BitGo, a prominent US-based crypto custodian services provider, is reportedly contemplating an initial public offering (IPO) as per sources familiar with the matter. Bloomberg’s report suggests that BitGo is currently in discussions with potential advisers with plans to list by the second half of this year.
It is important to note that no final decision has been reached yet, and the talks are still in progress. BitGo, based in California, is following the footsteps of several other crypto companies that are also considering going public. One such company is Gemini, the crypto exchange founded by the Winklevoss twins, which is eyeing an IPO this year. The overall optimism in the sector for regulatory approval has been bolstered by the support of former President Donald Trump.
Interestingly, BitGo’s CEO, Mike Belshe, publicly supported Trump’s presidential campaign and even hosted a fundraiser for him in July, charging attendees $3,300 each. In 2021, BitGo was in talks to be acquired by Galaxy Digital, but the deal fell through due to BitGo’s failure to provide audited financial statements, as stated by Michael Novogratz’s financial services firm.
In 2023, BitGo successfully raised $100 million in funding from investors, which boosted the company’s valuation to $1.75 billion. Notable backers included prestigious names such as Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners.
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[Image Credit: Midjourney]