BitGo Plans Initial Public Offering by Second Half of 2025

February 12, 2025

By Timely News Agent

American cryptocurrency custody platform BitGo is reportedly making preparations to go public with an initial public offering (IPO) slated for the second half of 2025. The news, which was first reported by Bloomberg, cites anonymous sources familiar with the situation who indicated that the company is currently engaging with potential advisors to navigate the complexities of such a listing. However, it is important to note that BitGo has not yet made an official announcement regarding the IPO, leaving the final outcome uncertain.

A Rising Star in the Crypto Industry

BitGo is recognized as a crypto unicorn, having raised $100 million in 2023 with an impressive valuation of $1.75 billion. The company has attracted significant investment from well-known financial heavyweights including Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners. This backing reflects confidence in BitGo’s ability to carve out a substantial niche in the rapidly evolving cryptocurrency market.

In 2021, BitGo caught industry attention when it was set to be acquired by Galaxy Digital, the crypto investment firm headed by billionaire Michael Novogratz, for a hefty $1.2 billion. However, that deal did not materialize, as Galaxy Digital terminated the acquisition agreement in the following year, leaving BitGo to continue its operations independently.

Profile of a Crypto Custodian Leader

Founded in 2013 and headquartered in California, BitGo has developed a robust presence in the digital asset space, boasting over 1,500 institutional clients across more than 50 countries. The company not only provides custodial services but also enables clients to trade, borrow, and lend a variety of digital assets. Notably, BitGo processes approximately 8% of all global Bitcoin transactions, solidifying its position as a powerhouse in the cryptocurrency custodian sector.

However, BitGo faces stiff competition from other players in the market, particularly from Coinbase, whose custodial solutions have gained significant traction among institutional investors. The competitive landscape is further complicated by recent regulatory changes, as the Securities and Exchange Commission (SEC) has repealed a previously restrictive law, allowing traditional financial institutions to engage in cryptocurrency custodian services more easily.

A Broader Trend in Cryptocurrency IPOs

BitGo’s potential IPO signals a broader trend within the cryptocurrency industry, as several notable companies are also exploring public offerings. Reports have indicated that Gemini, the cryptocurrency exchange co-founded by the Winklevoss twins, is considering an IPO, as is Bullish Global, another exchange backed by billionaire Peter Thiel. Additionally, other firms such as Kraken and stablecoin issuer Circle are also contemplating going public.

As the cryptocurrency market continues to mature, the interest in public listings among crypto companies illustrates the increasing integration of digital assets into the mainstream financial ecosystem.

Whether BitGo will ultimately proceed with its IPO remains to be seen, but the unfolding developments are closely watched by investors and industry experts eager to gauge the future of cryptocurrency custodians and the broader market landscape.