Cryptocurrency custodian BitGo is exploring an initial public offering (IPO) in the second half (H2) of 2025.

The move comes amid renewed confidence in crypto regulation under the second Donald Trump administration, which has vocally supported the digital asset sector.

Crypto Unicorn BitGo Mulls Going Public

Bloomberg reported that discussions are underway with potential advisors, though no final decision has been made. BitGo has not officially confirmed its IPO plans. However, the deliberations suggest the company is positioning itself for a public debut amid increasing institutional interest in the crypto industry.

Founded in 2013, BitGo has grown into a leading crypto custodian with over 1,500 institutional clients across more than 50 countries. The company offers various services, including crypto custody, trading, borrowing, and lending.

It processes approximately 8% of all global Bitcoin transactions, further solidifying its status as a major player in the industry. More recently, BitGo revealed an important milestone for the crypto custodian.

“BitGo now secures over $100 billion in assets under custody, earning the top spot as the world’s leading independent custodian,” the announcement read.

Meanwhile, BitGo’s IPO aspirations align with a broader trend of crypto firms preparing to go public. They appear to be capitalizing on what industry insiders describe as a favorable regulatory environment emerging under the Trump administration.

The Winklevoss twins’ cryptocurrency exchange Gemini is exploring an IPO with Bullish Global, a platform backed by billionaire Peter Thiel.

Kraken and stablecoin issuer Circle are also evaluating IPO opportunities. Ark Invest recently stated that a “window” for crypto companies to go public has opened under the Trump administration.

“Among the possibilities are…the re-opening of the initial public offering (IPO) window for late-stage digital asset companies like Circle and Kraken…,” read a paragraph in Ark Invest’s newsletter.

Meanwhile, European crypto platform Bitpanda is also weighing its options for an IPO or sale at a $4 billion valuation. This momentum in crypto IPOs reflects the industry’s increasing mainstream acceptance despite past regulatory uncertainties.

Elsewhere, BitGo’s CEO, Mike Belshe, has been an outspoken supporter of Donald Trump’s policies on digital assets. In July 2024, Belshe hosted a fundraising event for Trump’s presidential campaign, featuring the Republican nominee’s running mate, JD Vance. They highlights the close ties between BitGo’s leadership and the US president.

US President Donald Trump has chosen Brian Quintenz, head of policy at venture capital firm a16z, to serve as the next chair of the CFTC (Commodity Futures Trading Commission).

The move signals a significant shift in crypto regulation, with the CFTC expected to play a larger role in overseeing digital assets.

A Familiar Face Returns As CFTC Chair

Fox Business correspondent revealed the selection, citing three sources with direct knowledge of the decision. CFTC officials reportedly confirmed the move, although there was no official announcement from the White House. Acting CFTC Chair Caroline D. Pham reportedly congratulated Quintenz.

“I worked with Brian on important initiatives that he led to success when he was a CFTC Commissioner. He will do the same for crypto and innovation. I look forward to supporting Brian and his leadership at the CFTC,” Terret reported, citing Pham.

Quintenz, a CFTC commissioner from 2017 to 2021, has long advocated for regulatory clarity in digital assets. Most recently, he served as Head of Policy at a16z crypto, venture capital firm Andreessen Horowitz‘s digital assets arm.

His appointment comes as the CFTC prepares to take a more active role in shaping the regulatory environment for digital assets. The CFTC has announced a series of upcoming discussions on key aspects of digital asset regulation. Among the most pressing topics are the regulation of stablecoins and the broader digital asset market structure.

Specifically, the commission plans to host a forum to discuss stablecoin oversight, a roundtable on prediction market regulation, and additional public meetings on digital asset rules.

These initiatives reflect growing concerns among policymakers about the need for clear and enforceable standards in the crypto space.

Legislative Efforts to Strengthen CFTC’s Role

Perhaps the most significant change under Trump’s proposed regulatory framework is the push to have the CFTC, not the US SEC (Securities and Exchange Commission), regulate Bitcoin and Ethereum spot markets. These two digital assets represent approximately $2.2 trillion in market capitalization, which is nearly 70% of the global crypto market.

Former CFTC Chair Christopher Giancarlo, often called “Crypto Dad,” has endorsed this shift. As BeInCrypto reported, he argued that the CFTC could better oversee these assets as digital commodities.

“With adequate funding and under the right leadership, the CFTC could hit the ground running to begin regulating digital commodities on day one of Donald Trump’s presidency,” Giancarlo said recently.

In addition to Trump’s regulatory vision, Congress is weighing new legislation to redefine the roles of the CFTC and SEC in digital asset oversight. The bipartisan “BRIDGE Digital Assets Act,” introduced by Tennessee Congressman John Rose, proposes a cooperative framework between the two agencies.

Under this proposal, a joint advisory committee of 20 private-sector representatives would help guide crypto regulation. They would also ensure industry voices are considered in policymaking.

Despite the ambitious agenda, concerns remain about the CFTC’s ability to handle an expanded regulatory mandate. The agency operates on a $400 million annual budget and has approximately 700 employees, which is substantially lower than the SEC’s $2.4 billion budget and 5,300 employees.

The CFTC would require significant funding increases and expanded staffing to oversee crypto spot markets effectively.

Additionally, some of the CFTC’s traditional stakeholders, such as agricultural commodity traders, are concerned about the potential impact of digital asset regulation on the agency’s core functions. Lawmakers must address these concerns to ensure bipartisan support for any regulatory expansion.