上市潮正式来临，老牌资管BitGo秘密提交IPO

Core Viewpoint - BitGo has submitted a confidential IPO registration statement to the SEC, aiming to list on a major U.S. exchange, positioning itself as a compliant service provider in the crypto space alongside Coinbase and Circle [1][4]. Group 1: Company Overview - BitGo is one of the earliest providers of crypto asset custody and multi-signature security solutions for institutional investors, having received investments from notable firms like Founders Fund, Galaxy Digital, and Goldman Sachs [2]. - The company is headquartered in Palo Alto, California, and has obtained digital asset custody and trust licenses in the U.S., Germany, and Singapore, serving over 1,500 mainstream platforms and funds [2]. - BitGo's CEO, Mike Belshe, is a former Google engineer and has emphasized compliance, security, and institutional focus as the long-term direction for the industry [1][3]. Group 2: Business Development and Strategy - After a failed acquisition by Galaxy Digital in 2022, BitGo has pursued an independent growth strategy, launching enhanced custody services and plans to introduce Crypto-as-a-Service (CaaS) in 2024 [3]. - As of Q2 2025, BitGo's custody assets are projected to exceed $100 billion, making it one of the few companies with full compliance and on-chain custody capabilities [3]. - The company has strengthened partnerships with auditing firms, insurance companies, and bank custody departments to create a neutral infrastructure platform that serves both crypto-native and traditional finance markets [3]. Group 3: Market Context and Regulatory Environment - The IPO comes at a time when regulatory clarity and capital re-evaluation are converging, with the recent passage of the GENIUS Act establishing a federal regulatory framework for stablecoins [6][8]. - The demand for custody services is rising, driven by the increasing circulation of stablecoins and the overall crypto market capitalization surpassing $4 trillion [8]. - BitGo's listing could enhance its valuation and position it as a key player in the compliant infrastructure segment of the crypto market, potentially facilitating greater institutional investment [12][14]. Group 4: Industry Implications - If successful, BitGo's IPO will join Circle and Coinbase in forming a "compliance triangle," serving as a technological infrastructure for mainstream financial systems to access the crypto market [12]. - The shift in narrative from "Token is the new stock" to "Custody is the new infrastructure" indicates a broader industry transition towards compliant asset ecosystems [14].