Bitgo, one of the largest U.S.-based digital asset custodians, is reportedly weighing an initial public offering, as new opportunities open up for a number of digital asset companies under the Trump administration.
The Palo Alto based company is considering going public, talking with potential advisers to list the company as soon as the second half of this year, according to a recent Bloomberg report citing anonymous sources “familiar with the matter.”
The company was valued at $1.75 billion in 2023, after raising $100 million from new investors. It did not disclose who those investors were, but has previously raised money from Goldman Sachs, DRW Holdings, Redpoint Ventures and Valor Equity.
No final decisions have been made about the IPO, according to anonymous sources cited in the report. The company declined to comment on the matter when contacted by Fortune.
Bitgo is joining a growing number of crypto companies considering an IPO this year as the Trump administration’s vocal support of the industry upends its previous government policy positions. Last week, Bloomberg reported that crypto exchange Gemini—founded by the Winklevoss twins—and Bullish Global—another crypto exchange backed by billionaire Peter Thiel—are also considering IPOs this year.
Other crypto companies that have expressed interest in going public in recent years include crypto exchange Kraken and stablecoin company Circle.
Bitgo, founded in 2013, offers an array of services to digital asset holders including custody, trading, borrowing and lending. The company has over 1,500 institutional clients, according to its website, and has been selected to help distribute FTX funds to creditors. The company has also partnered with athletic apparel giant Nike to provide customers with a wallet to hold “Nike Virtual Creations.”
Bitgo was acquired by Billionaire Michael Novogratz’s crypto firm Galaxy Digital Holdings in 2021 for $1.2 billion, but the agreement was terminated the following year. Galaxy cited Bitgo’s “failure to deliver, by July 31, 2022, audited financial statements for 2021 that comply with the requirements of our agreement,” as the reason for the termination.
