In a universe not so far away, the crypto custody services firm known as BitGo has decided to launch a global over-the-counter (OTC) trading desk for digital assets. This bold move comes just as rumors swirl about an initial public offering (IPO) that is supposedly scheduled for later this year, or perhaps next year, or maybe never—who really knows? 🤷♂️
Now, this OTC desk is not just any desk; it boasts dozens of liquidity sources, including exchanges, and offers spot and derivatives trading across a staggering 250 digital assets. It’s like a cosmic buffet of financial options, complete with lending services and yield-generating products, as BitGo cheerfully announced on February 18. 🍽️
In a twist that could only be described as delightfully absurd, institutional crypto OTC trading volumes skyrocketed by 106% in 2024. This meteoric rise was primarily fueled by the unexpected election win of US President Donald Trump and an insatiable demand for US spot crypto exchange-traded funds. Who knew politics could be so profitable? According to the wise sages at OTC infrastructure firm Finery Markets, it’s all just part of the grand cosmic joke. 😂
BitGo’s managing director, Matt Ballensweig, confidently stated that the desk “gives clients the ability to execute with a full-service desk across spot, derivatives, and lending, all while their assets stay protected in qualified custody until the time of settlement.” Because nothing says security like a desk that sounds like it belongs in a sci-fi novel! 🛸
But wait, there’s more! The platform also boasts a whopping $250 million in insurance coverage. Yes, you heard that right! It offers venture capitalists and hedge funds the chance to buy and sell locked layer-1 tokens, which sounds incredibly important and definitely not made up. 💰
Last December, BitGo announced it was launching a global version of its digital assets solutions for retail investors. This is akin to opening a cosmic portal to a world of trading, staking, and wallet services, all designed to make you feel like a financial wizard. 🧙♂️
However, in a plot twist worthy of a Douglas Adams novel, Bloomberg reported on February 11 that BitGo was in talks with investment banks for a potential public launch in the second half of 2025. But, as with all good things in the universe, deliberations are ongoing, and no final decision has been made. Stay tuned for the next episode of “As the Crypto Turns.” 📺
BitGo provides regulated crypto custody, lending, and infrastructure services to US institutions and claims to have a staggering $100 billion in assets under custody. That’s a lot of zeros! 💸
It seems BitGo could join several other major crypto firms considering a foray into the public equity markets in 2025. Crypto ETF issuer Bitwise predicted that at least five crypto unicorns would go public in 2025, including stablecoin issuer Circle, crypto exchanges Kraken and Figure, plus crypto bank Anchorage Digital and blockchain analytics firm Chainalysis. It’s like a cosmic race to the IPO finish line! 🏁
In 2021, Coinbase was the first major crypto firm to go public in the US, listing its shares on the Nasdaq. And now, here we are, watching the next chapter unfold in this intergalactic saga of digital finance. Buckle up, folks! 🚀
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2025-02-19 07:16