BitGo joins crypto IPO wave with confidential filing for US listing
The crypto sector's climb to a $4 trillion market value has reignited public market interest, while clearer regulation, corporate treasury adoption and institutional inflows are driving a fresh wave of listings across crypto and fintech.
"Many crypto companies have matured. After more than a decade, they've built stable client bases, some with SaaS-like margins and predictable cash flows," Kat Liu, vice President at IPOX told Reuters.
Crypto custody firms store and protect digital assets on behalf of clients, a role that has become increasingly important as institutional interest in crypto rises.
BitGo, founded in 2013 and one of the largest crypto custody firms in the U.S., is among the key players that offer secure storage, helping clients meet regulatory requirements, and safeguarding their assets against theft or loss.
The Palo Alto, California-based company had raised $100 million at a $1.75 billion valuation in August 2023.
Bitcoin, the world's largest and best-known cryptocurrency, recently breached the $120,000 mark. It is up 26% so far in 2025, while ether, the second-largest, has gained about 14%.
The sector's rapid ascent has opened the floodgates for IPO filings. Crypto-focused asset manager Grayscale and Gemini, the digital assets exchange founded by Tyler and Cameron Winklevoss, have also confidentially filed to go public in recent weeks.
"The regulatory environment is becoming very supportive," Liu said, adding that the current administration appears more pro-crypto.
Last week, U.S. President Donald Trump signed a law to create a regulatory regime for dollar-pegged cryptocurrencies called stablecoins, potentially allowing the digital assets to become an everyday way to make payments and move money.
Stablecoin issuer Circle (CRCL.N), opens new tab went public in June in a blowout market debut, while crypto exchange Bullish recently disclosed its IPO paperwork.
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