Crypto companies are ready to take advantage of the seemingly crypto-friendly US atmosphere
BitGo, a cryptocurrency custodian, is reportedly considering an initial public offering (IPO) later this year. According to a recent report, the company is in discussions with investment banks about the possibility of going public in the second half of 2025, although no final decision has been made.
BitGo is well known for providing regulated crypto custody and infrastructure services to institutional clients in the US. One of its key roles is acting as the custodian for wrapped Bitcoin (WBTC), a tokenized version of Bitcoin that operates on other blockchain networks. WBTC currently has a market capitalization of around $12 billion.
The potential IPO would place BitGo among a growing number of crypto firms looking to enter public markets. Companies such as stablecoin issuer Circle, as well as exchanges like Kraken, Gemini, and Bullish, are also reportedly exploring IPOs. This trend follows a period of increased optimism in the crypto sector, especially after Donald Trump’s victory in the 2024 US presidential election, which some believe could lead to more favorable regulations for the industry.
In 2023, BitGo secured $100 million in funding, giving the company a valuation of $1.75 billion. The firm has also attracted backing from major financial institutions, including Goldman Sachs and DRW Holdings.
The broader market for crypto-related stocks has been performing well, with Coinbase, one of the biggest publicly traded crypto firms, seeing its stock price rise approximately 40% since Trump’s election win. If BitGo proceeds with an IPO, it could further solidify the presence of regulated crypto custodians in traditional financial market.
