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OpenAI and UK sign new AI agreement to boost security, infrastructure
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BitGo joins crypto IPO rush as sector hits $4 trillion in market value
Crypto custody startup BitGo said on Monday it has confidentially filed for a U.S. listing, joining a wave of companies looking to capitalize on strong market momentum. 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.
