Major crypto custody provider BitGo has confidentially filed for an initial public offering (IPO) in the U.S.

The company submitted its draft registration statement, or Form S-1, to the U.S. Securities and Exchange Commission (SEC) on Monday, but has yet to disclose the number of shares or the expected price range for the offering.

This story is an excerpt from the Unchained Daily newsletter.

BitGo’s decision comes amid a surge in the wider crypto market, which surpassed $4 trillion in market capitalization. It also aligns with recent moves from crypto firms like Grayscale, Gemini, Circle, and Bullish, seeking out public listing this year.

BitGo recently topped $100 billion in assets under custody, up from $60 billion at the beginning of 2025. The Palo Alto-based firm most recently raised $100 million in August 2023 at a $1.75 billion valuation.