BitGo secretly submitted an IPO application, as the cryptocurrency custody giant aims to capture the public market.
Cryptocurrency custody provider BitGo announced on Monday (7/21) that it has secretly submitted a Form S-1 draft to the U.S. Securities and Exchange Commission (SEC), planning to conduct an initial public offering (IPO). Established in 2013, the company specializes in providing digital asset custody, settlement, and wallet infrastructure services for institutional clients, currently managing over $100 billion in assets, significantly growing from $60 billion at the beginning of the year.
BitGo's application documents did not disclose details such as the number of shares to be issued or price ranges; the IPO process will depend on the SEC's review results and market conditions. The company completed its Series C funding in August 2023, raising $100 million, with a valuation of $1.75 billion at that time. As one of the largest cryptocurrency custodians in the U.S., BitGo serves over 1,500 institutional clients, including exchanges, banks, and investment firms, and has participated in the asset distribution work of the Mt. Gox and FTX bankruptcy cases.
Source: Rootdata BitGo's financing history.
With the total market value of the global cryptocurrency market exceeding $4 trillion and the Trump administration's friendly stance towards the crypto industry, more and more digital asset companies are preparing to enter the public market. After stablecoin issuer Circle successfully listed on the New York Stock Exchange in June this year, its stock price (NYSE: CRCL) surged from $31 to over $223, a 619% increase, with a market capitalization exceeding $55 billion, laying the groundwork for the cryptocurrency IPO boom.
Global expansion layout, EU compliance permit obtained.
BitGo has been actively expanding into international markets recently, obtaining regulatory permission under the EU's MiCA (Markets in Crypto-Assets) framework in May this year, becoming one of the first U.S. digital asset companies to receive pan-European compliance authorization. This permission allows BitGo to provide custody services in all EU member states, creating conditions for deeper cooperation with European financial institutions.
In the United States, BitGo is applying for a national bank charter, hoping to further integrate with traditional banking infrastructure to provide services under a more robust regulatory framework. The company has also actively participated in U.S. policy discussions, including the 'Protecting American Bitcoin' group meeting in March and the SEC's cryptocurrency custody roundtable in April.
Further Reading
The cryptocurrency industry is entering the traditional finance realm! Circle and BitGo apply for bank licenses, Coinbase may follow suit.
BitGo's IPO plan marks a significant turning point for the company. In 2022, Galaxy Digital, led by Mike Novogratz, canceled a deal to acquire BitGo for $1.2 billion, leading to long-term litigation between the two parties that forced BitGo to remain private, while competitors like Coinbase took the opportunity to expand their market share.
The Taiwan branch was quietly established with an operating capital of $5 million.
According to information disclosed by the Ministry of Economic Affairs Business Registration and Public Information Service, BitGo completed its registration for a branch in Taiwan on July 14 this year, with the company name 'BitGo Inc.', unified number 60635798, and operating capital in Taiwan of $5 million. The branch's head is Michael Allen Belshe.
Source: Ministry of Economic Affairs Business Registration and Public Information Service. BitGo completed its registration for a branch in Taiwan on July 14 this year, with the company name 'BitGo Inc.'
According to Article 371 of Taiwan's Company Act, foreign companies must register a branch to conduct business in Taiwan, and violators will face criminal liability and civil compensation. BitGo's Taiwan branch covers various fields, including international trade, general investment, information software services, data processing services, electronic information supply services, research and development services, and internet certification services.
This layout shows BitGo's emphasis on the Asia-Pacific market. Taiwan, as an important technology and financial center in Asia, has a sound regulatory environment and a talent advantage in technology, providing a crucial base for BitGo to expand its business in Asia. The company's establishment in Taiwan also reflects the optimism of international cryptocurrency service providers regarding the potential of the Taiwanese market.
The wave of cryptocurrency IPOs is rising, and competition is heating up.
BitGo has joined the growing ranks of cryptocurrency IPOs. Asset management company Grayscale also secretly submitted IPO application documents last week, while Peter Thiel-supported cryptocurrency exchange Bullish announced its IPO plan last Friday, expecting to list on the New York Stock Exchange under the 'BLSH' code, with JPMorgan, Citigroup, and Deutsche Bank serving as lead underwriters.
According to CoinGecko statistics, there are currently 46 publicly traded blockchain companies worth noting, with 24 listed on Nasdaq, 18 trading over-the-counter, 2 on the New York Stock Exchange, and 1 on the Toronto Stock Exchange. As the regulatory environment becomes clearer and institutional investor interest increases, notable cryptocurrency companies like Kraken, Gemini, and Ledger are expected to consider going public.
Source: CoinGecko As of February 2025, noteworthy publicly traded blockchain companies in various markets.
Market analysts believe that if BitGo's IPO is successful, it will provide investors with another pure cryptocurrency stock option, especially as the allocation of digital assets becomes increasingly popular. As a behind-the-scenes custody service provider, its key role will become more prominent as financial institutions increase their participation in the cryptocurrency space.
'BitGo Applies for IPO! Aiming to Assist Global Compliant Banks, Recently Also Quietly Established in Taiwan' This article was first published in 'Crypto City'.
