BitGo Files IPO to Challenge Circle in Crypto Custody Race

BitGo Files IPO After Hitting $100B in Custodied Crypto Assets

IPO Spotlight: BitGo and Circle take the Lead

The crypto industry is witnessing a major shift as leading companies like BitGO and Ripple gear up for a more regulated mainstream future. The company has recently made waves in the crypto world  by filing confidentially for an Initial Public Offering in the U.S. 

As per the Injective post shared on the X handle where it is mentioned that the firm is confidentially filing for Initial Public Offering, it surpassed $100B in custodied assets and joins the Injective council as a founding member which is another institutional win for Injective token. 

Source: X

It is aiming to capitalize on the booming $4 trillion crypto market. Meanwhile the Circle has already gone public by securing an $18 billion valuation after its IPO on June 5. 

These moves marked a new journey where the crypto companies are racing to become household names on Wall Street. 

Circle sets the standard with banking ambitions

It is not just satisfied with a successful IPO. The firm has applied for a national bank license and plans to launch First National Digital Currency Bank. If the license got approved, then this would allow the firm to manage digital asset reserves directly. 

The firm's USDC stablecoin has seen wide adoption and the company is pushing hard to position itself as the most institution friendly player in the market space. This strong expansion puts pressure on the big competitors like BitGo and Ripple to keep up. 

BitGo rises as the vault of digital asset 

Founded in 2013, the firm plays a very critical role behind the scenes by offering secure crypto asset custody for institutional clients.  

With assets under custody soaring from $60 billion to $100 billion in just six months of the year 2025, the organisation is proving it is more than a service provider and it wants to be a likely player in the regulated future of digital asset. 

Its IPO shows confidence in its business model and sets the stage for serious competition with Circle. 

Ripple stays cautious but not quiet 

Ripple is known for its cross-border payment solutions and global reach and has not filed for an IPO till now. While the firm recently applied for a Federal Reserve master account its CEO Brad Garlinghouse has dismissed IPO rumors for now. 

Source: X.

However, like Circle and BitGo making bold moves this pressure may build Ripple to enter the race more aggressively. 

Conclusion 

As regulation and market maturity reshape the crypto world the firms Circle, BitGo are emerging as strong competitors. Each has a unique strategy to win the race but are searching to define the future of digital finance.