Why BitGo Relocated To Sioux Falls And What It Means

California's loss is South Dakota's gain.

Sioux Falls has landed a crypto firm worth nearly $2 billion, after the company recently relocated from the Golden State to the Mount Rushmore State.

According to a report in the Los Angeles Times, the formerly Palo Alto-based BitGo has been operating in Sioux Falls since moving its corporate headquarters in December.

The report says the company, which was recently valued at $1.96 billion, has been based in South Dakota's largest city, according to a filing last month with the U.S. Securities and Exchange Commission. BitGo is currently operating out of a 5,250 square foot facility in Sioux Falls, although the company website still says it is a "Delaware corporation headquartered in Palo Alto, California." The company reportedly has a lease in Sioux Falls through 2028.

BitGo was founded in 2013 and is recognized as an industry leader in digital asset security, custody, and liquidity, providing the operational backbone for thousands of institutional clients in over 90 countries. It has 566 employees spread out across the world.

The corporate office move is rumored to be a response to a proposed California ballot measure that would tax billionaires 5% on their total wealth for healthcare funding. The '2026 Billionaire Tax Act' would require Californians worth more than $1 billion to pay a one-time 5% tax on their total wealth.

Supporters of the act are still in the process of gathering signatures to get the measure on the November ballot. The Service Employees International Union-United Healthcare Workers West is behind the initiative, claiming that it would raise $100 billion.

The Ultimate Sioux Falls Visitor's Guide: A to Z

Sioux Falls has lots to explore; fun stuff for the whole family, food of every kind, educational opportunities, and more! If you have out-of-town guests visiting, you're new to Sioux Falls, or you're thinking about moving here, this is a must-see guide.

Take some great photos to post on social media (and don't forget the hashtag #HiFromSiouxFalls).

Sioux Falls, South Dakota. We call it the 'Sioux Empire.' It's the biggest city in the state with a population of over 206,000. We’re known for our namesake, Falls Park, along the Big Sioux River. Sioux Falls has received numerous accolades for its quality of life. We have been named the number one best place to rent in America. We’ve topped the list of Best States to Find a Job. Sioux Falls is the Best City in America for Young Professionals. We've appeared on lists such as Most Charming Small Cities, Top 10 Place to Raise Kids, and even ranked 10th in the 2020 Top 100 Best Places to Live. We have an abundance of achievements, and you can see them on the Sioux Falls Development Foundation's website.

It's a pretty awesome city and that's why we think you should come and visit. If you're coming for business or pleasure, we've put together a list of places to go and things to see.

We know you want to explore the attractions the city is known for like Falls Park, the Arc of Dreams, and the Sculpture Walk, but there's a lot more to see and do than just the touristy (that's really a word) stuff. The best places to go are where the locals go and we have a not your average, ordinary visitor's guide.

Here's a list of over 100 things to do and places to go in Sioux Falls.

Gallery Credit: Karla Brown - KKRC

New Sioux Falls Residents are Moving from these 5 Cities

Before we get to the top 5, here's an honorable mention that's a bit surprising:

20) New York City: Sioux Falls gained 83 new residents in the latest census, according to Stacker.

Gallery Credit: Andy Gott

People Say They Hate These 7 Things About Sioux Falls the Most

In the last few years, I've had the opportunity to live in another state after living in Sioux Falls for a decade. Then late last year I moved back to the SooFoo, and I am super happy to have returned.

Sioux Falls has just about everything I like. It's big enough to have lots of opportunities for work and recreation. But, it's also not so big that I feel lost in an urban wasteland.

Being on the western edge of the 'Midwest' and the eastern edge of the 'Western Frontier' we've got a nice balance of the individualistic pioneer spirit and a strong 'We're in this together' attitude.

But, of course, not everything is perfect. People have complaints. On the social network Reddit, people have even listed their complaints about Sioux Falls. Specifically, the things that hate about living here.

Gallery Credit: Ben Kuhns

Source: $2 Billion Crypto Firm Moves Headquarters To Sioux Falls