BitGo Inc. is reportedly considering a potential initial public offering, according to sources familiar with the matter.
BitGo might be getting ready to join a number of other crypto-focused companies that are now anticipating more support for their ongoing plans from regulatory authorities.
The Palo Alto, California-headquartered firm is said to be holding discussions with various advisers on a potential listing – which may come as soon as the second half of 2025. This, according to a source claiming to be familiar with the new development.
BitGo secured $100 million in funding back in 2023 from various investors at a $1.75 billion valuation.
The firm’s investors have reportedly included Goldman Sachs Group Inc., DRW Holdings, Redpoint Ventures as well as Valor Equity Partners, an April statement revealed.
As first reported by Bloomberg, Deliberations are presently ongoing and no definitive decisions have been shared, the sources claimed.
It’s worth noting that an IPO may see BitGo joining various other crypto firms intending to go public amid US President Donald Trump’s public support of the nascent industry.
Gemini, the digital assets company that’s backed by the Winklevoss twins, is exploring an IPO as soon as 2025, along with Bullish Global, a crypto-asset exchange with backers such as Peter Thiel.
Circle Internet Financial Ltd. as well as digital assets exchange Kraken have potential plans of becoming publicly traded firms.
BitGo CEO Mike Belshe hosted a fundraiser back in July of last year for Trump’s presidential campaign efforts – which as reportedly headlined by the Republican nominee’s running mate, JD Vance, notably charging $3,300 per individual to attend.
Established back in 2013, BitGo is now one of the largest US-headquartered digital asset custody services providers.
The firm also allows customers to trade, borrow and lend out crypto-assets.
It serves over 1,500 institutional customers in more than 50 different countries, and processes around 8% of all global BTC transactions by value, as per the firm’s official website.
The firm’s custody services compete with the US’s largest crypto exchange, Coinbase.
Traditional banking institutions have now become more interested in offering similar types of products / services, directly or via industry partners, as regulations in the US become more progressive under the Trump Administration.
Crypto industry billionaire Michael Novogratz’s digital assets company Galaxy Digital Holdings Ltd. had reportedly agreed to acquire BitGo back in 2021 for $1.2 billion.
Notably, Galaxy Digital had then proceed to terminate its acquisition agreement with BitGo the very next year.