BitGo Files Confidentially for IPO: Crypto Custody Startup Goes Public
BitGo Moves Toward IPO: A New Era for Crypto Custody
BitGo’s Confidential IPO Filing
Crypto custody firm BitGo has taken a significant step by confidentially filing for an initial public offering (IPO) this Tuesday. The specifics regarding the exchange for its shares and the anticipated pricing range remain undisclosed.
Founded in 2013 and based in Palo Alto, California, BitGo has successfully secured $170 million in funding, according to Crunchbase. The company specializes in the secure storage and management of cryptocurrencies and other digital assets.
In August 2023, BitGo completed a $100 million Series C funding round, achieving a valuation of $1.75 billion. This marked a notable increase from the $1.2 billion valuation it would have received from a proposed acquisition by Galaxy Digital, which ultimately fell through in 2022.
Additionally, BitGo raised another round of funding in January 2024, although the amount remains undisclosed.
Cryptocurrency Market Dynamics
As of 2024, Bitcoin prices have surged past $100,000, currently hovering around $119,000, with forecasts suggesting even higher values in 2025. Following numerous discussions about regulatory measures in the crypto sector, the U.S. is on the verge of enacting what is being termed the nation’s first comprehensive cryptocurrency legislation, expected to be signed into law soon.
A Resurgence in IPO Activity
After a prolonged period of inactivity in the IPO market, 2025 is witnessing a resurgence of filings, with more anticipated in the near future. Notably, cryptocurrency exchange Kraken is projected to pursue an IPO in early 2026.
On Monday, Figma, a collaborative design platform based in San Francisco, announced its IPO plans, aiming to raise nearly $1 billion.
Several fintech and crypto-related companies have already made their public debuts in 2025. In early June, Circle’s shares skyrocketed by 168% on their first trading day on the New York Stock Exchange, reaching $83.29 and giving the stablecoin issuer a market capitalization of approximately $16.7 billion. By July 22, the stock had more than doubled, trading at over $194 per share.
Similarly, digital bank Chime went public on June 12, experiencing a 37% increase on its first day of trading on Nasdaq, closing at $37. However, by July 22, its stock was trading slightly lower at just above $33.
Conclusion
The recent developments in the IPO landscape, particularly for crypto-related firms like BitGo, signal a potential revival in the market. As regulatory frameworks evolve and cryptocurrency values continue to rise, the coming months may prove pivotal for both BitGo and the broader crypto industry.
