- BitGo filed a confidential IPO, marking a milestone in crypto infrastructure growth.
- The firm surpassed $100B in assets under custody amid rising institutional demand.
- BitGo’s IPO signals Wall Street interest in secure, compliant crypto service providers.
BitGo’s confidential IPO filing marks a significant milestone in the institutionalization of the crypto sector. As one of the industry’s oldest and most trusted custodians, BitGo is aiming to enter public markets. In a landscape shaped by regulatory pressure and institutional demand, the move signals growing confidence in crypto-native firms with long-term utility. Unlike exchanges, BitGo’s infrastructure-first model focuses on security, compliance, and long-term utility.
On Monday, BitGo announced that it had filed a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC). The filing is confidential and details such as share amounts and price packs have not been disclosed. A formal timeline for the IPO is also pending.
BitGo Scales Custody Business Amid Global Expansion
Operating since 2013 with headquarters based in Palo Alto, California, BitGo provides custody services for digital assets. The company mainly serves institutional clients, which include investment firms, exchanges, and banks. BitGo acts as a secure storage provider, offering vault-like services for high-value crypto holdings.
According to Bloomberg reports, BitGo’s assets have surpassed the $100 billion mark within six months of 2025. Earlier this year, the number had been $60 billion, highlighting the accelerating demand for secure cryptocurrency custody. In 2023, BitGo raised $100 million in funds, which led to its company valuation of $1.75 billion.
The IPO move comes amid broader expansion plans. BitGo obtained regulatory approval under the European Union’s Markets in Crypto-Assets (MiCA) framework, giving it legal grounds to operate across the EU and offer digital asset services to more European institutions.
In the U.S., BitGo is exploring further regulatory advances. In May, reports indicated the company is pursuing a U.S. bank charter, which would allow BitGo to expand into traditional financial operations. The charter is pending regulatory approval.
Related: Peter Thiel-Backed Bullish Files IPO Amid Crypto Resurgence
BitGo Joins Crypto Firms Racing to Public Markets
BitGo’s IPO filing follows a trend of crypto firms moving toward public markets. This includes firms like Circle and eToro. Circle saw its stock price rise more than 630% post-listing. The rise came from increased adoption of its USDC stablecoin.
More companies are following suit, with Grayscale recently filing for an IPO. Gemini has also initiated steps toward a public offering. Bullish, a crypto exchange backed by Peter Thiel, submitted IPO paperwork last week.
In order to support its initial public offering, BitGo has attracted the service of major financial institutions, such as J.P. Morgan, Citigroup, and Deutsche Bank. The company is getting ready to list on the New York Stock Exchange and will have a ticker symbol of BLSH.
Investor appetite for crypto stocks is growing. A surge in crypto asset prices this year has renewed interest. Investors are looking for regulated ways to gain exposure to the sector.
The listing of BitGo may draw the interest of institutional investors. It is a global leader in crypto custody. Its services are in demand because asset managers need safe mechanisms for storing crypto. A public listing would also uplift transparency and regulatory alignment.
BitGo’s entry into public markets adds another layer to the maturing crypto space. Institutional infrastructure businesses are coming to prominence. The investors are also seeking access to backend service providers rather than trading platforms. The custodians, such as BitGo, are the key players within the crypto financial system.
IPOs might be considered by other custodians and infrastructure providers. As regulations are being enhanced in the U.S. and Europe, a greater number of firms will join capital markets.
The strategy of BitGo is indicative of the general trends in the industry. The sector is being determined by regulatory involvement and institutional need. The IPO of the firm may indicate the seriousness of the crypto infrastructure players when it comes to long-term growth.
