Share this article
BitGo Files to Go Public as Crypto Market Surges Past $4 Trillion
The crypto custodian submitted a confidential U.S. listing as interest in public crypto stocks heats up.
Updated Jul 22, 2025, 12:47 p.m. Published Jul 21, 2025, 3:00 p.m.
Make us preferred on Google
What to know:
- BitGo confidentially filed to go public after crypto market cap climbed to a record high.
- The custodian's decision to pursue a public listing comes as U.S. lawmakers move closer to passing long-awaited crypto regulations.
- The IPO filing signals that crypto firms are preparing for a more mature phase of integration with traditional financial markets.
Crypto custody firm BitGo said it confidentially filed for an initial public offering in the U.S. The move comes as the digital asset market crossed a record high $4 trillion in total value last week.
The filing, submitted just days after the market cap milestone, positions the Palo Alto, California-based company to join a growing list of digital asset firms heading to public markets. The demand is clear: Investors have been piling into crypto-related stocks in recent months, looking to capitalize on the sector’s renewed momentum.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Founded in 2013, BitGo secures digital assets for institutional clients including exchanges, banks and investment firms. It’s widely regarded as one of the largest crypto custodians in the U.S. While not as visible to everyday investors as trading platforms, BitGo’s role as a behind-the-scenes vault has grown more critical as financial institutions become more active in the industry.
This year’s rally in crypto asset prices — and progress toward regulatory frameworks in Washington — has spurred a wave of IPO activity. Stablecoin issuer Circle (CRCL) and trading platform eToro (ETOR) both went public recently and saw significant stock price appreciation. Circle’s shares have soared more than 630% since their listing, fueled by institutional adoption of its USDC stablecoin.
Other firms are rushing to follow. Last week, crypto asset manager Grayscale said it had filed for an IPO. Crypto exchange Gemini made a similar move. Bullish exchange, a sister company to CoinDesk, on Friday announced plans to go public in the U.S. The companies are betting that Wall Street’s appetite for digital assets will continue even after the initial excitement fades.
BitGo’s potential listing would give investors another pure-play crypto stock at a time when exposure to the industry has become a popular allocation. For now, no timeline or valuation has been announced.
The company raised $100 million in August 2023 at a $1.75 billion valuation.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
More For You
Coinbase’s Base moves away from Optimism’s 'OP stack' in major tech shift
Base launched in 2023 and quickly became one of the most widely used Ethereum layer-2 networks.
What to know:
- Coinbase’s Ethereum layer-2 network, Base, is changing the technology that powers it, stepping back from relying on Optimism’s OP Stack, the toolkit it originally launched on.
- Base launched in 2023 and quickly became one of the most widely used Ethereum layer-2 networks, with $3.85 billion in locked in the protocol today.
- The OP token is down 4% from the past 24 hours following the announcement of this news.
Top Stories
