Crypto custodian BitGo joins Grayscale in confidentially filing IPO documents with SEC

Crypto‑custody veteran BitGo Holdings has confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission for a planned initial public offering of its Class A shares, the company said on Monday, teeing up what could become another massive U.S. crypto listings after stablecoin issuer Circle listed on the New York Stock Exchange in June.

Filing IPO documents confidentially with the SEC allows firms like BitGo to keep financial specifics private while working on the offering.

The move comes amid a thaw in capital markets for digital asset operators under President Donald Trump's pro-crypto administration. Asset‑manager Grayscale Investments also submitted confidential IPO paperwork last week. Peter Thiel-backed crypto exchange Bullish filed for an IPO shortly after Circle shares went live on the NYSE in early June.

Circle's IPO last month was massively successful, as the firm debuted on the NYSE at $31 per share and has risen to over $223, a 619% increase in less than a quarter, which values the company behind USDC at more than $55 billion, according to The Block's data. Furthermore, the IPO pipeline may soon expand to include other heavyweights like Kraken, Gemini, Ledger, DCG, and Ledger, to name a few, The Block's Yogita Khatri reported in last week’s The Funding newsletter.

BitGo's listing attempt marks a comeback after Mike Novogratz's Galaxy Digital scrapped a $1.2 billion deal to acquire the firm in 2022, a break‑up that led to years of litigation and forced BitGo to remain private while rivals such as Coinbase expanded.

Founded in 2013 and best known for safeguarding digital assets for exchanges, funds, and corporates, BitGo did not disclose the size of the offering or proposed price range. The company's platform reportedly has over $100 billion in assets under custody and supports more than 1,200 crypto tokens, according to its website. It also counts clients such as Nike’s RTFKT Studios, Pantera Capital, and dozens of spot‑ETF issuers.

The IPO will proceed "after the SEC completes its review process, subject to market and other conditions," the company said.
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