In a year already packed with stablecoin bills and ETF approvals, BitGo’s IPO filing signals that crypto infrastructure is finally becoming a public market asset class.
The headline: BitGo is going public
According to Cointelegraph, BitGo, one of the longest-standing institutional crypto custody firms, has confidentially filed for an IPO in the United States.
This move follows BitGo’s recent acquisition of HeightZero, a digital asset portfolio management platform, and comes amid rising institutional demand for qualified custody, segregated accounts, and tokenized asset infrastructure.
While the timing of the listing remains undisclosed, the IPO could take place in late 2025, pending market conditions and SEC feedback.
What BitGo does — and why it matters
Founded in 2013, BitGo has become a critical backend provider for crypto asset security. Its offerings include:
- Cold storage and multi-signature custody
- Regulated trust charters in South Dakota and New York
- Settlement rails for over 700 tokens
- Whitelabel custody for funds, fintechs, and exchanges
- Custody partner for institutions like Galaxy Digital, Pantera Capital, and others
In short: BitGo isn’t just a service provider—it’s part of the plumbing behind institutional crypto.
Why this IPO could matter more than Coinbase’s
When Coinbase went public in 2021, it represented retail-facing adoption.
BitGo, by contrast, is about infrastructure—and its listing would:
- Give public markets exposure to the trust layer of crypto
- Let investors bet on B2B custody revenue, not just fees or trading
- Validate crypto as critical financial infrastructure, not just an asset class
It’s also a test case: Can a non-exchange, backend crypto company win public investor trust?
Signals behind the move
BitGo’s decision comes in the wake of:
- ETF launches in the U.S. (Bitcoin spot ETFs approved in early 2024)
- Custody mandates from pension funds and wealth managers
- Growing regulatory clarity around qualified custodians (SEC custody rule revisions expected Q4 2025)
- Private market cooling for late-stage crypto companies—making IPOs more attractive than venture extensions
In that context, BitGo’s IPO looks less like an exit—and more like a capital strategy for scaling custody infrastructure globally.
Implications for RatEx42
✅ 1. Custody is now a performance layer
As BitGo steps into the public spotlight, expect greater scrutiny of custody SLAs, downtime, insurance, and attack surface.
RatEx42 will continue diversifying custody integrations and publishing transparency metrics for each partner.
✅ 2. DeFi custodians may follow suit
If BitGo’s IPO is successful, others may follow—Anchorage, Copper, or even Fireblocks may seek capital markets access to scale alongside institutional adoption.
Expect M&A activity in this layer to accelerate.
✅ 3. Infrastructure valuations could rebound
The IPO could become a bellwether for crypto infrastructure repricing. If BitGo is valued at a strong multiple, it may reawaken interest in B2B crypto equity—benefiting both listed and late-stage private players in custody, tokenization, and compliance.
Final word
BitGo going public isn’t just another listing.
It’s the moment crypto’s backend infrastructure steps out of the shadows—and demands to be valued like the financial utility it has quietly become.
From vaults and multisig to public market ticker symbols.
This is what maturity looks like.
Track the IPO and more at RatEx42.com
