(Reuters) – Bitgo, a crypto custody startup, announced on Monday that it has filed confidentially in the U.S., joining a trend of businesses eager to take advantage of the thriving market.
The cryptocurrency market, which has reached a valuation of $4 trillion, has sparked renewed interest in public market opportunities. Clearer regulations, the adoption of Corporate Treasury strategies, and an influx of institutional capital are driving a new wave of listings in the crypto and fintech spaces.
“A lot of crypto companies have matured. After more than ten years, they have solid customer bases, and some are seeing steady margins and predictable cash flows,” said Kat Liu, vice president of IPOX, in a statement.
Crypto custody firms play a critical role in safeguarding digital assets for clients. This function has gained significance as more institutions express interest in cryptocurrencies.
Founded in 2013, Bitgo is among the largest crypto custody firms in the United States, offering secure storage solutions to help clients navigate regulatory demands and protect their assets against theft and loss.
Based in Palo Alto, California, the company secured $100 million in funding in August 2023, bringing its valuation to $175 million.
Recently, Bitcoin, the largest and most recognized cryptocurrency, surpassed the $120,000 threshold. So far in 2025, it has risen 26%, while Ethereum, the second-largest crypto, has seen an approximate 14% increase.
This rapid sector expansion has led to a surge in IPO submissions. Other crypto-focused firms, such as Grayscale and Gemini, have also quietly emerged in recent weeks, alongside a digital currency exchange established by Tyler and Cameron Winklevoss.
“The regulatory landscape has been quite favorable,” Liu stated, noting that the current administration is likely to see increased crypto activity.
Last week, President Donald Trump enacted legislation aimed at creating a dollar-backed cryptocurrency regulatory framework called Stablecoins, which could facilitate everyday transactions and money movements for digital assets.
Circle, a Stablecoin issuer, launched in June alongside its Punk Market debut, while Crypto Exchange Bullish has recently made its IPO documents public.
