Crypto Custody Firm BitGo Said to Weigh IPO as Soon as This Year

(Bloomberg) -- BitGo Inc. is considering an initial public offering, according to people familiar with the matter, joining a flood of crypto companies anticipating more support for their plans from regulators.

The Palo Alto, California-based company is in talks with potential advisers on a listing as soon as the second half of this year, one of the people said, asking not to be identified as the information isn’t public.

BitGo raised $100 million in 2023 from new investors at a $1.75 billion valuation. Its backers have included Goldman Sachs Group Inc., DRW Holdings, Redpoint Ventures and Valor Equity Partners, an April statement showed.

Deliberations are ongoing and no final decisions have been made, the people said. A representative for BitGo declined to comment.

An IPO would see BitGo joining a number of crypto companies planning to go public amid President Donald Trump’s public backing of the sector. Gemini, the cryptocurrency firm backed by the billionaire Winklevoss twins, is considering an IPO as soon as this year, along with Bullish Global, a cryptoasset exchange operator with backers including billionaire Peter Thiel. Circle Internet Financial Ltd. and crypto exchange Kraken have long-held aspirations of becoming publicly traded.

BitGo Chief Executive Officer Mike Belshe hosted a fundraiser in July for Trump’s presidential campaign headlined by the Republican nominee’s running mate, JD Vance, charging $3,300 per person to attend.

Founded in 2013, BitGo is one of the largest US-based crypto custodian services providers. The company also lets clients trade, borrow and lend digital assets. It serves more than 1,500 institutional clients in over 50 countries, and processes about 8% of all global Bitcoin transactions by value, according to its website.

The company’s custody services compete with the likes of the US’s biggest crypto exchange, Coinbase Global Inc.. Traditional banks have become interested in offering similar services, directly or through partners, as regulations in the US become more relaxed under Trump.

Billionaire Michael Novogratz’s crypto firm Galaxy Digital Holdings Ltd. agreed to acquire BitGo in 2021 for $1.2 billion. Galaxy terminated its acquisition agreement with BitGo the following year.