BitGo Files for IPO as Crypto Market Surpasses $4 Trillion, Driven by Pro-Crypto Policies and Institutional Demand

BitGo, a leading cryptocurrency custodian, has taken a significant step toward an initial public offering (IPO) by submitting a confidential draft registration statement to the U.S. Securities and Exchange Commission. The move positions the firm to join a growing list of crypto companies seeking public market access amid a historic surge in the sector’s total market capitalization, which recently exceeded $4 trillion. The filing, disclosed in a statement, reflects BitGo’s strategic push to capitalize on heightened investor confidence and regulatory developments under the current administration.

Founded in 2013, BitGo specializes in securing digital assets for institutional clients, including exchanges, banks, and investment firms. It is widely regarded as one of the largest custodians in the United States. The company’s valuation reached approximately $1.75 billion following a $100 million Series C funding round in August 2023. By mid-2025, its assets under custody surpassed $100 billion, underscoring strong adoption of its services. The confidential IPO filing allows BitGo to maintain financial privacy during the process, a common practice for companies navigating regulatory scrutiny.

The timing of BitGo’s filing aligns with a broader trend of crypto firms pursuing public listings. Earlier this year, stablecoin issuer Circle achieved a record-breaking IPO, with its shares surging over 600% post-debut. Meanwhile, asset management firm Grayscale has also submitted confidential documents for its own U.S. stock market debut. The momentum is driven by institutional demand for crypto infrastructure, a surge in digital asset prices, and a regulatory environment increasingly favorable to the sector. The administration’s pro-crypto stance has further accelerated the pace of public market entries, as companies seek to leverage investor optimism.

The $4 trillion milestone for crypto market capitalization, though temporarily retreating, highlights the sector’s expanding influence. This growth has been fueled by rising investor demand, corporate treasury allocations, and policy shifts that have reduced regulatory uncertainty. The current administration’s supportive approach has created a conducive environment for crypto firms to pursue public listings, with centralized exchanges like Gemini and Bullish also reportedly preparing for their own offerings. These developments signal a maturing market and growing institutional acceptance of digital assets.

BitGo’s decision to pursue an IPO follows a period of strategic expansion. The company has enhanced its infrastructure to meet rising demand for secure custody solutions, a critical service as digital asset adoption matures. A successful listing could provide additional capital to scale operations and strengthen its competitive position. However, the IPO’s success will depend on maintaining investor confidence amid broader market fluctuations and regulatory scrutiny. The firm’s experience in multi-signature security and compliance with evolving regulations positions it as a key player in the custody space.

The surge in crypto-related IPO activity reflects a shift toward mainstream acceptance of digital assets. As the sector’s market capitalization reaches record levels, the convergence of institutional adoption, regulatory clarity, and investor optimism is likely to drive further innovation and growth. BitGo’s entry into the public market underscores this trajectory, marking a pivotal moment in the industry’s integration with traditional finance. The company’s journey, alongside others in the sector, highlights the potential for crypto firms to establish credibility and liquidity while navigating a rapidly evolving regulatory landscape.