some tech leaders have shifted operations out of the state, proponents argue the exodus is overstated. The initiative still needs sufficient signatures to qualify for the November 2026 ballot.