BitGo’s IPO Surge: How Trump’s Stablecoin Bill and Crypto’s $4T Milestone Are Reshaping Wall Street

BitGo’s Road to Wall Street: Custody Giant Eyes Public Debut

BitGo, the Palo Alto-based crypto custody powerhouse founded in 2013, just dropped its IPO paperwork—though the share count and price range remain under wraps. With assets under custody exploding from $60B to $100B in just six months (per company reports), this isn’t your average tech startup. Goldman Sachs-backed BitGo has quietly built a full-service empire: cold storage, OTC trading, lending, and even a hedge fund-friendly derivatives platform launched earlier this year. "They’re not just a vault anymore," notes a BTCC analyst. "They’re becoming the JPMorgan of crypto infrastructure."

Trump’s “Genius Act” Triggers IPO Gold Rush

Timing is everything. BitGo’s filing landed hours after President Trump signed the Stablecoin Governance Act, establishing federal oversight for dollar-pegged tokens. "This legitimizes crypto as American infrastructure," Trump declared at the signing ceremony. The law’s consumer protections—requiring 1:1 reserves for stablecoins—immediately calmed institutional jitters. CoinGlass data shows stablecoin trading volumes spiked 40% post-announcement. Meanwhile, the total crypto market cap smashed through $4 trillion for the first time, with Bitcoin leading at $118,000 (up from $94K in January).

Wall Street’s Crypto Land Grab

BitGo isn’t alone. Bullish Exchange—backed by Peter Thiel and ex-NYSE CEO Tom Farley—filed for a NYSE listing (ticker: BLSH) the same week. They join a stampede of public debuts:

• Circle (June IPO): USDC issuer’s stock soared 7x
• eToro (May): Retail trading app now worth $8B
• Gemini (June filing): Winklevoss twins’ exchange plans Nasdaq debut

"It’s 1999 dot-com energy, but with real revenue," quips a Redpoint Ventures partner. Even traditional finance is pivoting—Galaxy Digital moved its listing from Toronto to NASDAQ in May.

The Institutional On-Ramp

BitGo’s pre-IPO maneuvers reveal a calculated strategy. Their new OTC desk offers spot trading, options, and crypto loans tailored for hedge funds. "They’re building the pipes before turning on the money hose," observes a Valor Equity exec. With Thiel, Musk, and Sacks lobbying for pro-crypto legislation (and funding Trump’s reelection), the regulatory winds have shifted. TradingView charts show institutional inflows hit $12B this quarter—triple 2023’s pace.