BitGo Charges Toward Wall Street: Crypto’s Boldest IPO Play Yet

Crypto custody giant BitGo just dropped its S-1—and Wall Street's scrambling to adjust their spreadsheets. The institutional-focused firm is leading the next wave of digital asset companies going mainstream, betting big that traditional finance is finally ready to embrace blockchain's institutional revolution.

Why This IPO Matters

While retail exchanges dominated early crypto listings, BitGo's move signals institutional infrastructure maturing. Their vault-like custody solutions have secured everything from hedge fund billions to Fortune 500 treasuries—now they're bringing that credibility to public markets.

The Street's Dilemma

Analysts will obsess over valuation metrics while completely missing the point: this isn't about quarterly earnings, it's about controlling the plumbing of the next financial system. (But sure, let's hear more about your discounted cash flow models.)

One thing's certain—when the suits start underwriting crypto's infrastructure plays, the game's changed forever. Buckle up.

A Decade in the Game

Founded in 2013 by Mike Belshe and Ben Davenport, BitGo has built its name on secure storage. Its clients include exchanges, hedge funds, and banks looking for ways to hold crypto safely. The company offers multisig wallets, insurance coverage, and detailed compliance systems. In 2023, it raised $100 million at a $1.75 billion valuation.

Ethereum ETFs hit a record $2.2B in weekly inflows, outpacing Bitcoin and signaling a shift in institutional focus.

BitGo files for IPO after Circle’s debut, marking a surge in crypto firms eyeing public markets and shifting sentiment.

Kraken invests in StablR,…

— Market Machina (@market_machina) July 21, 2025

Market Timing Looks Ideal

This filing comes as Bitcoin pushes past $120,000 and the total crypto market value nears $4 trillion. Investors are finally treating the sector less like a fad and more like financial infrastructure. With new rules for stablecoins now signed into law, regulatory pressure is starting to shift toward clarity.

BitGo’s MOVE shows confidence in that direction. And it’s not the only one. Circle went public last month, raising over a billion dollars. Gemini and Bullish are also preparing to file. For now, BitGo hasn’t shared how many shares it plans to sell or at what price, which usually comes once the public paperwork is in.

Crypto IPOs Are Starting to Look Familiar

Analysts say what’s changed isn’t just the price of Bitcoin, but the business models behind these companies. BitGo and its peers now look more like traditional financial firms, with recurring revenue, risk controls, and a growing list of institutional clients. That helps them tick the boxes public markets look for.

Circle’s recent IPO was a strong signal. Its stock price tripled after listing. While that kind of response is rare, it sets the tone for firms like BitGo looking to follow. The key is whether these companies can stay profitable in a volatile market.

Why Custody Still Matters

In a world where more institutions are handling crypto, SAFE custody has become non-negotiable. That’s where BitGo has an edge. Its infrastructure was built specifically for large clients who need security and compliance built in. If BitGo lists successfully, it could push other banks and asset managers to adopt similar platforms instead of building their own.

A Lot Still Has to Go Right

Of course, just filing doesn’t mean it’s a done deal. Markets are unpredictable, and crypto regulation is still evolving. BitGo will have to show that its model can withstand both a bear market and the pressure of public scrutiny. There’s also competition from newer platforms and legacy firms stepping into crypto.

But the trend is clear. With regulators warming up and more firms showing maturity, crypto infrastructure companies are finally getting their shot on Wall Street. BitGo’s filing may not grab headlines like a flashy token launch, but it could end up being more important in the long run.

Key Takeaways

• BitGo has filed confidentially for an IPO with the SEC, becoming the latest crypto firm to target public markets.
• The company manages over $100 billion in digital assets and is known for secure custody services built for institutions.
• Its IPO timing follows Bitcoin’s rise past $120,000 and stronger investor interest in crypto as regulated financial infrastructure.
• BitGo joins a wave of crypto firms like Circle and Gemini looking to go public amid improving regulatory clarity.
• A successful IPO would spotlight the growing demand for institutional-grade custody as crypto adoption expands.