The value of digital assets under BitGo Inc.’s custody has surged. BitGo’s vice president for its Asia-Pacific business, Abel Seow, said it had seen its assets under custody (AUC) rise from $60B to $100B in the first six months of the year.
It represents a 66% increase, demonstrating the growing appetite among institutional and retail players to participate in the crypto-economy. Seow said that the rise was driven by “peak retail interest” in crypto, increasing asset adoption, and greater regulatory clarity in major jurisdictions.
Crypto confidence is growing among investors, as is evident in the demand for secure and regulated custody services.
One big driver of the increase in BitGo’s assets is “staking,” which involves crypto holders locking up their tokens to help validate blockchain transactions and, in exchange, earn passive income.
Today, assets in BitGo Staking represent 50% of BitGo’s total holdings, where yield-based strategies are a core investment theme for modern digital asset holders.
BitGo expands into global markets
BitGo, which was established in 2013, initially offered secure wallets but has since developed into a one-stop shop crypto bank. In addition to custody, BitGo provides clients with the capabilities to trade, borrow, and lend digital assets. It has clients that include institutional investors and firms born on the blockchain.
Over the past year, the company has been growing quickly internationally. BitGo Korea was released in September 2024 with Hana Financial Group and SK Telecom, two of South Korea’s largest financial and telecommunications companies.
Seow said the joint venture is “progressing well” and has begun offering its services to high-net-worth clients and regional institutional participants.
Also, in early 2025, BitGo officially seeded its Dubai operations, entering the region’s growing digital asset ecosystem. Crypto stronghold Dubai has established itself as a burgeoning hub in its own right on the backs of business-friendly regulation and investor appetite.
BitGo’s growing reach reflects a larger trend in the industry; crypto firms no longer want to concentrate only on the US and Europe in traditional markets. Instead, they seek to go global to service local demand, particularly in areas where regulation is favorable and smartphone penetration rates are high.
BitGo plans IPO as crypto market heats up
Riding the wave, BitGo is getting ready for a potential public listing as soon as the second half of 2025, reports Bloomberg. The move would make the company part of an emerging wave of crypto-native firms seeking to tap into public markets, with renewed investor confidence and a more friendly regulatory environment pushing these firms into the spotlight.
BitGo’s IPO strategy is part of a wider trend related to a change in the US approach under President Donald Trump’s administration, which has been particularly friendly to crypto since returning to office.
BitGo was last valued in 2023 at $1.75 billion in connection with a $100 million capital raise. Returning to the underwriters, Goldman Sachs Group Inc., DRW Holdings, Redpoint Ventures, and Valor Equity Partners are all backers of the digital asset custody powerhouse, which means that it doesn’t exactly take a crystal ball to guess which four banks might be involved in the IPO.
During his tenure, there have been appointments of crypto-friendly regulators, an attempt to slide through stablecoin legislation, and even Trump’s projects into the digital asset arena.
There has been so much change in political tone compared to past governments, which makes it easier and more predictable for crypto companies planning to grow and compete for institutional money.
In its most recent round of financing, in 2023, Bitgo was said to have a value of $1.75 billion, according to reports, in connection with raising $100 million in capital. And back to the underwriters, Goldman Sachs Group Inc., DRW Holdings, Redpoint Ventures, and Valor Equity Partners are all backers of the digital asset custody powerhouse.
