Institutional Crypto OTC Trading Is Booming

On February 18, BitGo announced that its new OTC platform has multiple liquidity sources, including exchanges, and offers spot and derivatives trading across more than 250 digital assets. The platform also provides lending and yield-generating products for institutional investors.

OTC infrastructure firm Finery Markets reported that institutional crypto OTC trading volumes surged by 106% in 2024, largely driven by U.S. President Donald Trump’s election victory and the growing demand for spot crypto ETFs.

BitGo Managing Director Matt Ballensweig stated, “This platform allows clients to execute spot, derivatives, and lending trades while keeping their assets securely in qualified custody until settlement.”

BitGo’s IPO Plans

On February 11, Bloomberg reported that BitGo was in discussions with investment banks about a potential IPO in the second half of 2025. However, the process is still ongoing, and no final decision has been made.

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BitGo is one of the major regulated crypto custody, lending, and infrastructure service providers in the U.S., claiming to hold $100 billion in assets under custody.

Crypto Firms Preparing to Go Public

BitGo could join the growing list of crypto firms planning IPOs in 2025. In December 2024, Bitwise predicted that at least five major crypto companies would go public, including Circle, Kraken, Figure, Anchorage Digital, and Chainalysis.

In 2021, Coinbase became the first major crypto company to go public in the U.S., listing its shares on Nasdaq.

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