BitGo Considers Public Offering As Part Of Strategic Growth
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Cryptocurrency custodian BitGo is reportedly exploring an initial public offering (IPO) as early as the second half of the year. The company is discussing the possibility with advisers, though no final decision has been made. When asked about the matter, BitGo declined to comment.
BitGo was valued at $1.75 billion after securing $100 million from investors in 2023. Founded in 2013, the company has become one of the largest U.S.-based crypto custody firms.
BitGo Wants To Expand Services And Explore IPO
BitGo serves over 1,500 institutional clients across more than 50 countries and handles about 8% of global bitcoin transactions by value.
In December, BitGo introduced a retail platform to provide individual investors with access to digital asset trading, staking, wallets, and custody services.
Chief Executive Officer Mike Belshe emphasized that retail investors need a security-focused, crypto-native platform and expressed excitement about offering trusted solutions for retail users.
In November, BitGo Singapore, a subsidiary of the company, officially launched to expand digital asset services in the Asia-Pacific region. This launch followed the company’s approval for a Major Payment Institution License from the Monetary Authority of Singapore.
BitGo’s potential IPO follows similar moves by other crypto firms. Last week, reports indicated that cryptocurrency company Gemini and crypto exchange operator Bullish Global are also considering public listings this year.
BitGo Aims For Growth And Future IPO While Expanding Services
In January, Kraken reported a revenue increase from $671 million to $1.5 billion in 2024, with co-Chief Executive Officer Arjun Sethi stating that the company continues issuing quarterly reports in preparation for a possible IPO.
BitGo, Inc. is a company that keeps digital money safe. It is in Palo Alto, California. Mike Belshe and Ben Davenport started it. In 2021, another company wanted to buy BitGo for $1.2 billion, but in 2022, the deal was stopped because the crypto market went down.
The company gives people special bitcoin wallets that use many keys to stay safe. Usually, each wallet has three keys—one with BitGo and two with the wallet owner. People can choose hot or cold wallets and decide if BitGo helps hold the keys or not.
BitGo also keeps bitcoin safe when people want to turn it into Wrapped Bitcoin (WBTC). This lets them use bitcoin on the Ethereum network.
In June 2014, BitGo got $12 million from investors, led by Redpoint Ventures.
In January 2015, BitGo shared its Platform API so more people could use it. The next month, it bought insurance from XL Catlin to help if someone stole money from its wallets.
