BitGo Explores U.S. IPO Amidst Crypto Wave

BitGo, a leading U.S.-based cryptocurrency custodian service provider, is reportedly exploring an initial public offering (IPO) in the United States this year, according to sources familiar with the matter. The company is currently in talks with potential advisers to facilitate the listing, which is expected to take place by the second half of 2023.

BitGo's potential IPO comes amidst a wave of similar plans from other cryptocurrency companies, including Gemini, the crypto exchange founded by the Winklevoss twins. The optimistic outlook for regulatory approval in the sector has been bolstered by the support of former U.S. President Donald Trump. BitGo's CEO, Mike Belshe, was a vocal supporter of Trump's presidential campaign, hosting a fundraiser in July 2021 that charged $3,300 per attendee.

In 2021, BitGo was in negotiations to be acquired by Galaxy Digital, a financial services firm led by Michael Novogratz. However, the deal fell through after BitGo failed to deliver audited financial statements. Despite this setback, BitGo raised $100 million in funding from investors in 2023, bringing the company's valuation to $1.75 billion. The funding round was led by prominent investment banking and financial services firm Goldman Sachs, along with trading firm DRW Holdings, venture capital firm Redpoint Ventures, and operational growth investment company Valor Equity Partners.