Major U.S.-based crypto custodian BitGo plans to go public via an initial public offering as early as Q2 2025, according to Bloomberg news.
BitGo was last valued at $1.75 billion during a $100 million Series C funding round in August 2023 that would fund acquisitions.
That round was significant given in that it was only a minor “downround” during a time when venture funding had dried up following a catastrophic credit contagion effect during the previous year’s bear market.
It was also the first financing the firm had raised since 2017, when it secured a $42.5 million Series B round led by Valor Equity Partners, notably with participation from former PayPal COO turned U.S. “Crypto Czar” David Sacks.
In 2021, BitGo was on track to go public by an acquisition with Galaxy Digital. That deal was terminated in August 2022 due to BitGo's "failure to deliver” audited financial statements, Galaxy said at the time.
That deal, had it gone through, would have valued the firm at $1.2 billion.
This is a developing story that will be updated as The Block learns more.
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