BitGo, a leading crypto custody firm, has confidentially filed for a U.S. initial public offering, signaling the industry's increasing push toward mainstream capital markets. The company submitted its draft registration (Form S-1) to the Securities and Exchange Commission for a potential listing of its Class A common stock, though specifics on share count or pricing remain undisclosed.

The IPO filing comes as BitGo crosses a major milestone—surpassing $100 billion in assets under custody in the first half of 2025, up from $60 billion earlier this year, according to Bloomberg. Despite the filing, the documentation has not yet appeared on the SEC’s EDGAR database.

BitGo has also secured key regulatory approval under the European Union’s MiCA framework, expanding its digital asset services across the EU. Additionally, the firm is exploring entry into the traditional U.S. banking space and was recently reported to be pursuing a U.S. bank charter, contingent on regulatory progress.

The IPO would place BitGo among a growing roster of crypto companies tapping public markets. Currently, 46 non-penny blockchain firms are publicly listed—24 on Nasdaq, 18 OTC, two on the NYSE, and one in Toronto, according to CoinGecko.

BitGo isn’t alone. Last week, crypto exchange Bullish filed its IPO plans with the SEC, aiming for a NYSE listing after posting $80 million in net income for 2024. Grayscale, one of the largest crypto asset managers, also submitted a filing this month for a U.S. listing.

As traditional and decentralized finance continue to converge, BitGo’s move marks another significant step in crypto’s institutional ascent.