The cryptocurrency industry will see a wave of listings, and it is rumored that BitGo will be the first to conduct an IPO this year.

According to sources familiar with the matter, BitGo Inc. is considering conducting an IPO, joining the ranks of many cryptocurrency companies, and hoping to gain more support from regulatory authorities for its plans. An anonymous source stated that BitGo is in negotiations with potential advisors for a possible listing in the second half of this year. BitGo raised $100 million from new investors in 2023, valuing the company at $1.75 billion. A statement in April showed that its backers include Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners. The source mentioned that the deliberations are still ongoing, and the company has not made a final decision yet. With President Trump openly supporting the cryptocurrency industry, BitGo's IPO will join many other cryptocurrency companies planning to go public. Gemini, a cryptocurrency company, is considering an IPO this year, along with the cryptocurrency exchange operator Bullish Global, supported by billionaire Peter Thiel. Circle Internet Financial Ltd. and cryptocurrency exchange Kraken have also expressed their desire to go public. BitGo CEO Mike Belshe held a fundraising event in July for Trump's presidential campaign, featuring Republican candidate's running mate JD Vance, with a fee of $3,300 for each participant. Founded in 2013, BitGo is one of the largest cryptocurrency custody service providers in the United States. The company also allows customers to trade, lend, and borrow digital assets. According to its website, the company serves over 1,500 institutional clients from more than 50 countries, processing approximately 8% of global bitcoin transactions (by value). The company's custody services compete with companies like Coinbase Global Inc., the largest cryptocurrency exchange in the United States. With the relaxed regulations during the Trump administration, traditional banks have become interested in providing similar services directly or through partnerships. Billionaire Michael Novogratz's cryptocurrency company Galaxy Digital Holdings Ltd. had agreed to acquire BitGo for $1.2 billion in 2021. However, the following year, Galaxy terminated the acquisition agreement with BitGo.