In a significant move for the cryptocurrency industry, Palo Alto-based BitGo, a leading crypto custody startup, has confidentially filed for an initial public offering (IPO) in the United States. The announcement, made on Tuesday, July 23, 2025, signals the company's ambition to capitalize on the surging momentum in the digital asset market, which recently reached a staggering $4 trillion valuation.
BitGo, valued at $1.75 billion following a $100 million Series C funding round in 2023, specializes in providing trust and security services for digital assets. With assets under custody surpassing $100 billion, the company has established itself as a trusted infrastructure provider for institutional investors navigating the volatile crypto landscape.
This IPO filing positions BitGo among other high-profile crypto firms, such as Grayscale and Bullish, racing to enter public markets amid renewed investor interest and increasing regulatory clarity. The firm aims to complete its public debut by the second quarter of 2025, marking a pivotal moment in its growth journey after a failed acquisition attempt by Galaxy Digital over two years ago.
The decision to go public reflects a broader trend in the fintech and crypto sectors, where companies are seizing opportunities presented by favorable market conditions. BitGo's move could pave the way for more blockchain-based firms to seek public listings, further legitimizing the industry in the eyes of traditional investors.
Industry experts suggest that BitGo’s IPO could attract significant attention, given its robust growth and critical role in securing digital assets for financial institutions. As the crypto market continues to mature, BitGo’s public offering may serve as a benchmark for other startups in the space.
In addition to its IPO plans, BitGo recently expanded its global footprint by launching operations in Brazil through its subsidiary, BitGo Brasil Tecnologia Ltda., on July 25, 2025. This strategic move underscores the company’s commitment to offering crypto custody and digital treasury services to financial institutions worldwide.
Alfred Lee
