On July 21, according to BitGos official announcement and multiple media reports, the veteran crypto asset custody company has secretly submitted a draft registration statement for its Class A common stock IPO to the U.S. Securities and Exchange Commission (SEC), planning to list on major U.S. exchanges. According to people familiar with the matter, BitGo chose to submit confidentially this time in order to control the pace of information disclosure and avoid triggering valuation games or exposing sensitive operating data in advance during market fluctuations.
Once the IPO is completed, BitGo will become another listed crypto company with compliance services + institutional-level custody as its core capabilities after Coinbase and Circle. More and more crypto infrastructures are accelerating their entry into the market. What impact will BitGos IPO have on this special bull market?
BitGo: Capital Path of the Custody King
BitGo co-founder and CEO Mike Belshe is an early architect of the Chrome browser and one of the top 10 engineers on the Google Chrome team. He also participated in the design of the Web security protocol SPDY. As a serial entrepreneur with a technical background, he created the worlds first multi-signature network wallet for Bitcoin. After Belshe entered the crypto industry in 2013, he founded BitGo. His entrepreneurial logic believes that compliance, security, and institutions are the only direction for the long-term development of the industry.
BitGo is one of the earliest service providers to provide institutional investors with crypto asset custody, multi-signature security architecture and on-chain settlement solutions. It has received investment from institutions such as Founders Fund, Galaxy Digital, Goldman Sachs and Pantera Capital, the main promoter of this round of US stock ETH Micro Strategy. Headquartered in Palo Alto, California, it has obtained digital asset custody and trust licenses in the United States, Germany, Singapore and other places. Its customers include more than 1,500 mainstream platforms and funds such as Pantera Capital, Bitstamp, Swan Bitcoin, etc. It is the largest institution that custody Solana.
BitGo had previously planned to be acquired by Galaxy Digital, but the two parties terminated the transaction due to accounting issues in 2022. Since then, BitGo has turned to an independent development route, successively launched insurance-enhanced custody services and stablecoin settlement solutions, and launched CaaS (Crypto-as-a-Service) business in the second half of 2024, expanding API-level custody and transaction integration modules to provide TradFi institutions with crypto-based access capabilities.
According to public information, as of the second quarter of 2025, the scale of crypto assets managed by BitGo has exceeded 100 billion US dollars. It is one of the few companies in the world with full compliance + full-chain custody capabilities. In fact, Pantera also chose BitGo as one of the three major custodians in its private equity funds compliance custody arrangement, and worked with Coinbase Custody and Silicon Valley Bank (SVB) to provide asset security for the fund. In addition, there are many traditional financial executives in BitGos board of directors and advisory team. In recent years, the company has continued to strengthen its cooperation with auditing agencies, insurance companies, and bank custody departments, intending to build a neutral infrastructure platform that serves both the crypto-native market and traditional funds.
In many interviews with American Banker and others, Belshe publicly opposed speculation-driven crypto platforms and advocated using bank-level custody standards to push the industry into the mainstream financial market. BitGos re-launch of an independent listing plan is clearly based on the implementation of the stablecoin bill and the shift in US crypto policy, and it has identified the valuation reconstruction opportunity of compliant infrastructure.
At the intersection of regulatory clarification and capital reassessment, infrastructure companies line up for listing
Judging from BitGos IPO trend, it is located at the intersection of the two major narratives of clear regulation + capital revaluation. In June this year, Circle, the issuer of stablecoin USDC, successfully listed on the New York Stock Exchange, becoming the worlds first stablecoin platform to land on the main board. In July this year, the United States passed the GENIUS Act, which established a federal regulatory framework for stablecoins and granted licensed trust institutions and banks legal custody status. As one of the earliest crypto companies to hold a New York trust license, BitGo has regulatory advantages.
At the same time, President Trump recently signed an executive order to encourage retirement accounts to allocate Bitcoin and stablecoins, further increasing the compliance requirements for custody and insurance mechanisms. The price of Bitcoin once exceeded $120,000 in July, driving a surge in trading platforms and on-chain transactions and asset transfers, and also driving a rapid increase in custodian revenue.
At the same time, the circulation of stablecoins on the chain continues to grow, especially after the passage of the genius bill, it has set new highs almost every day, driving the demand for custody to rise simultaneously. Since the beginning of this year, the total market value of the entire crypto market has exceeded 4 trillion US dollars, and the total amount of stablecoins has exceeded 240 billion US dollars. As one of the largest custodians, BitGos listing can release valuation.
The crypto infrastructure companies represented by Circle and BitGo have greater stability. They focus on low-volatility, high-regulatory services such as custody, payment, clearing and settlement, and stablecoin issuance. They are more likely to be accepted and valued by regulators, traditional investment banks, and pension funds.
With the acceleration of the financialization of RWA, stablecoins, and Bitcoin, the underlying clearing logic of on-chain value is gradually moving up to the custody, audit, and clearing modules. BitGo, Anchorage, Fireblocks and other projects have also successively strengthened the construction of compliance paths and insurance capabilities to adapt to the growing inflow of institutional funds.
Market insiders pointed out that if BitGo is successfully listed, it will form a compliance triangle with Circle, Coinbase, etc., and become the technical infrastructure for the mainstream financial system in the United States to access the crypto market. Raoul Pal, founder and CEO of Global Macro Investor, has mentioned the concept of Banana zone many times on social media to describe the steepest and most explosive rise in the crypto market cycle.
Two months ago, Sui Basecamp also cited multiple data to indicate that the cycle has arrived in 2025, and he also emphasized that crypto is not an asset, but a systemic reconstruction. The underlying meaning of Crypto is not only speculation, but also the reshaping of the global financial architecture. The IPO of custody and financial infrastructure such as BitGo represents the trend of full compliance and lower capital risk, which may become one of the bridges for more institutional funds to enter the market in this bull market.
What is more important than chaining is bottoming out
As the market narrative gradually shifts from Token is the new stock to Custody is the new infrastructure, BitGos IPO may not only be a valuation jump for the company itself, but may also become a footnote for the entire industry to enter the era of Compliant Asset Internet. If the IPO is successful, it will not only be a small step for the crypto market, but also a basic bridge between Web3 and Wall Street.
We are all in the Banana Zone.
