Crypto Custody Unicorn BitGo Files for U.S. IPO: Industry Maturity Signal Behind $200 Million

BitGo has officially submitted its application for an IPO in the United States, marking a milestone in the crypto custody industry. According to the latest news, this US-based largest crypto asset custody provider founded in 2013 plans to issue 11.8 million shares, with a price range of $15 to $17 per share, aiming to raise approximately $201 million. The stock will be listed under the ticker “BTGO” on the New York Stock Exchange, with Goldman Sachs and Citigroup serving as underwriters.

The Key Turning Point from Behind the Scenes to the Main Stage

BitGo’s IPO application is not an isolated event but a reflection of the maturity of the entire crypto financial infrastructure. In related reports, BitGo frequently appears in several key scenarios—custody of USD1 stablecoin reserves, integrated account fund segregation solutions like PinkWallet, and core support for institutional-level risk control. These role changes indicate that custody services have evolved from being the “unsung heroes” of the industry to foundational infrastructure in crypto finance.

Industry Background: The Inevitable Result of Large-Scale Institutional Entry

BitGo’s decision to go public at this time is driven by several clear industry forces:

• Accelerated Institutional Entry: Traditional financial giants like Morgan Stanley, Wells Fargo, and BNY Mellon are fully embracing crypto assets. Their involvement has raised unprecedented demands for custody security and compliance.
• 完善的监管框架: The “Genius Act” passed in 2025 establishes a federal regulatory framework for stablecoins and digital assets, clarifying the qualifications and responsibilities of custodians.
• Compliance Demand Surge: The SEC’s upcoming 2026 stablecoin regulations will require fund segregation, real-time auditing, and cross-border compliance, creating urgent needs for professional custody providers.

Core Competitiveness of BitGo

From multiple mentions in related reports, it’s clear that BitGo’s industry choice is primarily based on the following points:

Growth Potential in the Custody Sector

This IPO aims to raise $200 million, which may seem modest compared to internet companies, but is highly significant for the crypto custody industry. According to data from related reports, the stablecoin market size is projected to grow from $130.553 billion at the beginning of 2025 to $308.585 billion, with an annual growth rate of 136%. The US Treasury predicts that stablecoin market capitalization will rapidly surpass $2 trillion in the coming years.

This means:

• Custody assets will grow substantially
• The demand for technological investment and compliance infrastructure in custody will continue to rise
• The premium for institutional-grade custody services will expand

Personal Perspective

I believe that BitGo’s IPO is not just a company going public but a market recognition of the maturity of the entire crypto financial infrastructure. From its founding in 2013 to its listing in 2026, BitGo has witnessed the entire process of the crypto industry evolving from rapid growth to institutionalization. Now, this process has reached a stage where professional custody providers are essential.

Summary

BitGo’s IPO application marks a new stage in the development of the crypto custody sector. This is not merely a fundraising activity but a collective advancement across three levels: first, the large-scale entry of institutions demanding higher security; second, the完善的监管框架 imposing stricter compliance requirements; third, the increasing complexity of financial applications leading to greater reliance on professional custody. In the future, as the stablecoin market continues to grow and new applications like RWA are implemented, the demand for custody services will only intensify. BitGo’s listing may just be the beginning of this wave.