BitGo has announced a significant increase in its assets under custody, now reaching $100 billion in the first half of the year.
BitGo's Asset Growth
BitGo's assets under custody rose from $60 billion to $100 billion in the first six months of the year. According to Abel Seow, BitGo's vice president for Asia-Pacific business, this represents a 66% increase reflecting growing interest from both institutional and retail clients in the crypto economy. Seow noted that this rise was driven by "peak retail interest" in cryptocurrency, increasing asset adoption, and greater regulatory clarity in major jurisdictions.
Global Market Expansion
Founded in 2013, BitGo initially offered secure wallets but has since evolved into a one-stop crypto bank. In addition to custody, the company provides trading, borrowing, and lending capabilities for digital assets. In September 2024, BitGo Korea was launched in partnership with Hana Financial Group and SK Telecom, two of South Korea's largest financial and telecommunications companies. Seow stated that the joint venture is "progressing well" and has begun offering its services to high-net-worth clients and regional institutional participants.
BitGo's IPO Plans
BitGo is preparing for a potential public listing (IPO) as soon as the second half of 2025. This move is part of a larger trend among crypto firms looking to tap into public markets amid improved investor sentiment and a more favorable regulatory environment. Reports indicate that BitGo was valued at $1.75 billion in 2023 in connection with a $100 million capital raise. Major backers include Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners.
The increase in assets and BitGo's IPO plans demonstrate the rising interest in cryptocurrencies and an open regulatory environment, which may lead to further growth and expansion for the company.
