Crypto Custody Giant Considers IPO: Is It Time to Wrap Your Bitcoin?
Cryptocurrency custodian BitGo is reportedly pondering an IPO this year, according to a
Feb. 11 Bloomberg report. And by “pondering,” I mean they’re probably holding a dartboard labeled
“Future Plans” while blindfolded.
Based in Palo Alto—where the line between “startup visionary” and “overcaffeinated tech bro” is
incredibly thin—BitGo is chatting with investment banks to iron out a potential IPO. It’s apparently slated
wBTC has a market cap of $12 billion as of Feb. 11. But Coinbase announced plans to delist
wBTC after BitGo started doing business with BiT Global, a Hong Kong-based exchange. Drama much?
When crypto companies start acting like junior high cliques, it’s hard not to grab some popcorn.
Surging public markets for crypto firms
BitGo is thinking about joining the IPO party alongside other crypto celebs like Circle, Kraken, Gemini,
and Bullish. It’s like crypto prom, but instead of tuxedos and corsages, they bring charts, regulations,
and just a sprinkle of delusion. ✨
Since Trump sauntered back into the Oval Office in January, the crypto crowd has been downright giddy.
Stocks like Coinbase’s COIN rose by 40% after his election win. It’s not every day you see crypto fans
and a Trump voter sharing a high-five. I assume awkward small talk ensued. “So, uh, Bitcoin, huh?”
Speaking of Coinbase, here’s a fun tidbit: they’re the custodian for most US-based Bitcoin and Ether ETFs.
Yup, a company originally launched to help brogrammers buy crypto with beer money is now babysitting
institutional ETFs. Who says crypto doesn’t grow up?
BitGo, on the other hand, raised $100 million in 2023 at a $1.75 billion valuation. Even Goldman Sachs
chipped in. You know, the same Goldman Sachs that once scolded crypto like a disapproving school principal.
Now they’re in the cafeteria buying snacks.
Oh, and in a cherry-on-top twist, BitGo CEO Mike Belshe hosted a fundraiser for Trump in July. Nothing
like mixing politics and crypto to keep your Reddit threads spicy!
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