As revealed in a recent press release, BitGo, a renowned crypto asset custodian, has confidentially submitted a draft registration statement with the United States Securities and Exchange Commission (SEC) for an initial public offering (IPO) of its Class A shares. This application was submitted a week after its competitor, Grayscale, took a similar step, pending approval from the SEC.
The IPO serves as an opportunity to raise significant funds and expand BitGo’s operations, paving the way for the company to welcome more investors.
BitGo IPO Underway
Given that BitGo’s application is confidential, it allows the company to work on the offering privately, while keeping the public in the dark, as it did not reveal any details about the number of shares to be offered or the price range for the proposed public offering.
Before the offering goes public, the U.S. financial agency would meticulously examine the application. This would involve considering various factors, including market conditions and other relevant determinants. If, after evaluation, the SEC marks BitGo as positive, it could proceed to set a date for the IPO. If the results show otherwise, BitGo will address the issues the agency commented on and resubmit an amended application.
Meanwhile, earlier this year, BitGo took a step to fill the growing demand for cryptocurrency among investors by launching a global over-the-counter crypto trading desk.
Crypto Firms File for IPO
Prior to BitGo’s application, a handful of crypto firms have filed for public offerings, including crypto exchange Kraken. In Q2 2025, it laid off hundreds of staff to simplify its operations and restructure for its IPO.
Stablecoin giant Circle also completed an IPO in June, raising over $1 billion. The offering boosted the firm’s value to over $6.8 billion.
Notably, one of the factors boosting the number of IPO applications from U.S. crypto firms is the election of a new crypto-friendly President, Donald Trump, and the appointment of Paul Atkins as the new chairman of the U.S. SEC. In one of his crypto-enthusiastic moves, President Trump recently signed the first crypto Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law, setting up a clear regulatory framework for stablecoins.
