Kevin, founder of Bitget Wallet, revealed on Twitter that Bitget Wallet is raising funds at a valuation of $2 billion. He stated that while everyone says the crypto industry is lacking new users, the valuation of wallets, as gateways to the blockchain, continues to rise. The underlying reason is that on-chain transactions are no longer a playground for geeks, but rather the main battleground for stablecoins. The first asset held by young people globally is not their bank balance, but USDT/USDC. When wealth is natively stored on-chain, the value of the gateway will be repriced.
Bitget Wallet is reportedly raising funds at a $2 billion valuation.
Kevin, the founder of Bitget Wallet (formerly BitKeep), said on Twitter that an investor recently asked him: "Bitget Wallet is raising funds at a valuation of $2 billion. What do you think?"
He first praised Bitget's CEO, Liu Shuai, stating that this was probably the most brilliant acquisition in Bitget's history, successfully bringing a near-death team to its industry-leading valuation. But what's more noteworthy is the underlying meaning: why can a wallet still be valued at $2 billion in 2025? Why, in an industry considered to have reached its saturation point, has the entry point (wallets being the gateway to blockchain) actually risen to this level?
Kevin explains the reason is simple: on-chain transactions are no longer a playground for geeks, but rather the main battleground for stablecoins. The first asset held by young people globally isn't their bank balance, but USDT/USDC. When wealth is natively stored on-chain, the value of the entry point is repriced. The surge in wallet valuations isn't because wallets have improved, but because on-chain transaction entry points are becoming the gateway to new finance.
Bitget Wallet's valuation increased 20 times in 3 years.
He further explained that this is different from five years ago. Five years ago, wallets were tools. Today, wallets are traffic hubs, transaction gateways, and the starting point for asset circulation. He further predicted that the wallet story will reach 2 billion. The story of on-chain transaction gateways will be even bigger. Because what users really want to do is not to store coins, but to buy any asset they want with their USDT. Fast, cross-chain, and barrier-free.
Bitget acquired BitKeep in 2021, and in May 2022, it raised $15 million at a valuation of $100 million, led by Dragonfly. In March 2023, Bitget invested $30 million in Bitget Wallet at a valuation of $300 million, and its valuation has now reached $2 billion.
In comparison, Phantom Wallet, a commonly used wallet in the English-speaking world, was valued at $1.2 billion in its Series B funding round in 2022, and its valuation reached $3 billion in its Series C funding round earlier this year.
A seasoned crypto influencer believes this move indicates Bitget Wallet's cash flow is insufficient to maintain its current market share, forcing it to seek financing. He argues that the cash-burning war initiated by Binance Wallet has finally reached a breaking point. He likened it to Alibaba, Meituan, and JD.com burning through 100 billion yuan in subsidies to support their food delivery war. He believes Bitget Wallet may follow JD.com's example and seek further funding, focusing on other areas such as blockchain integration with US stocks and DEX (Decentralized Exchange).
He further analyzed that the core reason OKX and Binance Wallet can continue to compete is that OKX Wallet already had a large market share, which Binance Wallet has only slightly reduced. OKX Wallet is like Meituan, maintaining its competitive advantage and differentiating itself from Binance Wallet. Binance Wallet, on the other hand, is more like Alibaba, which has burned through 50 billion yuan, burning through cash to capture market share. However, the real beneficiary of this battle is Pinduoduo, which did not participate in the food delivery war and focused on developing its overseas business.
This article, "Bitget Wallet Reportedly Raises Funds at $2 Billion Valuation: Is the Value of Stablecoin Gateways Being Repriced?", first appeared on ABMedia, a blockchain news platform.
