California crypto startup moves to South Dakota as debate over proposed wealth tax heats up

BitGo, a California-based cryptocurrency startup, has relocated its headquarters to South Dakota in anticipation of its initial public offering, aiming for a valuation of approximately $2 billion. This move coincides with California's ongoing discussions surrounding a proposed wealth tax that would impose a 5% levy on billionaires' total wealth to fund healthcare initiatives, which BitGo's CEO argues could negatively impact startups.