Palo Alto-based BitGo has confidentially filed for an initial public offering, aiming to become one of the few digital asset custodians to trade publicly on US markets. The company has yet to disclose details on the number of shares it intends to sell or at what price, but its move comes during a period of intense investor enthusiasm and market momentum in the sector. The filing was submitted to the US Securities and Exchange Commission (SEC) under a confidential process, which allows companies to fine-tune documentation before making it public.
Founded in 2013 by Mike Belshe and Ben Davenport, BitGo plays a crucial role in safeguarding digital assets for institutional clients, including banks, hedge funds, and exchanges. Though often operating behind the scenes, its infrastructure has become increasingly vital as mainstream financial players deepen their involvement in digital finance. BitGo’s assets under custody have soared to $100 billion, up from $60 billion just six months ago, reflecting the growing institutional demand. Growth has accelerated in part due to increasing institutional allocation to digital assets and strong market performance, particularly in Q1 and Q2 of 2025.
A market ripe for IPOs
BitGo’s IPO filing arrives at a moment when we saw IPO intentions of Figma and Firefly in the US. With the overall digital asset market recently surpassing a record $4 trillion in value and Bitcoin trading above $120,000, investor sentiment has clearly shifted. These bullish conditions are fueling a wave of public listings from other major players.
Circle, the firm behind the USDC stablecoin, went public in June with spectacular results; its shares spiked over 860% in a matter of weeks. This performance appears to have set a precedent. Now, other firms including Grayscale Investments, Gemini, and Bullish are queuing up for listings, all eager to capitalise on Wall Street’s rising interest in the sector.
This heightened demand for exposure to the industry signals a broader shift in investor strategy. Where once digital assets were considered fringe, they are now viewed as viable components of diversified portfolios. In May 2025, Coinbase was added to the S&P 500 index, and MicroStrategy joined the Nasdaq 100, further integrating digital asset companies into mainstream markets.
Political winds and regulatory tailwinds
BitGo’s filing also comes just days after the Trump administration signed into law the GENIUS Act, a landmark piece of legislation providing a formal framework for stablecoins. The new law offers regulatory clarity many in the industry have long sought. It is widely seen as a green light for companies previously cautious about entering the space or expanding operations.
President Trump’s public support for digital financial innovation has only intensified this trend. From appointing sector-friendly regulators to promising to make the US a global leader in this market, the administration’s tone is markedly different from past uncertainty. This new political backdrop may prove critical in encouraging traditional investors to commit more capital to firms like BitGo.
Furthermore, the European Union’s Markets in Crypto-Assets Regulation (MiCA), which came into effect this year, enabled BitGo to obtain regulatory approval and expand operations across Europe, allowing the company to service a rapidly growing international client base.
Inside BitGo’s operations and expansion
BitGo generates revenue by providing custody, trading infrastructure, and lending services to institutional clients. One key feature of its model is the use of advanced security techniques such as multi-signature approval and offline asset storage to reduce the risk of breaches.
A significant portion nearly half of BitGo’s current holdings are linked to staking, a growing activity where clients earn yields in return for helping validate network transactions. This shift toward yield-generating services has diversified the company’s revenue base, making it less reliant on price volatility and trading volumes.
BitGo raised $100 million in 2023 at a valuation of $1.75 billion. Its backers include heavyweight names such as Goldman Sachs, DRW Holdings, and Valor Equity Partners, signaling a strong foundation of institutional trust. The company now serves more than 1,500 clients in over 50 countries and reportedly handles around 8% of all Bitcoin transactions by value.
It has also made strides in Europe, where it recently obtained regulatory approval under the region’s newly implemented rules, giving it access to a rapidly expanding market outside the US. BitGo’s European expansion reflects a broader strategy to become the world’s leading independent custodian for digital assets, strengthening its competitive edge against both native crypto firms and traditional financial institutions entering the sector.
Resilience through setbacks
BitGo’s journey to public markets has not been without obstacles. In 2021, it was set to be acquired by Galaxy Digital in a $1.2 billion deal. However, the agreement fell apart amid a broader downturn in the sector in 2022, leading to legal disputes and delaying any plans for a public offering.
Yet, the failed deal may have worked in BitGo’s favour. Since then, the company has expanded its asset base and business footprint. With market conditions improving, it now appears poised to pursue a valuation much higher than what was once on the table.
Industry watchers believe the custody space is primed for long-term growth, driven by the entry of more traditional financial institutions. Some projections estimate the custody market could be worth over $53 billion by 2030, expanding at an annual rate of over 5%.
A shift in the market
The success of recent IPOs and index inclusions underscores how much perceptions have changed. Coinbase joined the S&P 500 in May, while MicroStrategy became part of the Nasdaq 100, suggesting these companies are no longer outliers but integral to the broader financial ecosystem.
If BitGo completes its listing, it will join a short but growing list of publicly traded firms offering investors direct exposure to the infrastructure powering digital finance. While details about the listing timeline and expected valuation are still under wraps, the company’s steady growth and established reputation place it in a strong position to meet market expectations.
However, potential investors should be mindful of the risks. While political support and market momentum are strong right now, the sector’s inherent volatility and regulatory flux remain ever-present factors.
BitGo’s decision to make a public debut marks another turning point, not just for the company, but for the broader industry’s path toward legitimacy, transparency, and long-term integration into the global financial system.
