Unicorn Crypto Custodian BitGo’s Bizarre IPO Plans 🦄💰

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Ah, the tale of BitGo, a crypto custodian so peculiar, it could make even the most stoic of Gogol’s characters chuckle. 🤔 This Palo Alto-based unicorn, valued at a whopping $1.75 billion, has set its sights on a most curious endeavor: an initial public offering (IPO) in the second quarter of 2025, a mere two years from now. 🕰️

But wait, there’s more! 🤯 You see, dear reader, BitGo had previously attempted to be acquired by the enigmatic Mike Novogratz’s Galaxy Digital, a path to going public that, alas, collapsed in a most spectacular fashion. 💥 The reason, you ask? BitGo’s failure to deliver an audited balance sheet, a most grievous offense in the eyes of the crypto gods. 🙏

Yet, like a phoenix rising from the ashes, BitGo has managed to bounce back, securing a whopping $100 million in a Series C funding round. 💰 This, in the midst of the great crypto collapse of 2022, when FTX and Three Arrows Capital met their demise. 💸 Truly, a feat worthy of the most outlandish of Gogol’s tales. 🤯

And the plot thickens! 🤔 With this newfound funding, BitGo’s valuation has soared to $1.75 billion, surpassing the measly $1.2 billion tied to the failed Galaxy Digital deal. 💰 Truly, a testament to the power of perseverance and the sheer audacity of the crypto world. 🤑

But wait, there’s more! 🤯 It seems that BitGo is not alone in its quest for public glory. 🏆 Circle, eToro, and a host of other crypto firms have also set their sights on IPOs, with the NYSE’s own Chris Taylor predicting a “flurry of IPO filings in 2025.” 📈 Truly, a time of great upheaval and excitement in the world of crypto. 🚀

And so, dear reader, we bid you adieu, with a wink and a nod, as we await the next chapter in the bizarre and ever-evolving saga of BitGo and its ilk. 😉 Who knows what strange and wondrous things the future may hold? 🤔

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2025-02-12 00:27