Crypto custody heavyweight BitGo is considering an initial public offering as early as the second half of 2025, driven by a 67% surge in assets under custody (AUC) and a surge in institutional demand.
In a June 25 interview with Bloomberg, BitGo’s Asia-Pacific managing director, Abel Seow, revealed the company’s AUC has soared from $60 billion to $100 billion in just six months, reflecting increased global crypto adoption and clearer regulatory frameworks. Half of the assets are currently staked, signalling growing interest in yield-generating blockchain participation.
Founded in 2013, BitGo has evolved into a comprehensive institutional platform, offering not only custody but also trading, lending, and borrowing solutions. Its Series C round in 2023 raised $100 million at a $1.75 billion valuation, with major backing from Valor Equity Partners, DRW Holdings, Redpoint Ventures, and Goldman Sachs.
A potential IPO would place BitGo among a growing cohort of crypto companies pursuing public listings, particularly amid a policy shift in Washington. Since returning to the office, President Donald Trump has championed digital assets, ushering in pro-crypto regulators and advocating for stablecoin-focused legislation—moves that have emboldened the sector’s public market ambitions.
BitGo’s momentum is not limited to asset growth. The company has ramped up its global footprint, with Hana Financial Group and SK Telecom acquiring equity in BitGo Korea in 2024, a joint venture that Seow says is “progressing well.”
On the product side, BitGo continues to make high-profile moves. KuCoin integrated with BitGo Singapore’s Go Network on June 19, enabling off-exchange settlement for institutional clients as part of KuCoin’s $2 billion Trust Project. BitGo also helped VivoPower acquire $250 million worth of XRP in three tranches this month, while boosting staking support for Flare and Songbird within the XRP ecosystem.
In early June, the firm announced a strategic initiative to build institutional-grade custody and settlement infrastructure on the Hedera network, targeting decentralized finance (DeFi) applications. Most recently, on June 23, BitGo joined forces with crypto exchange HTX to launch insured, secure off-exchange trading for large clients via the Go Network.
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