TLDR

BitGo has confidentially filed with the SEC for a US IPO after its assets under custody grew from $60 billion to over $100 billion in the first half of 2025
The filing comes as the total crypto market cap reached a record $4 trillion, driving increased investor interest in crypto stocks
BitGo joins other major crypto firms like Grayscale, Gemini, and Bullish that are also pursuing public listings
The company recently secured regulatory approval in the EU under the MiCA framework and is exploring a US bank charter
Circle and eToro have already gone public this year, with Circle’s stock rising over 630% since listing

BitGo has filed for an initial public offering in the United States as the crypto custody firm looks to capitalize on record market conditions. The Palo Alto-based company confidentially submitted its Form S-1 registration statement to the Securities and Exchange Commission on Monday.

The timing of the filing comes as BitGo’s business has grown rapidly in 2025. The company’s assets under custody jumped from $60 billion at the start of the year to over $100 billion in the first half of 2025, according to Bloomberg reports.

BitGo serves as a digital asset custodian for institutional clients including exchanges, banks and investment firms. Founded in 2013, the company operates as a behind-the-scenes vault that secures crypto assets for major financial institutions.

The IPO filing coincides with the crypto market reaching a record high of $4 trillion in total value last week. This milestone has driven renewed investor interest in crypto-related stocks as traders seek exposure to the digital asset sector.

BitGo’s decision to go public reflects broader trends in the crypto industry. Several other major firms are also pursuing public listings as regulatory frameworks become clearer in Washington.

Circle and eToro both completed successful public offerings this year. Circle’s stock has surged more than 630% since its listing, driven by institutional adoption of its USDC stablecoin.

Growing Wave of Crypto IPOs

Last week, crypto asset manager Grayscale filed for its own IPO with the SEC. The company joins Gemini and Bullish exchange in pursuing US stock market listings.

Bullish, which is a sister company to CoinDesk, announced its IPO plans on Friday. The exchange reported net income of approximately $80 million for fiscal year 2024.

BitGo is positioning itself to join 46 other publicly traded blockchain companies currently in the market. According to CoinGecko data, 24 of these firms trade on the Nasdaq while 18 operate over-the-counter.

The company has been expanding its operations beyond the US market. BitGo recently secured regulatory approval in the European Union under the Markets in Crypto-Assets framework, extending its services across EU member states.

Regulatory Progress and Expansion Plans

BitGo is also exploring opportunities in traditional US banking. Reports indicate the company is among a small group of crypto firms pursuing a US bank charter, pending regulatory developments.

The company raised $100 million in August 2023 at a $1.75 billion valuation. No timeline or updated valuation has been announced for the potential public offering.

BitGo has not disclosed the number of shares or price range for its proposed stock offering. The registration statement has not yet appeared on the SEC’s EDGAR database as of publication.

Wall Street investors have shown strong appetite for crypto exposure in recent months. The renewed momentum in digital assets has created demand for pure-play crypto stocks among institutional and retail investors.

BitGo’s IPO filing represents another step in the crypto industry’s integration with traditional financial markets. The company’s custody business has grown as more institutional players enter the digital asset space.

The post BitGo Files for US IPO as Crypto Custody Assets Reach $100 Billion appeared first on CoinCentral.

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Filed under: News - @ July 22, 2025 10:28 am