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Cryptocurrency custody leader BitGo has taken a significant step toward becoming a publicly traded company, confidentially submitting draft registration documents for a U.S. initial public offering. The move comes as the firm's assets under custody surpass the $100 billion threshold, signaling growing institutional adoption of digital assets.
On July 21, 2025, BitGo announced its confidential submission of a Form S-1 registration statement to the U.S. Securities and Exchange Commission. The filing marks a pivotal moment for the 12-year-old company, though critical details including share quantity and pricing remain undetermined. 【Notably】, the document hadn't appeared in the SEC's EDGAR database at publication time.
——This confidential filing approach allows companies to refine their offering details before public disclosure——, a strategy increasingly adopted by tech firms navigating volatile markets. BitGo's custody business has demonstrated remarkable growth, with assets swelling from $60 billion to over $100 billion in just six months.
The IPO preparations coincide with BitGo's international push. The company recently secured regulatory approval under the European Union's Markets in Crypto-Assets (MiCA) framework, granting access to the 27-nation bloc. Sources indicate parallel efforts to obtain a U.S. bank charter, potentially creating a hybrid financial services model.
Industry analysts highlight the timing as strategic. "Custody solutions have become the backbone of institutional crypto participation," noted Marco Santori of Blockchain Association. "BitGo's compliance-first approach positions it well amid tightening global regulations."
If successful, BitGo would join 46 notable blockchain companies trading on major exchanges. Recent filings by crypto exchange Bullish and asset manager Grayscale suggest growing Wall Street appetite for digital asset exposure. 【Data】 from CoinGecko reveals Nasdaq hosts 24 blockchain stocks, with NYSE and OTC markets accounting for the remainder.
The custody specialist's move follows a broader trend of crypto-native firms pursuing traditional financing options. Interestingly, this comes as established financial institutions increasingly explore digital asset custody services—a sector projected to reach $10 trillion by 2030 according to Boston Consulting Group.
BitGo's path to public markets won't be without challenges. The SEC maintains strict disclosure requirements for crypto-related listings, particularly regarding asset safeguarding and compliance protocols. Recent FDIC guidance outlined custody-specific risks banks must address, suggesting regulators remain cautious about digital asset integration.
As the crypto industry matures, BitGo's IPO attempt could serve as a bellwether for institutional confidence. Market observers will closely monitor the offering's reception, particularly among traditional investors still wary of digital asset volatility.