BitGo launches OTC desk amid $100B IPO rumors

BitGo has launched a global over-the-counter (OTC) trading desk for digital assets, expanding its services beyond custody to include spot and derivatives trading.

The crypto custody firm, which holds $100 billion in assets under custody, announced the move as it reportedly prepares for a potential initial public offering (IPO) in late 2025.

The OTC desk supports more than 250 digital assets, offering lending services and yield-generating products.

BitGo’s managing director, Matt Ballensweig, stated that the platform enables clients to trade while keeping assets secured in qualified custody until settlement.

The service operates around the clock across all major time zones and is led by Ballensweig and Stefan Von Haenisch.

BitGo’s trading desk has been running in stealth mode since early 2024, processing billions in volume and building a lending book exceeding $150 million.

The firm credits its success to deep liquidity, a broad product offering, and the security of qualified custody.

It also provides $250 million in insurance coverage and facilitates trading of locked layer-1 tokens for venture capitalists and hedge funds.

Institutional crypto OTC trading volumes increased by 106% in 2024, driven by factors such as the U.S. presidential election and growing demand for spot crypto exchange-traded funds.

In December 2024, BitGo introduced a global version of its digital asset solutions, including trading, staking, and wallet services for retail investors.