BitGo joins crypto IPO rush as sector hits $4 trillion in market value
The crypto sector's climb to a $4-trillion market value has reignited interest for initial public offerings, with clearer regulation, corporate treasury adoption, and institutional inflows fueling a new wave of new listings.
Bitcoin, the world's largest and best-known cryptocurrency, recently hit an all-time high and breached the $120,000 mark.
"These are the best market conditions the crypto space has seen in years, and companies want to take advantage of that," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
"These startups know that the IPO window can shut unexpectedly, especially in a volatile space like crypto, so they're looking to strike while the iron's hot."
Founded in 2013, BitGo is one of the largest crypto custody firms in the United States. It stores and protects digital assets for clients, a role that has gained importance as institutional interest in crypto grows.
In mid-2023, it raised $100 million at a $1.75 billion valuation.
CRYPTO IPO BOOM
The sector's rapid ascent has opened the floodgates for IPO filings, with crypto exchange Bullish recently disclosing its IPO paperwork.
Crypto-focused asset manager Grayscale and Gemini, the digital assets exchange founded by Tyler and Cameron Winklevoss, have also confidentially filed to go public.
"Many crypto companies have matured. After more than a decade, they've built stable client bases, some with SaaS-like margins and predictable cash flows," said Kat Liu, vice president at IPO research firm IPOX.
Last week, U.S. President Donald Trump signed a law to create a regulatory regime for stablecoins, potentially allowing the dollar-pegged digital assets to become an everyday way to make payments and move money.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
AsiaOne
12 minutes ago
- AsiaOne
Trump administration to release over $6.4b school funding that it withheld, World News
WASHINGTON — President Donald Trump's administration will release more than US$5 billion (S$6.4 billion) in previously approved funding for K-12 school programs that it froze over three weeks ago under a review, which had led to bipartisan condemnation. Key quotes "[The White House Office of Management and Budget] has completed its review ... and has directed the Department to release all formula funds," Madi Biedermann, deputy assistant secretary for communications at the US Education Department, said in a statement, adding funds will be dispersed to states next week. Further details on the review and what it found were not shared. A senior administration official said "guardrails" would be in place for the amount being released, without giving details. Why it's important Early in July, the Trump administration said it would not release funding previously appropriated by Congress for schools and that an initial review found signs the money was misused to subsidize what it alleged was "a radical leftwing agenda". States say US$6.8 billion in total was affected by the freeze. Last week, US$1.3 billion was released. Context After the freeze, a coalition of mostly Democratic-led states sued to challenge the move, and 10 Republican US senators wrote to the Republican Trump administration to reverse its decision. The frozen money covered funding for education of migrant farm workers and their children; recruitment and training of teachers; English proficiency learning; academic enrichment and after-school and summer programs. The Trump administration has threatened schools and colleges with withholding federal funds over issues like climate initiatives, transgender policies, pro-Palestinian protests against US ally Israel's war in Gaza and diversity, equity and inclusion practices. Reaction Republican US lawmakers welcomed the move on Friday (July 25), while Democratic lawmakers said there was no need to disrupt funding in the first place. Education Secretary Linda McMahon separately said she was satisfied with what was found in the review and released the money, adding she did not think there would be future freezes. ALSO READ: Harvard battles Trump administration in court over cancelled funding
Business Times
2 hours ago
- Business Times
LVMH in talks to offload fashion label Marc Jacobs: sources
[NEW YORK] French luxury goods group LVMH is in discussions with multiple buyers to offload its fashion label Marc Jacobs, sources familiar with the matter told Reuters on Friday (Jul 25). The Bernard Arnault-led company has been holding talks with potential buyers, including Reebok-owner Authentic Brands Group and WHP Global, the sources said, who asked not to be named because the discussions are confidential. Authentic Brands declined to comment on the matte,r while WHP did not immediately respond. Brookstone's owner Bluestar Alliance is also a suitor for Marc Jacobs, which could be worth around US$1 billion, according to The Wall Street Journal (WSJ), which earlier reported the news. LVMH, Marc Jacobs and Bluestar Alliance did not immediately respond to requests for comments on the WSJ report. In 2024, Bloomberg reported that LVMH was exploring strategic options for the label with advisers after receiving interest from potential buyers, though the company denied the claim at the time. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up Founded in 1984 by American designer Marc Jacobs, the luxury fashion brand is renowned for its eclectic, bold designs that blend high fashion with street style. In 1997, LVMH tapped Jacobs to lead the Louis Vuitton brand and acquired a stake in the designer's eponymous label. The Wall Street Journal said that a deal could be finalised soon, provided talks do not fall apart. LVMH has recently been offloading some of its brands to streamline its portfolio. Last year, it sold the Off-White clothing brand, founded in 2012 by the late Virgil Abloh, to the New York-based company Bluestar Alliance for an undisclosed value. Another label, Stella McCartney, earlier this year, repurchased the minority stake held by LVMH in the house she founded about five years after the luxury group bought it. McCartney, who famously does not use leather or fur, said it will continue to advise LVMH chief Arnault and the group's executive team on sustainability matters. Dealmaking in the luxury retail sector has drawn attention in Europe. Earlier this year, Prada acquired Versace from Capri Holdings, combining two iconic Italian fashion brands in a US$1.4 billion deal. LVMH's second-quarter sales, which include products such as Louis Vuitton handbags, Dior dresses and Moet & Chandon champagne, came in slightly below market expectations. The company's shares rose, with analysts pointing to hopes on the horizon as the group said it saw some signs of recovery in the key Chinese market. Deutsche Bank analyst Adam Cochrane said that while the second-quarter results were not 'stellar', there were some 'glimmers of hope'. French luxury brands have been navigating prolonged market challenges, including a downturn and the potential impact of US import tariffs. REUTERS
CNA
2 hours ago
- CNA
NASA says 20% of workforce to depart space agency
WASHINGTON :About 20 per cent of the employees at the U.S. National Aeronautics and Space Administration are set to depart the space agency, a NASA spokesperson said on Friday. Around 3,870 individuals are expected to depart, but that number may change in the coming days and weeks, the spokesperson said, adding that the remaining number of employees at the agency would be around 14,000.
