The cryptocurrency industry is poised for a wave of IPOs, with BitGo reportedly planning to go public this year.

BitGo Inc. is considering an IPO, joining a growing list of crypto companies hoping to get more support from regulators for their plans, according to sources familiar with the matter.

One source said the company is in talks with potential advisers about a listing as early as the second half of this year.

BitGo raised $100 million from new investors in 2023, valuing the company at $1.75 billion. Its supporters include Goldman Group, DRW Holdings, Redpoint Ventures and Valor Equity Partners, according to a statement in April.

The deliberations are ongoing and the company has not made a final decision, the sources said.

BitGo's IPO would join a growing list of crypto companies planning to go public, including Gemini, which is considering an IPO as early as this year, and Bullish Global, the operator of a crypto asset exchange, which is also considering an IPO and is backed by billionaire Peter Thiel. Circle Internet Financial Ltd. and crypto exchange Kraken have also been eager to go public.

BitGo CEO Mike Belshe hosted a fundraising event for Trump's presidential campaign in July, charging $3,300 per attendee, led by Trump's running mate, JD Vance.

BitGo, founded in 2013, is one of the largest crypto custodians in the U.S. The company also allows clients to trade, borrow and lend digital assets. According to its website, it serves more than 1,500 institutional clients in 50 countries, handling about 8% of the world's Bitcoin trading (by value).

Its custodial services compete with companies such as Coinbase Global Inc., the largest crypto exchange in the U.S. As regulations have become more relaxed under Trump's presidency, traditional banks have started to show interest in offering similar services directly or through partnerships.

Galaxy Digital Holdings Ltd., the crypto company of billionaire Michael Novogratz, agreed in 2021 to buy BitGo for $1.2 billion. The next year, Galaxy terminated its acquisition of BitGo.