BitGo Inc., a prominent crypto custody firm based in Palo Alto, California, is reportedly considering an initial public offering (IPO). The company is said to be in discussions with potential advisers for a listing, which could happen as early as the second half of this year, according to sources familiar with the matter.
The firm raised $100 million in 2023, bringing its valuation to $1.75 billion. Key investors in BitGo include Goldman Sachs Group Inc., DRW Holdings, Redpoint Ventures, and Valor Equity Partners.
While deliberations are still ongoing and no final decision has been made, a BitGo representative declined to comment on the potential IPO.
The Growing Interest in Crypto IPOs
BitGo’s potential IPO follows a trend among several other crypto companies exploring the possibility of going public. This movement is fueled in part by increased support from regulators, as well as public backing from prominent figures such as President Donald Trump.
Gemini, the cryptocurrency firm supported by the Winklevoss twins, is also reportedly considering an IPO this year. Similarly, Bullish Global, a crypto exchange, and Circle Internet Financial Ltd. have long-term plans to go public. Crypto exchange Kraken has also expressed interest in entering the public markets.
BitGo’s Role in the Crypto Space
Founded in 2013, BitGo is one of the largest U.S.-based providers of crypto custodial services. The company offers digital asset trading, borrowing, and lending services to over 1,500 institutional clients in more than 50 countries. It processes approximately 8% of global Bitcoin transactions by value.
BitGo’s custody services compete with major players in the sector, including Coinbase Global Inc., the largest U.S. crypto exchange. Additionally, traditional banks are showing increasing interest in providing similar services, either directly or through partnerships, as regulations become more favorable under the Trump administration.
Previous Acquisition Talks
In 2021, billionaire Michael Novogratz’s crypto firm, Galaxy Digital Holdings Ltd., agreed to acquire BitGo for $1.2 billion. However, the acquisition deal was terminated the following year.
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