BitGo has filed confidentially for an initial public offering, right as crypto markets keep climbing and Washington finally stops pretending crypto doesn’t exist.
The company hasn’t said how many shares it’s offering or given a price range yet. That part’s still sealed. But this filing puts BitGo on track to become one of the next big public players in the space.
BitGo was founded in 2013 and is based in Palo Alto, California. It’s one of the biggest U.S. crypto custody firms out there. And it doesn’t stop at storage. Clients can also borrow, lend, and trade directly through the platform.
Between January and June, assets under BitGo’s control reportedly jumped from $60 billion to $100 billion. The company says that the leap came from stronger regulations and more crypto adoption. Its investors include Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners, who all bought in early and are now staring down a potential public payday.
BitGo’s IPO comes after Trump signs stablecoin bill and crypto hits $4T
The timing of BitGo’s filing is no accident. President Donald Trump signed the GENIUS Act into law just this Friday, creating the first-ever federal rules for stablecoins. He called it a “giant step to cement American dominance of global finance and crypto technology.”
The law lays down consumer protections for stablecoins backed by assets like the U.S. dollar, a move meant to calm volatility in the space. The law is now pushing more firms into the IPO lane.
The same day Trump signed the bill, the total value of crypto crossed $4 trillion for the first time. Investors are now pouring money into crypto again, and companies like BitGo want to capitalize while the window’s open. The firm also launched a global over-the-counter trading desk earlier this year.
The OTC platform supports spot trading, options, and crypto lending; all services specifically built for hedge funds and other institutional clients. BitGo rolled it out while laying the groundwork to go public, signaling its plan to pull in more institutional players before listing.
Wall Street lines up as crypto companies flood public markets
Right before Trump signed the bill, Bullish, another crypto exchange, filed for an IPO. Bullish is backed by Peter Thiel and led by CEO Tom Farley, who used to run the New York Stock Exchange. Farley says they plan to list on the NYSE under the ticker “BLSH.”
The exchange started as a spinout from Block.one and raised money from Thiel’s Founders Fund, Thiel Capital, Nomura, Mike Novogratz, and others. It also bought CoinDesk in 2023.
In its IPO filing, Bullish said it wants to “drive the adoption of stablecoins, digital assets, and blockchain technology.” That matches the direction crypto is headed in now—with regulation, institutional adoption, and IPOs all picking up at the same time.
It’s already been a packed year. Circle, the stablecoin issuer, went public in June, and its shares have shot up over sevenfold. Etoro, which offers crypto trading, went public in May. Novogratz’s Galaxy Digital shifted its listing from the Toronto Stock Exchange to Nasdaq in May.
Gemini, the crypto exchange and custody firm started by Cameron and Tyler Winklevoss, filed confidentially for an IPO in June.
Bitcoin has also been ripping. The price crossed $118,000, up from around $94,000 at the start of the year. And all of this is happening while Trump allies push more crypto legislation through Washington.
Peter Thiel, Elon Musk, and David Sacks have spent heavily to get Trump reelected. They’ve also worked to pass laws that would legitimize crypto trading and exchanges.
