BitGo Charges Toward IPO as Trump’s Stablecoin Law Ignites $4T Crypto Surge

Wall Street meets blockchain in BitGo’s power play.

Regulatory Tailwinds

Fresh off President Trump’s signing of the landmark stablecoin bill, institutional custody giant BitGo seizes the moment—filing for an IPO as total crypto market cap smashes through $4 trillion. The timing? Impeccable. The ambition? Unmissable.

Market Mechanics

Trump’s legislation didn’t just legitimize stablecoins—it greased the rails for TradFi’s full-throttle crypto adoption. Now BitGo’s vaults bulge with institutional assets while exchanges scramble to keep up with demand (and compliance).

The Cynic’s Corner

Nothing unclogs regulatory pipelines faster than politicians realizing they’re missing the tax revenue train. Welcome to the new era of ‘compliant disruption’—where even crypto’s anarcho-capitalists learn to love KYC.

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.

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