Crypto custody provider BitGo has secured regulatory approval in Germany to expand into digital asset trading, making it one of the few firms in Europe licensed to provide custody, staking, and trading under a single framework.
The green light from Germany’s financial regulator BaFin allows BitGo Europe, based in Frankfurt, to offer both over-the-counter (OTC) and electronic trading for a wide range of cryptocurrencies and stablecoins, the company said on Wednesday. The move extends BitGo’s business beyond its core custody role and positions it alongside rivals Coinbase and Kraken, which already operate regulated trading and custody platforms in the region.
The new authorisation builds on BitGo’s Markets in Crypto-Assets (MiCA) licence obtained in May 2025, which covered custody, staking and transfers. Institutions will now be able to trade digital assets directly through BitGo’s regulated platform, with liquidity provided by market makers and exchanges while assets remain secured in MiCA-compliant cold storage.
“Institutions need deep liquidity and reliable execution, but they also need the assurance of regulatory oversight,” said Brett Reeves, BitGo’s head of European sales. “We’re aiming to provide both in one place.”
The firm said the offering is designed to reduce friction for European pension funds and asset managers entering crypto markets, enabling them to trade and settle within BitGo’s ecosystem without opening separate accounts across multiple exchanges.
Earlier this year, BitGo struck a partnership with custody specialist Copper to develop an “in-custody” trading network that allows assets to change hands inside a regulated, ring-fenced environment.
Earlier in August, BitGo filed for an initial public offering, becoming the latest digital asset player looking to tap into renewed investor interest.
Founded in 2013 and based in Palo Alto, BitGo specializes in securing digital assets for institutional clients. It raised $100 million at a $1.75 billion valuation last August and is widely viewed as one of the top custodians in the U.S. crypto space.
BitGo’s move follows similar confidential filings by Gemini, the crypto exchange run by the Winklevoss twins, and asset manager Grayscale, suggesting the IPO window may be opening for crypto names again.
BitGo managed to secure financing with only a minor valuation decrease compared to prior expectations. It was the firm’s first external funding round since 2017, when it raised $42.5 million in a Series B led by Valor Equity Partners, with backing from former PayPal COO and current U.S. “Crypto Czar” David Sacks.
BitGo previously explored going public. In 2021, it was set to be acquired by Galaxy Digital, the cryptocurrency trading firm led by Mike Novogratz, in a deal that would have valued the company at $1.2 billion. However, Galaxy terminated the agreement in August 2022, citing BitGo’s failure to provide audited financial statements.
BitGo remains a key infrastructure provider in the crypto space, serving institutional clients with custody, staking, and other asset security services.
Interestingly, Galaxy Digital struck a deal to bring its blockchain staking services to BitGo Trust despite an ongoing $100 million lawsuit between the two companies.
The agreement allows Galaxy — which manages over $4 billion in staked crypto assets — to offer its staking and validator services to BitGo’s institutional clients. This means investors can earn staking rewards while also using their assets as collateral for loans and trading on Galaxy’s platform.
Galaxy initially agreed to acquire BitGo, a regulated custody provider, in May 2021 but later scrapped the deal in early 2023, prompting BitGo to sue for breach of contract.
