Crypto custodian BitGo mulls IPO in 2025: Report
2025-02-12
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Cryptocurrency custodian BitGo is mulling conducting an initial public offering (IPO) as soon as this year, according to a Feb. 11 Bloomberg report. 
Bloomberg said Palo Alto-based BitGo is in talks with investment banks to advise on a potential IPO, which would happen in the second half of 2025, if at all. Deliberations are reportedly ongoing, and no final decision has been made. 
BitGo provides regulated crypto custody, lending and infrastructure services to US institutions. A company spokesperson declined to comment on the report to Cointelegraph. 
The company is best known as the custodian for wrapped Bitcoin (WBTC), a popular Bitcoin BTCUSD wrapper. Bitcoin wrappers are tokens representing BTC on other blockchain networks.
As of Feb. 11, wBTC has a market capitalization of roughly $12 billion, according to CoinMarketCap. In November, Coinbase announced plans to delist wBTC after BitGo agreed to grant partial control over wBTC’s Bitcoin backing to Hong Kong-based crypto exchange BiT Global.
Surging public markets for crypto firms
BitGo joins several other major crypto firms considering foraying into the public equity markets in 2025 after crypto-friendly US President Donald Trump started his term in January. 
Other crypto firms eyeing public listings include stablecoin issuer Circle and exchanges Kraken, Gemini and Bullish.
Regulated digital asset custodians such as BitGo are proliferating in the US. Others include Fireblocks, Coinbase Custody Trust, and Fidelity Digital Asset Services.
Meanwhile, crypto stocks surged following Trump’s Nov. 5 victory in the US presidential election, as many believe his win will benefit the industry, as Cointelegraph Research reported.
Shares of Coinbase’s stock, COIN, are up roughly 40% since Trump’s win, according to data from Google Finance. 
Coinbase acts as a custodian for most of the US Bitcoin and Ether ETHUSD exchange traded funds.
In 2023, BitGo raised $100 million from investors at a $1.75 billion valuation, with backers including Goldman Sachs and DRW Holdings, Bloomberg said.
In July, Mike Belshe, BitGo’s CEO, hosted a fundraiser for Trump’s presidential campaign, according to Bloomberg.