Cryptocurrency asset custody startup BitGo has submitted its initial public offering (IPO) related documents to the U.S. Securities and Exchange Commission (SEC) in a non-public manner. Although the planned stock exchange and price range have not been disclosed, it appears that preparations for the IPO are being actively pursued.
Founded in 2013 in Palo Alto, Silicon Valley, BitGo focuses on the safe storage and management of digital assets and has raised a total of $170 million in investment funds. In particular, the company was valued at $1.75 billion through a Series C investment round of $1 billion in August 2023.
BitGo originally signed an acquisition contract with digital asset investment firm Galaxy Digital for $1.2 billion, but this deal was canceled in 2022. In January 2024, the company also raised additional corporate investment, though the amount remains undisclosed.
The recent surge in Bitcoin prices further supports BitGo's IPO context. Bitcoin, which once exceeded $100,000 in 2024, is currently approaching $119,000 as of July 2025, with further price increases anticipated. This market uptrend is positively influencing the valuation and IPO pursuits of cryptocurrency infrastructure companies like BitGo.
The overall IPO atmosphere in the industry is showing signs of recovery. This year has seen consecutive IPO announcements from digital asset-related companies. San Francisco-based design platform Figma recently announced IPO plans targeting a corporate value of $13 billion. Additionally, cryptocurrency exchange Kraken is known to be preparing for an IPO in early 2026.
In the first half of this year, stablecoin issuer Circle recorded a market capitalization of $16.7 billion with a 168% stock price surge on its first day of listing on the New York Stock Exchange. Similarly, digital bank Chime successfully entered NASDAQ with a 37% first-day increase and is currently experiencing a slight adjustment.
BitGo's IPO preparation is aligned with the institutionalization trend in the cryptocurrency market. The first national-level cryptocurrency-related bill recently passed by the U.S. Congress is expected to be signed and enacted soon, raising expectations that industry uncertainty will decrease and trust will be strengthened. Against this background, attention is focused on whether BitGo can enter the traditional financial market.
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