Just as the crypto market brushed past a casual $4 trillion in total value, BitGo has quietly filed for an IPO in the U.S., confidentially, of course, because nothing says “we’re totally ready for public scrutiny” like secrecy.
Founded in 2013 and based in Palo Alto, BitGo has long been the digital asset world’s equivalent of a high-security storage unit, minus the broken padlocks and reality TV crews. The firm specializes in safeguarding crypto for institutional clients: exchanges, banks, and those investment firms that finally stopped calling Bitcoin “funny money.” While it doesn’t have the name recognition of a Coinbase or the meme power of Dogecoin, BitGo’s role has become foundational as Wall Street creeps further into crypto like it’s just testing the water—while already wearing a wetsuit.
This IPO attempt comes on the heels of a flurry of crypto firms diving into public markets with all the grace of a synchronized cannonball. Circle and eToro both made public debuts recently, with Circle’s shares soaring over 630%; because nothing says “stable” like a stablecoin issuer rocketing like a penny stock. Not to be left out, Grayscale, Gemini, and Bullish also decided it was time to go public, possibly realizing that optimism sells better before regulators change their minds.
BitGo’s own valuation stood at $1.75 billion as of its last funding round in August 2023, when it raised $100 million. Details of the IPO, like valuation, pricing, or what snacks will be served at the bell-ringing ceremony, remain undisclosed.
Still, if Wall Street’s appetite for crypto continues to defy both logic and gravity, BitGo’s move might be perfectly timed. After all, in a world where custody services are finally sexy, BitGo is trying to be the most dependable vault in the wildest casino.
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