One of the biggest US-based crypto custodian services providers is reportedly considering an initial public offering (IPO).
Citing people familiar with the matter, Bloomberg reports that BitGo is in talks with potential advisers for a listing by the second half of the year.
[adinserter block="1"]The sources say no final decision has yet been made and the discussions are still ongoing.
The California-based firm is joining a number of other crypto companies planning to go public, including the Winklevoss twins’ crypto exchange Gemini, which is considering an IPO this year. Donald Trump’s support for the sector boosts optimism for regulatory approval.
BitGo’s CEO Mike Belshe supported the president in his bid to return to the White House. In July, he hosted a fundraiser for Trump’s presidential campaign that charged $3,300 per attendee.
In 2021, BitGo was on track to getting acquired by Galaxy Digital but the deal did not push through. Michael Novogratz’s financial services firm cited BitGo’s failure to deliver audited financial statements as cause for the termination of the agreement.
In 2023, BitGo raised $100 million in funding from investors, bringing the company’s valuation to $1.75 billion. An April statement shows BitGo’s backers included leading investment banking and financial services titan Goldman Sachs, trading firm DRW Holdings, venture capital firm Redpoint Ventures and operational growth investment company Valor Equity Partners.
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