BitGo Eyes Public Listing: A New Era for Crypto Custodians?
Cryptocurrency custody giant BitGo is reportedly considering taking the plunge into public markets with an Initial Public Offering (IPO) as early as 2025. According to a report from Bloomberg on February 11, the Palo Alto-based firm is actively engaging investment banks to explore this possibility. While discussions are ongoing and no firm decisions have been made, this move could be a game-changer for institutional crypto services.
The Backbone of Regulated Crypto Custody
BitGo has established itself as one of the foremost regulated digital asset custodians in the U.S. The firm specializes in secure custody, crypto infrastructure, and lending services for institutional clients. However, it’s perhaps best known for its role as the custodian of Wrapped Bitcoin (wBTC)—a tokenized version of Bitcoin (BTC) that enables BTC to be used on Ethereum and other blockchain networks.
As of February 11, wBTC boasts a massive $12 billion market capitalization, according to CoinMarketCap. Despite strong adoption, wBTC faced challenges in late 2024—notably when Coinbase announced plans to delist the asset, partially due to BitGo’s decision to grant Hong Kong-based BiT Global some control over wBTC’s Bitcoin reserves.
wBTC remains the most popular wrapped token by market capitalization. Source: CoinMarketCap
Crypto Firms Rushing to Go Public in 2025
BitGo isn’t alone in considering an IPO—other major crypto firms are also weighing the move amid renewed enthusiasm for the industry. A wave of public listings could be on the horizon, with potential IPOs from Circle, Kraken, Gemini, and Bullish.
Several factors are contributing to this bullish trend in crypto stocks:
- The U.S. presidential election victory of Donald Trump in November 2024 led to widespread optimism for crypto regulation.
- Crypto-friendly policies and a perceived pro-business stance from the new administration helped boost market confidence.
- Stocks of crypto firms like Coinbase (COIN) surged more than 40% since Trump’s win.
Regulated crypto custodians such as Fireblocks, Coinbase Custody, and Fidelity Digital Assets are also strengthening their foothold in the U.S. market, making the space increasingly competitive.
BitGo’s Billion-Dollar Backing
BitGo’s ambitions aren’t unfounded—the company raised a massive $100 million in 2023, securing a $1.75 billion valuation with backing from financial heavyweights such as Goldman Sachs and DRW Holdings.
Interestingly, BitGo CEO Mike Belshe has been an active player outside the business realm. In July 2024, he reportedly hosted a fundraiser for Trump’s presidential campaign—suggesting BitGo may also be keeping close ties with influential policymakers.
Why BitGo’s IPO Matters
An IPO would mark a pivotal moment, not just for BitGo, but for the broader crypto custody industry. Institutions are demanding secure and regulated solutions for handling digital assets, and a publicly traded BitGo could signal greater trust and stability in the sector.
Whether or not the IPO materializes, one thing is clear: BitGo’s strategic ambitions and the momentum of regulated crypto firms are setting the stage for a new phase of mainstream adoption in the crypto space.
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