BitGo Wins Approval To Become National Trust Bank

Bloomberg

Watch BitGo Wins Approval To Become National Trust Bank - Bloomberg on Dailymotion

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00:00Mike, I guess congratulations first of all. And what does this mean in real terms? What can you

00:06now do if you get full approval? Thanks, Matt. Thanks for having me. Actually,

00:12slightly breaking news. It's no longer conditional. It's actually fully approved as of

00:16now. We met the conditions just about an hour ago. But what this means, look,

00:20Bicco has been operating as a digital asset infrastructure custodian provider for the last

00:26decade. We've been doing it through a number of regulatory licenses, previously state chartered,

00:30both in South Dakota and New York. Now we're upgrading that to an OCC, a nationally chartered

00:35bank. So it's a big upgrade. It means that everybody in the industry knows that you can

00:40count on the Bicco regulatory stance to service pretty much any need. Like what? I mean, what

00:47are you going to be able to do and how does this cross through crypto to fiat? Sure. Well, look,

00:54as a national bank, we now preempt the state's licensing. So instead of having to have these

01:00multiple licenses across multiple states, we have it at the federal level. Additionally,

01:03you know, for the last couple of decades, people have wondered when it came to federally chartered

01:08things like, you know, FINRA registrations, SEC, et cetera, do you need to use a nationally

01:12chartered bank or is a state chartered bank sufficient? This takes that away. This is the highest

01:17level of regulatory oversight you can have. So it's really positive for us. But maybe more

01:22importantly, like what is this for the industry? You know, for the last four years, at least,

01:28we've been facing kind of a regulatory uncertainty. This has marked the end of that regulatory

01:33uncertainty. You might have seen, you know, in addition to Bicco, several other companies

01:37are also converting into OCC chartered banks. So now we can enter into the innovation phase

01:43and really take digital assets as a first class asset into the financial system.

01:49You've already seen pretty incredible growth, Mike. I mean, I read that you had $4.2 billion

01:56in revenue during the first six months of 2025, which is almost quadruple what you had in the

02:01year before. So what kind of growth do you see ahead with this?

02:06I'm not supposed to talk about financial numbers because we've got, you know,

02:09public company plans. So you can read our S1 statements and you can see that kind of thing.

02:13But look, overall, the climate for digital assets is very strong. In 2025, we really saw a turnaround

02:21as all of a sudden everybody can participate in this asset class. So we expect continued growth.

02:27Obviously, there's growth on, you know, money coming in. So you've got custody and kind of the

02:31basic wallet services. But on top of that, trading volumes are growing. And the plumbing is being built

02:36to connect these markets, not just inside of the crypto native components, but also over the

02:41traditional finance. So the ETFs had a big boom last year, you know, January 2024, finally approved

02:47after so many failed ETF attempts for Bitcoin. This year, of course, we've had BlackRock's ETF be the

02:55fastest growing and now the largest digital ETF that they've had. So anyway, we've seen tremendous

03:02growth. We expect that to continue well into 2026. In terms of your IPO plans, I was thinking that you

03:08would go public this year, it looks like we're running out of time. Have you had to move your

03:13schedule a little bit?

03:14Well, as you know, the government was shut down for a little while. So obviously, that impacted

03:19everybody that was in that process. Can't quite comment on it. But, you know, still underway.

03:24Well, do we know the ballpark? Like, are you going to go public in Q1?

03:30I'm not sure if I'm supposed to say that or not. Look, we're working on it. We want to get out there

03:35as a public company. The reason for doing that is because, look, we've always been about transparency

03:40and trust. And, you know, in the early days, it was like, what's this technology that BitGo's

03:44developed and pioneered? And then later, it was like, who is the company run by? What's the balance

03:49sheet look like? What are the SOC audits? What's the insurance look like? All of these are ways to

03:54prove to folks that we are worthy of servicing their financial assets. So, look, being a public

03:59company gives us another level of transparency, allows people to scrutinize our business. We want that.

04:04We welcome that. It's really just part of making sure that we're doing everything we can

04:08to be the most transparent provider we can.

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