Crypto custody services firm BitGo has unveiled a global over-the-counter (OTC) trading desk for digital assets, expanding its institutional offerings. The launch comes amid speculation that BitGo is preparing for an initial public offering (IPO) in the latter half of 2025.
The newly introduced OTC desk sources liquidity from multiple exchanges and provides access to spot and derivatives trading across over 250 digital assets. Additionally, it offers lending services and yield-generating products, enhancing BitGo’s role in institutional crypto finance.
Institutional Crypto Trading Surges
According to OTC infrastructure provider Finery Markets, institutional crypto OTC trading volumes surged by 106% in 2024. This growth was largely attributed to market optimism following US President Donald Trump’s election win and increasing demand for US spot crypto exchange-traded funds (ETFs).
BitGo’s managing director, Matt Ballensweig, emphasized that the OTC desk enables clients to execute trades across multiple asset classes while maintaining asset security within BitGo’s qualified custody.
Security and Institutional Appeal
The platform boasts $250 million in insurance coverage, appealing to venture capitalists and hedge funds seeking to trade locked layer-1 tokens. The initiative strengthens BitGo’s position as a leading institutional crypto custodian.
In December, BitGo also launched a global version of its digital asset solutions for retail investors, incorporating services such as trading, staking, and wallet management.
BitGo’s IPO Speculation
On February 11, Bloomberg reported that BitGo had engaged investment banks to explore a potential IPO in late 2025. While deliberations are ongoing, no final decision has been made. If BitGo proceeds, it could join a wave of crypto firms eyeing public equity markets.
BitGo currently provides regulated custody, lending, and infrastructure services to US institutions and manages approximately $100 billion in assets under custody.
Crypto Firms Eyeing IPOs in 2025
BitGo is among several major crypto firms speculated to go public in 2025. Crypto ETF issuer Bitwise previously predicted that at least five crypto unicorns, including stablecoin issuer Circle, crypto exchanges Kraken and Figure, crypto bank Anchorage Digital, and blockchain analytics firm Chainalysis, could make public market debuts next year.
In 2021, Coinbase became the first major crypto firm to go public, listing its shares on the Nasdaq. If BitGo proceeds with its IPO, it would mark another milestone in the institutional adoption of digital assets.
