BitGo is exploring an IPO for the second half of 2025, aiming to join the growing list of crypto firms going public amid market recovery and increasing institutional interest.
Valuation and Previous Funding
U.S.-based crypto custodian BitGo is considering an initial public offering (IPO) as early as the second half of 2025. The Palo Alto-based firm is currently in discussions with potential advisers regarding the listing, according to sources familiar with the matter.
BitGo was last valued at $1.75 billion following a $100 million Series C funding round in August 2023. The funding was a key milestone for the firm, occurring at a time when venture capital investments in crypto had significantly contracted due to the prior year’s market downturn.
Prior to this, BitGo had raised $42.5 million in a Series B round in 2017, led by Valor Equity Partners, with participation from former PayPal COO and U.S. "Crypto Czar" David Sacks. The company’s investor base includes prominent names such as Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners.
Previous IPO Attempt and Industry Context
BitGo had previously pursued a public listing in 2021 through an acquisition by Galaxy Digital. However, the deal was terminated in August 2022 due to what Galaxy described as BitGo’s "failure to deliver" audited financial statements. The acquisition, had it been successful, would have valued BitGo at $1.2 billion.
BitGo is now part of a growing trend of crypto firms seeking to enter public markets amid increasing regulatory clarity and industry stabilization. Several other crypto firms, including Gemini, Bullish Global, Circle, and Kraken, have also expressed interest in IPOs.
BitGo’s Market Position
Founded in 2013, BitGo provides custody, trading, borrowing, and lending services for digital assets. It serves over 1,500 institutional clients across 50 countries and facilitates approximately 8% of global Bitcoin transactions by value. The firm competes with industry giants such as Coinbase in the institutional custody space.
Political Ties and Future Outlook
BitGo CEO Mike Belshe has been involved in political fundraising, notably hosting an event in July 2023 for Donald Trump’s presidential campaign, with Republican senator JD Vance headlining. The political backing of crypto-related initiatives under the Trump administration could further shape BitGo’s IPO trajectory.
A company representative declined to comment on the IPO considerations. Discussions are ongoing, and no final decision has been made regarding the listing timeline.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
