BitGo, a leading crypto custody services provider, has launched a global over-the-counter (OTC) trading desk for digital assets as it prepares for a potential initial public offering (IPO) later this year.
The new platform aims to meet growing institutional demand for spot, derivatives, lending, and yield-generating services across the crypto market.
According to a 18 February 2025 statement, BitGo’s OTC desk features access to dozens of liquidity sources, including major crypto exchanges. The platform supports over 250 digital assets and caters to institutional investors seeking a secure and efficient trading experience.
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BitGo’s New OTC Desk Offers Secure Trading Across Spot, Derivatives, and Lending Markets
Matt Ballensweig, managing director at BitGo, said the new “desk allows clients to execute trades across spot, derivatives, and lending markets, with assets remaining in qualified custody until settlement, ensuring maximum security.”
The platform also offers $250 million in insurance coverage, giving venture capital firms and hedge funds the option to trade locked layer-1 tokens—an asset class often challenging to access through traditional exchanges.
BitGo’s launch comes amid a surge in institutional OTC crypto trading volumes, which jumped 106% in 2024, driven by renewed investor confidence following U.S. President Donald Trump’s election victory and heightened demand for U.S.-based spot crypto ETFs.
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
Last December, BitGo expanded its services to retail investors with the launch of global digital asset solutions, including trading, staking, and wallet offerings.
Meanwhile, according to a recent report from Bloomberg, BitGo is currently in discussions with investment banks regarding a potential IPO in the second half of 2024.
While no final decision has been made, the company’s public debut could align with a broader trend of crypto firms exploring public listings in the coming year.
BitGo currently manages $100 billion in assets under custody and serves as a regulated crypto infrastructure provider for U.S. institutions. If it proceeds with the IPO, BitGo would join a growing list of crypto companies, including Circle, Kraken, and Chainalysis, expected to go public in 2025.
Notably, Coinbase paved the way for crypto firms entering public markets with its Nasdaq listing in 2021. BitGo’s potential listing could further solidify institutional trust in the evolving crypto financial landscape.
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BitGo Obtains License in Singapore
Last year, BitGo obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. The license allows BitGo to provide regulated crypto payment services, including custody and trading solutions, for its Singaporean clientele.
In August 2023, BitGo, based in Palo Alto, California, raised $100 million in Series C financing at a $1.75 billion valuation. At the time, the company planned to use the funds for strategic acquisitions and global expansion.
More recently, it was revealed that South Korea’s leading telecom and financial giants, SK Telecom and Hana Financial Group, have become major shareholders in the Korean branch of BitGo.
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Key Takeaways
- BitGo has launched a global OTC trading desk, offering spot, derivatives, lending, and yield-generating services.
- The platform supports over 250 digital assets and provides $250 million in insurance coverage.
- BitGo is preparing for a potential IPO in late 2024.
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