BitGo Charges Toward Wall Street: Crypto Custodian Files for Blockbuster IPO Amid Market Frenzy
Crypto's institutional gatekeeper just rang the Nasdaq bell—in paperwork at least. BitGo's IPO filing drops as Bitcoin smashes through $100K and TradFi dinosaurs scramble for exposure.
Wall Street's about to get a masterclass in digital asset FOMO. The custody specialist—which already safeguards $50B+ in institutional crypto—picks the market's peak moment to go public. Timing so precise you'd think they had Satoshi's crystal ball.
Behind the scenes: VC funds that laughed at 'magic internet money' in 2018 are now quietly allocating 5% to crypto. BitGo's move isn't just smart—it's predatory. They're selling shovels during a gold rush where the gold mines itself.
One hedge fund manager we spoke to put it best: 'We're not buying the dream, we're buying the vault.' And just like that, crypto's most boring business becomes its most valuable. The ultimate irony? This custody play might finally get Jamie Dimon to stop ranting about Bitcoin—and start buying it.
The Palo Alto-based company submitted documents to the Securities and Exchange Commission on Monday for an initial public offering of its Class A common stock. BitGo has not revealed how many shares it plans to sell or at what price range.
Founded in 2013, BitGo provides security services for digital assets, acting as a digital vault for institutional investors like banks, hedge funds, and crypto exchanges. The company’s assets under custody have exploded from $60 billion to $100 billion in just the first half of 2025.
Market Conditions Drive Crypto IPO Rush
BitGo’s timing appears strategic. The cryptocurrency market recently crossed $4 trillion in total value, while Bitcoin has climbed above $120,000. This surge has created investor appetite for crypto-related stocks.
The company follows in the footsteps of Circle, the issuer of USDC stablecoin, which went public in June. Circle’s stock price rocketed from $31 to over $298 within weeks, representing an 861% gain that made it one of the most successful IPO debuts in recent history.
Several other major crypto firms have also filed for public listings. Grayscale Investments, Gemini exchange, and trading platform Bullish have all submitted paperwork to the SEC in recent months.
Trump Administration Boosts Industry Confidence
President Donald Trump signed the GENIUS Act into law on Friday, creating the first major federal regulations for stablecoins. This legislation provides clearer rules for cryptocurrency companies and has boosted confidence across the industry.
The TRUMP administration has taken a supportive stance toward digital assets, appointing crypto-friendly regulators and pushing for legislation that helps legitimize the sector. Trump has pledged to make America the “crypto capital of the world.”
Industry experts see this regulatory clarity as removing major barriers that previously kept institutional investors away from cryptocurrency markets.
BitGo’s Business Model and Growth
BitGo makes money by providing custody services, trading infrastructure, and lending products for institutional clients. The company uses multi-signature technology and cold storage to protect digital assets from hackers and theft.
Half of BitGo’s $100 billion in assets under custody comes from staking, a process where investors earn rewards by helping validate blockchain transactions. This growing service has become a significant revenue driver for the company.
BitGo raised $100 million in 2023 at a $1.75 billion valuation. Major investors include Goldman Sachs, DRW Holdings, and Valor Equity Partners.
The company serves over 1,500 institutional clients across 50 countries and processes about 8% of all Bitcoin transactions by value. It recently expanded into Europe after receiving regulatory approval under new EU cryptocurrency rules.
Overcoming Past Challenges
BitGo’s path to public markets hasn’t been smooth. Galaxy Digital agreed to buy the company for $1.2 billion in 2021, but the deal fell apart during the crypto market crash of 2022. This led to legal disputes that forced BitGo to remain private while competitors like Coinbase successfully went public.
The failed acquisition may have worked in BitGo’s favor. The company’s assets under custody have grown dramatically since then, potentially setting up a much larger public valuation.
Market analysts expect the crypto custody business to continue expanding as more traditional financial institutions enter the digital asset space. The custody market could reach $53.4 billion by 2030, growing at a 5.1% annual rate.
Public Markets Embrace Crypto Companies
The current wave of crypto IPOs marks a significant shift from just a few years ago when many traditional investors viewed digital assets as too risky or speculative.
Now, major pension funds and asset managers are seeking exposure to cryptocurrency through publicly traded companies. Coinbase joined the S&P 500 index in May 2025, while MicroStrategy entered the Nasdaq 100, showing that crypto companies can achieve mainstream acceptance.
BitGo must still complete the SEC review process before its stock can begin trading. The company has not provided a timeline for when shares might become available to public investors.
What This Means for Crypto
BitGo’s IPO filing represents another step toward cryptocurrency becoming part of traditional finance. As one of the largest digital asset custodians in the U.S., the company’s public debut WOULD give investors direct exposure to the growing institutional adoption of crypto.
The success of recent crypto IPOs like Circle suggests strong investor demand exists for profitable companies with real business models in the digital asset space. BitGo’s explosive growth in assets under custody positions it well to capitalize on this trend.
However, investors should remember that cryptocurrency markets remain volatile, and regulatory changes could still impact these businesses significantly.
