Crypto custody startup BitGo confidentially files for US IPO
Several high-profile companies, including those in riskier sectors like crypto and fintech, have launched successful listings in recent weeks, signaling pent-up demand and a rebound in capital markets activity.
BitGo's announcement follows the crypto sector's market value hitting $4 trillion last week, driven by a wave of corporate treasury adoption, regulatory clarity in key markets, and rising institutional inflows.
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.
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 number of shares to be offered and the price range for the proposed initial public offering have not yet been determined, BitGo said.
The Palo Alto, California-based company had raised $100 million at a $1.75 billion valuation in August 2023.
Founded in 2013, BitGo is one of the largest crypto custody firms based in the U.S. These companies store and protect digital assets on behalf of clients, a role that has become increasingly important as institutional interest in crypto rises.
Firms like BitGo have become key players by offering secure storage, helping clients meet regulatory requirements, and safeguarding assets against theft or loss.
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