BitGo CEO Urges Crypto Firms to Go Public as Company Launches Global OTC Desk

Highlights:

• BitGo CEO emphasizes going public strengthens crypto firms’ credibility with traditional finance players.
• Belsche highlights due diligence and SEC oversight to boost trust with Wall Street.
• BitGo introduces the OTC trading desk for over 250 digital assets amid potential public listing plans.

Crypto custody services firm BitGo CEO Mike Belsche emphasized the importance of public listings for crypto firms to build trust and engage with traditional finance. Speaking at Consensus Hong Kong 2025 on February 19, he noted that past attempts by Wall Street to work with private crypto companies, like FTX, “didn’t work out so well.”

Belsche highlighted the importance of due diligence and regulatory oversight in building trust with Wall Street. He stated, “Diligence really matters,” and emphasized the role of the SEC in ensuring transparency. “Going public is inevitable,” he added. 

Tom Farley, CEO of Bullish and head of a crypto exchange reportedly preparing for a public offering (IPO), echoed Belsche’s sentiments. He argued that listing on a respected public market not only demonstrates a firm’s commitment to transparency but also reassures potential investors. Although neither executive confirmed specific IPO plans, both agreed that going public could significantly boost the credibility of major crypto firms.

The executives discussed the evolving regulatory environment for digital assets under Donald Trump’s administration. Belsche expressed optimism about potential policy changes with both the House and Senate under Republican control. He believes pro-crypto appointments at the SEC and Commodity Futures Trading Commission could benefit the industry, though meaningful improvements may take time.

Belsche said:

“So not only do you have Trump, of course, you’ve got the House and the Senate controlled by the Republicans, so there’s an opportunity to make real change.”

BitGo Introduces OTC Trading, Considers IPO

BitGo has introduced a global over-the-counter (OTC) trading desk for digital assets. The platform connects various liquidity sources, including exchanges, enabling spot and derivatives trading for over 250 digital assets. It also provides lending options and yield-earning products.

BitGo expanded its services as institutional crypto OTC trading rose 106% in 2024, driven by Trump’s election win and rising U.S. crypto fund demand. The new desk lets clients trade securely across markets with $250 million insurance. It follows BitGo’s December launch of retail-focused digital asset solutions.

We're formally unveiling @BitGo's OTC Trading desk, which offers 24/7 spot, derivative and lending liquidity to all of our institutional clients globally.

Our edge: Trade while your assets remain in segregated qualified custody and post-trade settle. No "prefunding" required. https://t.co/CyEKm2TTo2

— Matt Ballensweig (@mtballensweig) February 18, 2025

Bloomberg reported on February 11 that BitGo is in talks with investment banks about a possible public listing in late this year. The plans are still under review, with no final decision made. If pursued, BitGo could join other leading crypto firms exploring public markets. BitGo offers regulated crypto custody, lending, and infrastructure services to U.S. institutions, holding $100 billion in assets.

Previously, Bitwise projected in December that at least five crypto unicorns, including Circle, Kraken, Figure, Anchorage Digital, and Chainalysis, may go public this year. The trend gained momentum after Coinbase’s 2021 Nasdaq listing set a standard for the industry. BitGo claims to hold $100 billion in assets under custody.