BitGo Plans to Go Public in 2025

Major U.S.-based crypto custodian BitGo is planning to go public through an initial public offering (IPO) as early as Q2 2025, as reported by Bloomberg.

Recent Valuation

BitGo was last valued at $1.75 billion following a $100 million Series C funding round in August 2023. This funding is intended to support acquisitions and is notable as it was only a slight “downround” during a period of reduced venture funding, which had occurred due to a credit contagion from the previous year’s market downturn.

Funding History

This was the first financing raised by BitGo since 2017, when the firm secured $42.5 million in a Series B round led by Valor Equity Partners. Noteworthy participants in that round included David Sacks, the former PayPal COO and current U.S. “Crypto Czar.”

Previous IPO Attempts

In 2021, BitGo intended to go public via an acquisition with Galaxy Digital. However, that deal fell through in August 2022 due to BitGo’s “failure to deliver” audited financial statements, according to Galaxy at the time. If successful, that acquisition would have valued BitGo at $1.2 billion.

Ongoing Developments

This is a developing story, and further updates will be provided as The Block gathers more information.