Report: Crypto Custodian Services Provider BitGo Considers IPO

Cryptocurrency custodian services provider BitGo is reportedly considering an initial public offering (IPO) as soon as the second half of the year.

The firm is in talks with potential advisers on a listing, although no final decision has been made, Bloomberg reported Tuesday (Feb. 11), citing unnamed sources.

Reached by PYMNTS, BitGo declined to comment on the report.

BitGo was valued at $1.75 billion when it raised $100 million from investors in 2023, according to the Bloomberg report.

The company was founded in 2013 and is now one of the largest U.S.-based crypto custody firms, serving more than 1,500 institutional clients in over 50 countries and processing about 8% of all global bitcoin transactions by value, according to the report.

BitGo said in December that it debuted a dedicated retail platform designed to offer retail customers access to the firm’s digital asset trading, staking, wallets and qualified custody services.

The platform is designed to offer retail investors the same “white-glove, crypto-native solutions” that the company has offered to the global institutional market since 2013, BitGo CEO Mike Belshe said at the time in a press release.

“Retail investors need a security-first, crypto-native platform, and we are excited to serve as that trusted partner,” Belshe said. “We look forward to enhancing the retail investing, trading, storage and staking experience for investors around the world.”

In November, a subsidiary of the company, BitGo Singapore, announced its official launch to provide comprehensive digital asset services to the broader Asia-Pacific region. The launch came about three months after BitGo obtained its Major Payment Institution License from the Monetary Authority of Singapore.

The report of BitGo’s potential IPO came soon after similar reports about other companies in the crypto space.

It was reported Thursday (Feb. 6) that cryptocurrency firm Gemini and crypto exchange operator Bullish Global are both considering IPOs as soon as this year.

In January, while reporting that crypto exchange Kraken’s revenue more than doubled in 2024 from $671 million to $1.5 billion, Kraken co-CEO Arjun Sethi said the company plans to continue issuing quarterly reports, which “gives us an ability to turn on the lights for when we are ready for the possibility” of an IPO.