BitGo considers going public: the IPO could arrive in 2025

BitGo, one of the leading cryptocurrency custody companies, is considering an IPO by the end of 2025. With a valuation of 1.75 billion dollars in 2023, it follows the trend of other crypto companies aiming for a stock market listing.

Let’s see all the details in this article. 

The crypto custody company BitGo explores entering public markets with an IPO

BitGo, the institutional cryptocurrency custody company, is considering an initial public offering (IPO) as early as the end of 2025.

According to what reported by Bloomberg, the company is said to be initiating talks with potential advisors to assess the possibility of going public.

Founded by Mike Belshe, BitGo has established itself as one of the leading entities in the digital asset custody sector. The company offers advanced security solutions, including multi-signature wallets and recovery services for those who have lost access to their funds.

In addition to Bitcoin, BitGo manages the custody of numerous other cryptocurrencies, with a total value exceeding 100 billion dollars.

Its latest funding round, which took place in 2023, allowed the company to raise 100 million dollars, reaching a valuation of 1.75 billion dollars. 

Among the prominent investors supporting BitGo are leading names in the financial sector, such as Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners.

The boom of IPOs in the crypto sector

The interest of BitGo in a public listing fits into a broader context in which several companies in the crypto sector are considering the same step. 

The increase in the price of Bitcoin, which has recently surpassed the threshold of 100,000 dollars, and a more favorable regulatory framework in the United States have driven many companies to consider the stock market as a growth strategy.

Besides BitGo, other companies like the exchanges Gemini and Kraken, the trading platform Bullish (parent company of CoinDesk) and the stablecoin issuer Circle are considering an IPO.

This trend indicates a growing interest from institutional investors towards companies operating in the cryptocurrency sector.

Strategies and uncertainties

Despite the enthusiasm for a possible listing, the internal discussions at BitGo are 

still in a preliminary phase and no definitive decisions have been made. 

According to sources close to the matter, the Californian company is carefully evaluating the market conditions and growth opportunities that an IPO could offer.

Furthermore, in the past, BitGo has been the subject of missed acquisitions. In 2021, Galaxy Digital had expressed interest in purchasing the company, but the agreement was subsequently canceled, leading to legal disputes between the two companies. 

This episode has strengthened BitGo’s willingness to maintain control over its operations and to explore new independent growth strategies.

The growing interest in IPOs in the crypto sector is also part of an evolving political context. 

With the Trump administration, experts predict a more favorable attitude towards cryptocurrencies, which could facilitate public listings of companies in the sector.

Mike Belshe, CEO of BitGo, is known for his financial support of Trump’s presidential campaign, which could indicate a greater confidence of the company in a more accommodating regulation for the sector. 

However, it remains to be seen how the regulatory landscape will evolve in the coming months and what impact it will have on the growth strategies of BitGo and other crypto companies.