BitGo’s IPO Dreams: Will They Finally Make It to the Big Leagues? 🤔💸

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So, BitGo is back at it again, folks! They’re dusting off their IPO plans for the second half of 2025. Because, you know, who doesn’t want to join the crypto circus of public listings? 🎪💰

Valuation and Previous Funding

Our favorite U.S.-based crypto custodian, BitGo, is flirting with the idea of an initial public offering (IPO) as early as 2025. They’re currently chatting with potential advisers, probably over overpriced avocado toast in Palo Alto. 🥑💵

Last we checked, BitGo was strutting around with a $1.75 billion valuation after a $100 million Series C funding round in August 2023. This was a big deal, especially since venture capitalists were playing hard to get after last year’s market meltdown. Talk about a glow-up! ✨

Before that, they raised a measly $42.5 million in a Series B round back in 2017, led by Valor Equity Partners. And guess who was in the mix? None other than former PayPal COO and U.S. “Crypto Czar” David Sacks. Fancy, right? Their investor list reads like a who’s who of finance: Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners. No biggie. 🙄

Previous IPO Attempt and Industry Context

Now, let’s rewind to 2021 when BitGo tried to go public through a Galaxy Digital acquisition. Spoiler alert: it didn’t end well. The deal was called off in August 2022 because BitGo apparently couldn’t deliver audited financial statements. Oops! If it had worked out, they would’ve been valued at $1.2 billion. But hey, who needs numbers when you have dreams? 🌈

BitGo is now riding the wave of crypto firms looking to hit the public markets, thanks to some regulatory clarity and a sprinkle of industry stabilization. Other cool kids like Gemini, Bullish Global, Circle, and Kraken are also eyeing IPOs. It’s like a crypto prom, and everyone wants to be crowned king or queen! 👑

BitGo’s Market Position

Founded in 2013, BitGo is the go-to for custody, trading, borrowing, and lending services for digital assets. They’re serving over 1,500 institutional clients across 50 countries and handling about 8% of global Bitcoin transactions by value. Competing with giants like Coinbase? No pressure! 😅

Political Ties and Future Outlook

And let’s not forget about BitGo CEO Mike Belshe, who’s been rubbing elbows in political circles. He hosted a fundraising event for Donald Trump’s presidential campaign in July 2023, with Republican senator JD Vance as the headliner. Because nothing says “let’s go public” like a little political backing, right? 🎤

A company rep has decided to play coy and declined to comment on the IPO chatter. So, discussions are still happening, and no final decision has been made. Stay tuned, folks! This rollercoaster isn’t over yet! 🎢

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2025-02-12 18:12