NEW YORK: Crypto custody firm BitGo Inc has seen its assets under custody soar from US$60bil to US$100bil in the first half of 2025, Abel Seow, managing director for Asia-Pacific at the firm, says.
The jump is driven by rising crypto adoption flowing from greater regulatory clarity globally, Seow said.
Of the total assets looked after by the firm, half are tied to staking, a process that involves investors pledging cryptocurrencies to help validate transactions on blockchains, which in turn helps them earn more tokens.
Founded in 2013, BitGo is one of the largest US-based crypto custodians. The company also lets clients trade, borrow and lend digital assets. It raised US$100mil in 2023 at a US$1.75bil valuation.
Past backers of the firm include Goldman Sachs Group Inc, DRW Holdings, Redpoint Ventures and Valor Equity Partners, according to an April 2024 statement.
BitGo is considering an initial public offering (IPO) as soon as the second half of this year, Bloomberg News reported previously.
An IPO would see BitGo joining a number of crypto companies planning to go public after US President Donald Trump embraced the sector.
Trump has appointed friendly regulators, pushed dedicated stablecoin legislation and launched his own crypto ventures since returning to the White House.
Bitgo has been expanding overseas in the past year. South Korean firms Hana Financial Group and SK Telecom Co acquired shares in BitGo Korea in September 2024. — Bloomberg
