BitGo Plans IPO Amid Growing Crypto Industry Listings

 

The prominent cryptocurrency custody firm, BitGo Inc., is considering going public, with an initial public offering (IPO) potentially taking place in the second half of this year. The company is currently negotiating with potential advisors as it looks to secure regulatory backing for the IPO.

In 2023, BitGo raised $100 million, bringing its valuation to $1.75 billion. Investors backing the firm include major players such as Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners.

 

While the decision is still under review, BitGo’s potential IPO is part of a broader trend, with several other crypto firms also eyeing the public market. Companies like Gemini, Bullish Global, Circle Internet Financial, and Kraken have also shown interest in listing.

 

Founded in 2013, BitGo is a leading provider of cryptocurrency custody services, offering support to over 1,500 institutional clients across more than 50 countries. It handles around 8% of global Bitcoin transactions by value. BitGo’s services compete with other crypto platforms, including Coinbase Global.

 

With the regulatory environment under the Trump administration becoming more favorable to cryptocurrency, traditional banks have shown increasing interest in providing similar services, further boosting the industry’s growth. In 2021, Galaxy Digital Holdings, led by billionaire Michael Novogratz, attempted to acquire BitGo for $1.2 billion, but the deal was eventually called off the following year.