Cryptocurrency custodian BitGo secretly applies for IPO, contributing to the mainstreaming process of the digital asset industry.

Cryptocurrency custody institution BitGo announced on Monday that it has secretly submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission, coinciding with the global digital asset market reaching a historical high of over 4 trillion U.S. dollars. As a leading cryptocurrency custody service provider in the United States, BitGo's listing plan signifies that the digital asset industry is accelerating its integration into traditional capital markets. Established in 2013, the institution focuses on providing digital asset custody services to institutional clients such as exchanges, banks, and investment companies. Although not directly targeting retail customers like exchanges, the strategic value of BitGo as a "behind-the-scenes vault" has become increasingly prominent as Wall Street institutions continue to increase their involvement in the cryptocurrency sector. Its secure storage solution has become a crucial infrastructure for Financial Institutions, Inc. to participate in the digital asset market. "BitGo's IPO plan is a key step for cryptocurrency assets to transition from a 'technical experiment' to 'mainstream financial infrastructure.'" Analysts from blockchain research firm Messari pointed out, "Its compliance framework, insurance coverage, and institutional client base align perfectly with the current SEC standards for 'regulated digital asset service providers'." Analysis suggests that BitGo's choice of IPO at this time is driven by an unprecedented optimistic sentiment in the cryptocurrency market: significant price rebounds of mainstream cryptocurrencies such as Bitcoin this year, increasing clarity in U.S. regulatory frameworks, and continued release of institutional investor demand. "This is the best market conditions for the crypto space in years." Matt Kennedy, senior strategist at Renaissance Capital, said, "If BitGo successfully goes public, it will attract more traditional investors to participate in the crypto market through compliant channels, forming a positive cycle of 'regulation-capital-technology'." It is worth mentioning that stablecoin issuer Circle (CRCL.US) and trading platform eToro (ETOR.US) have recently entered the capital markets, with Circle's stock price soaring by 630% since the listing due to institutional recognition of the USDC stablecoin. This trend is attracting more participants - companies such as cryptocurrency asset management firm Grayscale, exchange Gemini, and Bullish exchange have all recently disclosed listing plans, trying to capture the market heat window. Overall, if BitGo's IPO plan proceeds smoothly, it will have far-reaching implications. "This is not only a milestone for BitGo, but also a coming-of-age ceremony for the entire cryptocurrency industry." Ambre Soubiran, CEO of cryptocurrency research firm Kaiko, commented, "When custody, trading, insurance, and other infrastructure become fully securitized, digital assets will truly become an integral part of the global financial system." In addition, BitGo's potential listing will provide investors with new crypto concept stock targets. Although a specific timetable and valuation have not been disclosed, public information shows that the company raised $100 million in funding in August 2023, with a post-investment valuation of $1.75 billion. As the integration of digital assets and traditional finance deepens, the listing process of this behind-the-scenes custody giant will continue to captivate the market.