BitGo Files for US IPO

Crypto Robot

BitGo has officially filed for a US IPO, putting its massive $90 billion in crypto assets under custody in the spotlight. This marks a historic moment for crypto custody providers, signaling that Wall Street is ready to embrace one of the most trusted names in institutional digital asset security. 🏦  In this video, we break down what BitGo’s IPO means for the crypto market, from institutional adoption and custody solutions to competition with players like Coinbase Custody and Fidelity Digital Assets. We’ll also explore whether BitGo’s move could trigger mainstream recognition of crypto custody, potentially driving more corporations, hedge funds, and traditional investors into the space.  👉 Subscribe for daily alpha on crypto market trends, bold Bitcoin predictions, and altcoin gems that could 10x your portfolio! – https://www.youtube.com/channel/UCpjN8bNE-CoAgpfMatghM9g  📧 Email: cryptorobothelp@gmail.com  💰 Affiliate Links  Sofi Checking & Savings – Get $25 free ➝ https://www.sofi.com/invite/money?gcp=16a53d0f-b4b2-441d-9100-cfb506305260&isAliasGcp=false  Sofi Investing – Free $25 in stock ➝ https://www.sofi.com/invite/invest?gcp=ab31edd8-701e-4109-9225-51b41e35d246&isAliasGcp=false  Coinbase Exchange – Earn up to $300 BTC ➝ https://coinbase.com/join/YPUQLCY?src=referral-link  Tracking Tools – CoinGecko | CoinMarketCap  Trading Tools – Get $15 off TradingView ➝ https://www.tradingview.com/pricing/?share_your_love=cryptonextsteps  #BitGo #CryptoCustody #CryptoNews #Bitcoin #BTC #Ethereum #CryptoInvesting #Altcoins #CryptoMarket #InstitutionalAdoption #CryptoIPO #Blockchain #DigitalAssets #Coinbase #Crypto2025

Transcript

00:00welcome back to the deep dive this week wow we are really getting into it where wall street

00:10uh meets crypto infrastructure yeah that whole intersection point it's moving so quickly now

00:15it really is and it just makes you think you know what really validates crypto for the big

00:22traditional finance players is it just like the price going up or is it something

00:28something deeper well i'd argue it's definitely something deeper it's the infrastructure that's

00:33the bedrock isn't it okay i mean you can't expect these massive funds pension funds endowments to

00:39just throw trillions at something without you know heavy duty vetting audits regulation the whole nine

00:45yards like they need that security blanket exactly and that's precisely why this news we're digging

00:49into today the bitgo ipo filing it's not just big for bitgo it feels pretty monumental for the whole

00:55digital asset space absolutely so our mission today is to really unpack the source material

01:00around this filing and specifically get into that headline number they're throwing around

01:0390 billion dollars in assets under custody auc yeah that number it's not just impressive it's

01:10well it's almost a statement isn't it like a declaration for the crypto infrastructure world

01:16right so what we want to do is break down what this signals you know for institutional confidence

01:20uh-huh the kind of capital that you know doesn't just chase height that actually shapes the market

01:26yeah and what it means for the future of custody itself and then sort of the ripple effects right

01:31how does this change crypto for everyone exactly moving beyond just the headline to see what's really

01:36going on underneath financially technically okay now before we jump right into the filing details

01:43there's something we wanted to touch on quickly it's kind of a preliminary point but it actually

01:47connects to this whole theme of visibility and yeah well credibility ah right think of what bitgo is

01:53trying to achieve with this ipo they want transparency they want credibility in the eyes of wall street

01:59oh definitely well for us doing this kind of deep dive content engagement from you the listener

02:06it works in a well kind of a similar way yeah that's a good point your engagement subscribing

02:12commenting just letting us know you find this useful it's like a signal it really is just like

02:18bitgo's transparency signals trust to institutions your support helps make specialized content like this

02:24more visible it tells the algorithms hey this is valuable and that visibility helps us keep doing this

02:30keep digging deep into these complex crypto topics so yeah we really appreciate when you engage

02:36it genuinely makes a difference for creators trying to provide quality analysis it lets us keep the

02:42lights on so to speak and keep exploring this stuff it does indeed a well-supported platform can really

02:47tackle the tricky subjects okay but speaking of massive support let's talk 90 billion dollars all right

02:54let's unpack this so the core event bitgo has officially filed the paperwork they're going for a u.s ipo

02:59yep the s1 is out there or the process has begun at least but the number that just jumps off the page

03:03the anchor is that 90 billion dollars in assets under custody what does that number actually mean right

03:09now in this market well it's it's seismic really 90 billion dollars isn't just pocket change it

03:17represents a massive amount of institutional trust okay we're talking assets from you know sophisticated

03:22players hedge funds big corporations maybe wealth funds and definitely the crypto arms of some

03:28trad fi giant these are retail folks just parking some coins exactly these clients they demand

03:33top tier almost military grade security they need robust insurance and critically they need absolute

03:40clarity on the regulations how their assets are held so that 90 billion dollar figure it's basically a

03:45validation stamp for bit goes tech and legal setup precisely it says okay these guys can handle

03:51serious money securely and uh within the expected compliance frameworks do we know what makes up that 90

03:57billion dollars is it all bitcoin and ether or is there other stuff in there inflating the number

04:01like stable coins good question the filings themselves are complex and the mix changes but yeah general

04:07analysis suggests it's a blend a big chunk will be the blue chips right a bitcoin ethereum those are what

04:13the etfs and big funds are mostly focused on right now makes sense but importantly you're seeing a

04:18growing slice of stable coins especially for institutional settlement and also these emerging tokenized

04:25assets rwas real world assets uh okay the fee structure might vary depending on what they're

04:30holding but that scale 90 billion dollars it proves they're seen as a trusted vault for a whole range of

04:36institutional assets let's talk about the money side for a sec how does 90 billion dollars a uc turn

04:42into revenue for bit go and how does the market even start to put a value on this ipo okay so typically

04:48custodians charge based on basis points bips right it's a small percentage of the uc maybe somewhere between say

04:5410 and 30 basis points per year it depends on the asset how complex the services okay so 0.10% to 0.30%

05:01yeah so even if you take a conservative average like 15 basis points on 90 billion dollars

05:06you're looking at roughly what 135 million dollars in annual recurring revenue just from basic custody

05:11well okay not counting other services exactly not counting trading fees staking revenue things like that

05:16now for the ipo valuation investors will look at metrics like sauce companies use those revenue multiples

05:22but crypto is volatile right right so a traditional tech firm might get a 10x or 20x multiple on

05:28revenue a crypto custodian probably gets a discount because the underlying assets bounce around so much

05:35okay but having that huge 90 billion dollar a uc that proves they have significant defensible market share

05:42and that commands a premium it shows stickiness and the timing of this filing it feels really significant

05:49doesn't this isn't happening during some crazy bull run peak no it's happening after some of the

05:54darkest days in recent crypto history that context is absolutely key post ftx post celsius exactly post

06:00all those centralized blow-ups caused by you know lack of transparency funds getting mixed up terrible

06:05controls so big go stepping up now is a deliberate move they're basically shouting hey we survived the

06:10chaos we securely handled 90 billion dollars and we're ready for the intense scrutiny of being a public u.s

06:16company it's like they're trying to actively change the narrative away from disaster toward stable

06:21infrastructure that's exactly it shifting from centralized failure to let's say decentralized

06:27potential realized through regulated infrastructure so if those collapses created this huge credibility gap

06:33bitgo's ipo is like offering a credibility premium to the market it's more than just fundraising oh way

06:39more it's fundamentally driven by what institutions need they need trust and going public forces

06:44transparency it mandates it quarterly reports under gap standards risk disclosures out the wazoo

06:49external audits institutions demand that level of verifiable proof they can't afford another black box

06:55situation absolutely not they have fiduciary duties they need to know their counterparty isn't playing games

07:00so that increased visibility plus knowing the sec is watching even if that's a risk for bitgo yeah it provides

07:08those essential credibility markers without that that 90 billion dollars it probably wouldn't be there

07:12okay so that visibility piece connects directly to why custody is so fundamental i think maybe some

07:19retail folks still think of it as just you know holding your keys but it's way more than that for

07:23institutions right it's the essential plumbing it's absolutely the essential plumbing it's the gatekeeper

07:28and the reason is rooted in the legal structure of finance especially fiduciary responsibility

07:34okay explain that a bit more fiduciary responsibility think about those huge pools of capital

07:39you mentioned pensions insurance money sovereign wealth funds often they're legally prevented from just holding

07:45volatile assets themselves really like by law yeah under rules like the prudent man rule in some jurisdictions

07:53they can't take on that kind of operational risk without a qualified regulated audited third party

08:00the custodian so the custodian takes on that specific risk for them exactly it's a compliance shield it

08:06protects the end client's assets so what does that fiduciary duty actually involve for someone like

08:12bitco what are they legally promising several critical things number one segregation of assets

08:18absolutely crucial meaning keeping client money separate from their own and separate from other

08:22clients money too your hundred million dollars in bitcoin has to be identifiable and completely walled

08:27off no commingling that was the core issue with ftx right it also means a duty of competence providing

08:33the best possible security that military grade stuff and avoiding conflicts of interest without

08:38proof they're doing all this trad fight just can't engage you mentioned military grade security for

08:44listeners who are a bit more technical what does that actually look like it's not just a complex password

08:49presumably oh heavens no the gold standard now is mpc multi-party computation okay this means the

08:55private key needed to move assets is essentially broken into shards mathematically these shards are

09:01held by different systems or even different trusted parties no single entity ever holds the complete

09:07key ah so no single point of failure precisely it massively reduces risk on top of mpc you have intense

09:14organizational key management think physical security for hardware secure modules elaborate procedures often

09:20called key ceremony g ceremonies sounds dramatic it kind of is multiple trusted people have to be physically

09:26present following strict protocols to authorize large transactions plus assets are nearly always split

09:33most in deep cold storage offline and ultra secure with a smaller amount in warm storage for operational

09:40needs it's layers upon layers that's what satisfies the institutional auditors okay so when a company like big go

09:48with that kind of setup files for a major u.s ipo it creates this broader legitimization effect

09:55for crypto right does it help validate the whole institutional on-ramp it absolutely does two main effects

10:00i think first just the act of going public signals operational maturity it's a different kind of validation than just

10:06price appreciation okay second and maybe even more crucial is the regulatory signal it sends how so if a major u.s based

10:13crypto custodian can operate successfully under public scrutiny following gap meeting sec requirements it

10:19demonstrates to regulators like the sec or the occ that this can be done this infrastructure can be

10:24regulated so it might lower the perceived risk for regulators looking at other crypto products potentially

10:30yes it could make them more comfortable approving new institutional things down the line maybe certain

10:35derivatives more complex etfs things like that it builds a track record of compliance within the system and

10:41we have a perfect real world example of this dependency the blackrock bitcoin etf right the source material

10:49highlights how much they relied on custodians textbook case when blackrock or any of the spot bitcoin

10:55etf issuers went for approval they had to meet really strict requirements especially under the investment

11:00company act of 1940 about protecting shareholder assets right their solution appoint an independent

11:06regulated custodian coinbase custody was a major one they used to physically hold the bitcoin backing

11:12the etf shares so the etf share is just a wrapper basically exactly you buy the etf share a traditional

11:17security its value tracks bitcoin because the issuer has that bitcoin held safely by a regulated third

11:23party like bitgo or coinbase custody without that condodian acting as the trust layer meeting those

11:28segregation and security rules blackrock couldn't launch the product billions couldn't flow in okay so if

11:34bitgo pulls off this ipo successfully gets a decent valuation that must kickstart things for

11:42competitors right yeah what about the custody ipo pipeline oh it absolutely greases the wheels

11:47success here provides a public vetted template for others it builds confidence all around with other

11:54potential issuers investors even regulators so yeah a successful bitgo ipo could definitely encourage

12:00other big custody players to think about going public too like who who else is in that tier well

12:05you've got specialized firms like fireblocks maybe anchorage digital anchorage is interesting because

12:10they already have that federal trust charter from the occ uh so they're already partly integrated into

12:16the traditional banking regulatory world exactly it shows there's already a path for these crypto native

12:20specialists to get that formal regulatory blessing and honestly the demand for trusted audited custody

12:27it probably still outstrips the current supply so yeah expect more moves it's becoming an arms race

12:32for that institutional market share let's bring this back to the individual listener maybe someone

12:36who's just a retail investor holds some crypto how does all this institutional plumbing you know

12:43bitgo filing in s1 how does that actually affect them they're probably not using bitgo directly

12:49it affects them indirectly but in really important ways mainly through reducing systemic risk and

12:55building overall trust in the asset class okay think about it when the big players demand higher

13:00standards transparency security no commingling of funds those standards tend to lift the entire

13:08industry the bad practices that led to the 2022 collapses become less tolerated everywhere so better

13:15practices at the top trickle down exactly if you as a retail user are holding your assets on an exchange

13:22or through a platform that uses one of these top tier regulated custodians behind the scenes

13:27your assets are fundamentally safer because the underlying infrastructure is more robust precisely

13:32it's like strengthening the foundations of the entire building everyone benefits from that stability

13:37even if you're not directly interacting with the company laying the new concrete okay that makes

13:40sense what about for more active traders liquidity is key for them how does a more regulated

13:46custody backbone signaled by this ipo help with market liquidity it helps massively by reducing counterparty

13:54risk that's the big fear for institutions fear of the other side blowing up yeah exactly when institutions

14:01know their assets are held securely by a regulated custodian and their trading counterparty is also likely

14:08using similar robust infrastructure they feel much safer deploying large amounts of capital trade more freely

14:13more confidently yes they can provide more liquidity for market making engage in more complex strategies

14:19that confidence leads to deeper order books tire spreads between buying and selling prices less slippage

14:25on large trades it just makes the market healthier and more efficient for everyone and it probably helps

14:30flows into things like etfs too directly the safer and more reliable the custody the more appealing those etf

14:36products become for pumping serious capital into crypto more etf inflows mean more underlying crypto buying

14:43boosting overall market activity and depth so setting aside the day-to-day stock price of bitco

14:48once it lists this ipo itself feels like a powerful validation for the long-term believers right

14:55the crypto is here to stay thesis absolutely that validation is maybe the biggest intangible benefit

15:02for long-term investors why specifically because when major infrastructure providers handling tens of billions in

15:08institutional money go public on a major u.s exchange it cements crypto as a permanent fixture in the

15:15financial landscape it's not just a speculative fad anymore it shows commitment beyond just price speculation

15:20precisely it shows serious capital time and compliance resources are being dedicated to the underlying

15:26tech and infrastructure that signals long-term institutional belief which is very different

15:31from just chasing a short-term rally it's a sign of maturation now to really understand bitco's position

15:36the source material suggests comparing their market share if bitco has 90 billion dollars a uc how does

15:42that stack up against say their biggest rival coinbase custody yeah that comparison is crucial coinbase

15:48custody's numbers tend to be higher often fluctuating yeah but maybe in the 150 billion to 200 billion

15:54dollar range sometimes more wow significantly larger they had a big first mover advantage plus deep

15:59integration with many u.s institutions and notably many of the big etf issuers it's a big go at 90 billion

16:06dollars is like a strong number two exactly a very credible competitor perhaps with a slightly different

16:12client focus in some areas seeing that gap tells us it's a competitive market which is generally good

16:18but we also need to watch the flows what do you mean by flows how much of the new money especially

16:23from things like the etfs quarter over quarter is going to which custodian that tells you who the

16:28newest institutional capital trusts most right now that flow data is really revealing and looking ahead

16:35what about the growth projections for this whole custody sector 90 billion dollars is big now but

16:40what's the potential huge potential most analysts see the crypto custody market growing exponentially

16:45we're talking projections heading towards maybe 500 billion dollars maybe even more by 2030 or so half a

16:52trillion dollars what drives that well potentially more etfs right ethereum etfs maybe others continued

16:59tokenization of real world assets that's a massive potential market and eventually you'd expect sovereign

17:05wealth funds to start allocating more seriously so bit goes 90 billion dollars while impressive now

17:12positions them for a much bigger future pie absolutely it confirms we're likely still in the very early

17:18stages of real institutional adoption the custody battle is really just getting started now when we

17:24talk custody we often think bitcoin ethereum simple storage but you mentioned earlier these custodians

17:31are becoming gatekeepers for the whole web3 world yeah how does their job expand beyond just holding keys yeah

17:37we really have to broaden that definition they're becoming the essential compliance and security bridge between

17:42traditional finance and all this complex web3 innovation okay so their role now includes things like holding

17:47tokenized assets securely managing the complex legal strings attached to real world assets rwas when

17:53they're brought on chain like tokenized real estate or bonds exactly and securing the reserves backing stable

17:59coins for institutional issuers they're building that layer of trust and compliance needed for

18:05institutions to even think about touching things like defi it's way more complex than just basic crypto storage

18:11let's drill down on rwas for a second that's a huge buzzword what's the specific challenge for a

18:16custodian like bitgo when they're handling say tokenized real estate that they don't have with

18:21just bitcoin the complexity jumps way up because it's often hybrid custody hybrid yeah with bitcoin the

18:28private key is the asset essentially with an rwa the custodian needs to secure two things at once

18:34the digital token on the blockchain and the underlying legal claim or title to the physical asset that token

18:40represents ah connecting the digital token to the real world legal paperwork precisely they have to

18:45ensure that whoever holds the token legally owns the thing and that this is tracked perfectly between

18:50the blockchain and traditional legal systems it means blending old school trust services and legal

18:55frameworks with cutting-edge crypto security rwa custody is probably one of the most challenging areas

19:01legally and technically okay so given bitgo's ipo filing and this potential validation

19:08what specific web3 areas might see faster institutional interest now staking products are definitely high on the

19:14list taking eth for example yeah institutional demand for ethereum staking is significant it offers yield

19:20on a major asset but staking has risks right slashing risks getting penalized if your validator messes up

19:27right institutions hate unpredictable risk exactly so they need custodians who can manage the validator

19:33keys securely maybe offer protection against slashing and ensure they can get their staked assets back easily

19:39bitgo proving its robustness helps validate custody for staked assets generally what else besides staking

19:45the source material also points to growing interest in custody for other blockchains specifically

19:50mentioning solana that shows institutions aren't just looking at bitcoin and ethereum anymore they

19:55need secure storage across different layer ones and layer twos as they explore wider opportunities and

20:01what about defi it's often seen as the wild west too risky for big institutions can custodians like

20:07bitgo actually bridge that gap they're really the only ones who realistically can bridge that gap right

20:12now why because institutions can't just connect a corporate wallet to some anonymous defi protocol

20:18the compliance risks are enormous okay they need an intermediary a trusted layer that handles kycml

20:26manages counterparty risk ensures regulatory boxes are ticked custodians can provide that maybe through curated

20:33permissioned defi pools or structured products that interact with defi safely so the custodian acts

20:39like a regulated gateway to defi exactly a public audited custodian like bitgo makes those institutional

20:45grade defi integrations maybe secure lending yield farming embedded pools seem much less scary for a large

20:53corporate treasury or fund manager they turn the anonymous risk into a known regulated relationship okay

20:59finally in this section what about the big banks the personal players if biggo does well after this

21:05ipo does that force their hand it absolutely cranks up the pressure it creates maybe not panning but

21:09definitely a strong sense of urgency for the incumbents who've been slow to move they've been mostly

21:13dipping their toes in yeah pilot programs yeah lots of exploration pilot projects but if biggo lists

21:19successfully show strong client growth gets a solid valuation it forces a decision build by or partner and

21:27quickly so we might see banks accelerate their own crypto custody plans i'd expect so either through

21:35heavy internal investment maybe acquiring smaller crypto tech firms or striking more formal partnerships

21:41we saw this trend starting years ago actually like fidelity digital assets is a prime example they set up

21:46their custody arm quite early well before the spot etfs got approved they saw the writing on the wall they

21:52did they signaled that eventually providing these services would be table stakes for major financial

21:57institutions bitgo's ito just underlines that inevitability and likely speeds up the timeline for everyone

22:03else all right no deep dive is complete without looking at the other side of the coin the risks the

22:08challenges going public brings credibility yes but it also puts biggo squarely under the regulatory microscope

22:15doesn't it that's the number one risk absolutely unavoidable choosing to be a public us company means the sec is

22:21going to be looking very closely probably more closely than ever before what does that mean in practical

22:26terms more paperwork more paperwork yes but also significantly higher compliance costs more lawyers bigger

22:34compliance teams and much greater exposure if regulations change or if the sec decides to

22:41interpret existing rules differently like how they classify certain tokens exactly imagine the headache if the sec

22:48suddenly declares a bunch of assets that bitgo custodies are unregistered securities that creates huge

22:56operational and legal hurdles this intense scrutiny it's simply the price you pay for that institutional

23:02credibility stamp and regulation isn't the only storm cloud this custody space is getting crowded right

23:07it's super competitive brutally competitive and it's fragmenting bitgo is fighting on multiple fronts

23:11who are the main rivals we need to think about well you've got first the big exchange-linked custodians

23:17like coinbase custody they have a built-in client funnel from the exchange second specialized tech firms

23:23like fireblocks who often focus on sophisticated tech maybe more geared towards clients who want more

23:29control closer to self-custody but with institutional tooling right third the giant trad fi players moving in

23:37like fidelity digital assets they bring decades of trust and frankly massive capital reserves hard to compete with

23:43that legacy very and fourth you've got the internal custody solutions being built by global banks like

23:49jp morgan and others so yeah it's not a market where one player is likely to just run away with it margins

23:56could get squeezed constant innovation is a must there's also a fundamental risk tied to their business model

24:01isn't there unlike a typical software company big goes revenue is tied to the value of the crypto they hold

24:08that link is probably the biggest pressure point for their public stock price because their fees are based on a uc

24:13exactly we talked about those basis points if the crypto market tanks say bitcoin drops 50 or 60 percent in a bear market

24:21bitgo's assets under custody measured in dollars plummets even if they haven't lost a single client or coin

24:26and that directly hits their reported revenue directly which in turn puts huge pressure on their stock

24:33valuation they're much more exposed to market cycles than say a traditional sauce company with steady

24:38subscription income so they're riskier from an investor perspective fundamentally yes compared to many

24:44other tech ipos they'll need to really convince investors they have ways to manage that volatility or

24:50diversify their revenue streams beyond just auc fees this volatility makes the comparison to the coinbase ipo

24:57back in 2021 really relevant doesn't it absolutely essential comparison coinbase going public with huge massive

25:05mainstream attention set the first real benchmark but the stock performance afterwards was choppy

25:11extremely volatile big run-up then significant drops largely tracking those crypto market cycles we just discussed

25:17now a key difference is coinbase relies heavily on retail trading fees which are super volatile whereas

25:22bitgo is more about the custody base fee right bitgo's revenue from auc fees should in theory be a bit more

25:29stable than trading fees but it's still directly linked to asset prices so investors looking at bitgo will

25:36be asking can they show more resilience than coinbase did can they prove the institutional custody business is

25:42more mature less tied to retail sentiment exactly or will their stock also just become a proxy for

25:49betting on the overall crypto market direction that's the big question the coinbase comparison raises so

25:54it's a high wire act for bitgo use the ipo to get that crucial institutional trust while knowing

26:00they're also signing up for intense regulatory heat and exposing a business model that's tied to

26:05volatile asset prices it's a classic strategic gamble they're betting that the demand from institutions for

26:11regulated transparent custody is so strong and growing so fast that it outweighs those risks the risk of

26:16market cycles and the cost of heavy compliance right whether the public market rewards them for

26:21providing that essential compliant infrastructure or punishes them for the inherent volatility well

26:28that's what we're going to find out their success or lack thereof will tell us a lot about how wall

26:32street truly views mature crypto infrastructure hashtag tag outro wow okay this has been incredibly insightful

26:39a real deep dive into mechanics and implications here so just to synthesize everything bitgo's 90

26:46billion dollar ipo filing isn't just about one company it feels like a major marker for the whole

26:51crypto markets maturation absolutely it encapsulates the shift we've been seeing away from the sort of

26:56wild west early days towards an environment where institutional credibility operational rigor

27:02transparency regulation those are the things that matter most now it validates that crypto is sticking

27:07around as an asset class uh-huh and critically it shows institutional capital is genuinely ready to

27:12engage if the infrastructure meets their very demanding standards which brings us to that big picture takeaway

27:19custody maybe the most boring part of crypto but potentially the most critical sector for unlocking

27:26that next wave of institutional money it really could be it's often overlooked maybe underrated but it's

27:30the foundational layer it's not the sexy yield or the fast trade that brings in the trillions long term

27:35it's the audit trail the security the compliance the stuff that lets institutions sleep at night exactly

27:42it's the infrastructure that enables the capital flow okay so as we wrap up we want to leave you

27:47the listener with a few things to chew on building on everything we discussed some bigger picture questions yeah

27:52first off will a successful bitgo ipo actually create a kind of regulated fomo fear of missing out meaning

28:00will it force those institutions still sitting on the sidelines the cautious banks the endowments

28:05just watching to finally jump in and accelerate their own crypto plans good question second how does the

28:12rise of these super secure regulated audited institutional custodians change things for you if you hold

28:20significant crypto does knowing there's an option like bitgo bound by fiduciary duty segregated accounts make you

28:26rethink pure self-custody or is the not your keys not your coins mantra still absolute for you that's

28:34a fascinating personal calculation and finally putting it all together the 90 billion dollar number the

28:39growth forecasts its essential role is crypto custody actually the most underrated part of the entire

28:44market right now is it the sector with the biggest potential upside precisely because it's the key to

28:50unlocking massive institutional flows lots to think about there how this plumbing this infrastructure really

28:55shapes the future we hope this deep dive gave you some valuable context thanks for joining us we'll catch

28:59you all next one

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