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BitGo Plans to Go Public by Q2 2025
BitGo, a prominent U.S. crypto custodian, is preparing to launch an initial public offering (IPO) by the second quarter of 2025, according to insider sources. The Palo Alto-based firm, valued at $1.75 billion, aims to go public after a failed acquisition attempt by Galaxy Digital in 2022.
Failed Acquisition and Rebound
BitGo’s initial plan to go public was through an acquisition by Mike Novogratz’s Galaxy Digital. However, the deal collapsed in August 2022 due to BitGo’s failure to deliver an audited balance sheet. Despite this setback, the company rebounded in 2023, raising $100 million in a Series C funding round. This significant raise came at a time when the crypto market was experiencing a wave of collapses, including FTX and Three Arrows Capital.
IPO Plans and Market Trends
Following the Series C round, BitGo’s valuation rose to $1.75 billion, surpassing the $1.2 billion valuation tied to the failed Galaxy Digital deal. This funding marked BitGo’s first capital raise since 2017. The company’s decision to go public is part of a larger trend, with several firms declaring IPO plans in recent months.
Some notable examples include:
- Circle moving its global base to New York in anticipation of a public offering.
- eToro targeting a $5 billion market valuation via a U.S. IPO.
“A flurry of IPO filings” is expected in 2025, according to NYSE listing chief Chris Taylor.
As the cryptocurrency market continues to evolve, it will be interesting to see how BitGo’s IPO plans unfold. Stay up-to-date with the latest news and trends on Global Crypto News.
