Crypto custody firm BitGo is considering an initial public offering as early as the second half of 2025, following a sharp rise in assets under custody that indicates growing institutional trust.
According to a June 25 Bloomberg interview with BitGo’s Asia-Pacific managing director Abel Seow, the company’s assets under custody jumped from $60 billion to $100 billion in the first half of the year. Seow attributed the 67% increase to a mix of rising global crypto adoption and improving regulatory clarity.
Half of BitGo’s current holdings are in staking, a yield-generating process where users pledge tokens to aid in the validation of blockchain transactions. Founded in 2013, the company currently oversees custody as well as trading, lending, and borrowing for institutional clients.
Its 2023 Series C fundraising raised $100 million at a $1.75 billion valuation with the help of investors such as Valor Equity Partners, DRW Holdings, Redpoint Ventures, and Goldman Sachs.
BitGo would achieve a significant milestone with an IPO, joining a growing number of cryptocurrency companies looking to go public with fresh backing from the U.S. government. President Donald Trump has embraced cryptocurrency since taking office again, appointing pro-crypto regulators and advocating for stablecoin-specific legislation.
BitGo has also expanded internationally. Hana Financial Group of South Korea and SK Telecom purchased shares in BitGo Korea in 2024. According to Seow, the joint venture has been “progressing well.” The company also began operations in Dubai in 2025.
Beyond custody growth, BitGo has made several strategic moves this quarter. On June 19, KuCoin integrated with BitGo Singapore’s Go Network for off-exchange settlement, enhancing trust and security for institutional trades as part of KuCoin’s $2 billion Trust Project.
The firm also facilitated a $250 million XRP (XRP) acquisition for VivoPower’s treasury in three tranches this June and expanded support for the XRP ecosystem, including staking for Flare and Songbird.
Earlier this month, BitGo unveiled plans to build custody and settlement tools on the Hedera (HBAR) network to power institutional decentralized finance. It also partnered with HTX on June 23 to offer secure, insured off-exchange trading for large clients via its Go Network.
