As an example of the crypto industry’s persistent drive toward conventional financial markets, digital asset custodian BitGo has submitted papers to seek an initial public offering (IPO) in the US.

In anticipation of an initial public offering (IPO) of its Class A common stock, BitGo said on Monday that it has confidentially filed with the SEC a preliminary registration statement on Form S‑1. No decision on the quantity of shares or price range of the stock offering was made at the time of filing. The SEC’s EDGAR database did not yet include the registration statement as of publishing.

BitGo expands custody assets and secures EU license ahead of IPO

In the first half of 2025, BitGo’s assets under custody surpassed $100 billion. Up from $60 billion at the start of the year, according to Bloomberg, making it one of the top custodians in the crypto sector.

With its new regulatory license in the European Union under the Markets in Crypto‑Assets (MiCA) framework, BitGo is looking to extend its footprint internationally. This approval comes at the same time as the IPO. Because of the green light, BitGo may now provide its digital asset services to customers all around the European Union.

Reportedly, BitGo is aiming to increase its presence in conventional US markets while simultaneously expanding in the EU. Speculation circulated in May that, subject to certain legislative changes, the company will join a select group of prominent cryptocurrency businesses in applying for a US bank charter.

A number of cryptocurrency firms are looking to go public. To try to be listed on the New York Stock Exchange, cryptocurrency exchange Bullish submitted an initial public offering (IPO) application to the SEC last week. Coinbase’s IPO journey and Bullish’s recent filing also highlight this trend among crypto-native firms.

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