BitGo has filed for a US IPO, joining the trend amongst crypto firms of going public in the US and capitalising on the momentum.
US President Donald Trump signed a bill last week to create a regulatory regime for stablecoins, enabling the USD-pegged assets to become an everyday method to make transfers and move funds.
BitGo believes that these market conditions, together with the fact that Bitcoin reached USD 120,000, are preferable for an IPO at the moment. The company knows that the IPO conditions can change unexpectedly, especially in a volatile space such as crypto, so its aims to take advantage of the current situation.
Founded in 2013, BitGo is a US-based cryptocurrency custody firm, storing and shielding digital assets for its clients. In 2023, the company raised USD 100 million, being valued at USD 1.75 billion at the time.
Other recent IPOs in the crypto sector
The crypto sector in the US rose in market value to USD 4 trillion. This ascent ignited interest in IPOs, with proper regulation, corporate treasury adoption, and industrial inflows fuelling a wave of listings. Asset manager Grayscale and digital asset exchange firm Gemini also confidentially filed to go public in the country. The decision overlapped with the start of the crypto week in the US, where regulators planned to debate three major bills that could provide long-awaited clarity to the crypto industry.
Stablecoin issuer Circle went public this year, raising USD 1.1 billion in its IPO. The offering valued the company at roughly USD 6.9 billion based on outstanding shares, with a fully diluted valuation, accounting for options, restricted units, and warrants, estimated at around USD 8.1 billion.
Crypto exchange Bullish also recently disclosed its IPO plans, applying to list its ordinary shares on the New York Stock Exchange under the ticker symbol “BLSH”. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed.
