Crypto Custodian BitGo Mulls Public Listing

American crypto custody platform BitGo is planning to go public with an initial public offering (IPO) by the second half of 2025, Bloomberg reported, citing “people familiar with the matter.” The company is already in talks with potential advisors for the public listing; however, the final decision is yet to be made.

However, the California-headquartered custodian has not officially confirmed anything about the IPO yet.

Another Crypto Unicorn Going Public

BitGo is a crypto unicorn. It raised $100 million in 2023 at a valuation of $1.75 billion and is backed by giants like Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners.

In 2021, billionaire Michael Novogratz’s crypto firm Galaxy Digital also agreed to purchase BitGo for $1.2 billion. However, that deal collapsed as Galaxy terminated the acquisition the following year.

BitGo’s Chief Executive Officer, Mike Belshe, supported Donald Trump during his presidential campaign and even hosted a fundraiser last July, headlined by the Republican nominee’s running mate, JD Vance. The event charged $3,300 per person to attend.

A Crypto Custodian Giant

Founded in 2013, BitGo has over 1,500 institutional clients across more than 50 countries. Apart from custodian services, the platform allows clients to trade, borrow, and lend digital assets. Its website also highlights that it processes about 8 per cent of all global Bitcoin transactions.

Although BitGo is one of the crypto custodian giants, it directly competes with Coinbase’s custodian services, which have a strong grip on the market. Interestingly, the Securities and Exchange Commission (SEC) recently repealed a regressive law, making it easier for traditional financial institutions to offer crypto custodian services.

Meanwhile, BitGo is not the only company interested in going public. Recent reports suggested that the Winklevoss twins’ cryptocurrency exchange, Gemini, is also considering an IPO, along with Bullish Global, another crypto exchange backed by billionaire Peter Thiel. Kraken and stablecoin issuer Circle are the other two crypto firms considering going public.