Recently, I focused on a crypto asset project in the US stock IPO market—BitGo. At first glance, this sector may not seem very exciting, but the data is quite interesting.

With a valuation of $1.7 to $2 billion, there is almost no premium space. More importantly, the P/S multiple is only 3.5x, which is not high compared to other projects in the same sector. The backing investors are strong—Founders Fund, well-known crypto investors, and current US government support. As a core cold wallet solution provider for mainstream exchanges, BitGo maintains a moat in the institutional-grade custody field.

The niche of crypto custody may seem insignificant on the surface, but as institutional participation expands, the demand for security and compliance becomes increasingly rigid. From Circle’s IPO performance, similar business models are gradually gaining recognition in the capital markets. This time, BitGo’s listing pace may just hit a turning point in market sentiment.