Crypto custody startup BitGo filed confidentially to go public on Tuesday, the company said.
It is not yet clear on which exchange Bitgo plans to offer its shares, or what its price range will be.
Founded in 2013, Palo Alto, California-based BitGo has raised a known $170 million in funding, per Crunchbase data. The company aims to securely store and manage cryptocurrency and other digital assets
In August 2023, BitGo raised a $100 million Series C round at a $1.75 billion valuation. It was a step up in valuation from what BitGo would have been valued at had it been acquired by digital asset investment firm Galaxy Digital in a proposed $1.2 billion acquisition that was called off in 2022.
The company went on to raise another corporate round of funding in January 2024 for an undisclosed amount, according to Crunchbase data.
Bitcoin prices soared to over $100,000 in 2024, and currently trades at nearly $119,000 with projections it could go even higher in 2025. And after many headlines about regulation in the industry, the U.S. passed what is being described as the country’s “first major national cryptocurrency legislation.” The legislation is expected to be signed into law later this week.
A thawing IPO pipeline?
After an IPO drought, we’re seeing a flurry of filings in 2025, with more potentially planned in the coming year. Cryptocurrency exchange Kraken is expected to go public via an initial public offering sometime in early 2026.
San Francisco-based collaborative design platform Figma on Monday outlined the plans of its IPO, revealing it intends to raise nearly $1 billion.
But other fintech and crypto-related companies have already gone public so far in 2025.
In early June, shares of Circle closed up 168% at $83.29 in their first day of trading on the New York Stock Exchange, minting the stablecoin issuer with a market cap of around $16.7 billion and renewing hopes for an IPO market rebound. As of July 22, the stock had more than doubled from its first-day closing — trading at over $194 per share.
Digital bank Chime went public on June 12, and came out swinging. Chime’s shares shot up 37% in first-day trading on Nasdaq, closing at $37. As of July 22, the stock was trading at just over $33.
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Illustration: Dom Guzman
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