theCUBE + NYSE Wired: BitGo IPO | Ed Reginelli, BitGo

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Ed Reginelli

CFO

BitGo

play_circle_outline BitGo's Landmark 2026 IPO: Transforming Digital Asset Infrastructure and Unlocking Tokenization Opportunities at the NYSE

play_circle_outline Mainstreaming Digital Assets: The Impact of ETFs and Institutional Adoption on 1.2 Million Users and 5,000 Clients

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Ed Reginelli, BitGo

Ed Reginelli

CFO BitGo

In this exclusive interview from the New York Stock Exchange, Ed Reginelli, chief financial officer of BitGo, joins theCUBE’s John Furrier during the company's historic IPO to discuss the mainstreaming of crypto infrastructure. Reginelli details BitGo’s 12-year evolution from a security-first multi-sig pioneer to a comprehensive fiduciary and financial services platform. The conversation highlights how BitGo is positioning itself as the critical "plumbing" for the digital asset economy, moving beyond simple custody to enable trading, staking, lending and the ... Read more

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What is the vision and growth strategy of the digital asset infrastructure company mentioned, particularly in relation to the mainstreaming of crypto and the impact of platform shifts on financial applications? add

What is the significance of the sequence involving ETFs and institutional players for BitGo? add

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Ed Reginelli, BitGo

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John Furrier

>> Welcome back. I'm John Furrier, host of theCUBE, here at the NYC on the show floor for the live stream of the BitGo IPO. Ed Reginelli, CFO of BitGo. Congratulations, Ed. Ringing the bell. Saw some friends up there, Matthew Cowan, and investors, partners, employees. Congratulations.

Ed Reginelli

>> Thank you. What an exciting time to be here in New York at the New York Stock Exchange. Been quite a journey for BitGo and we're very excited to be here.

John Furrier

>> First, crypto IPO in 2026. We seeing obviously the mainstreaming of crypto. Everyone who've been following crypto knows, watches all the prices, but really the revolution that's happening is a platform reshift of financial infrastructure. You guys are a digital asset infrastructure company. As assets move into the on chain real world assets and you have the tokenization, this is causing a sea change of new applications, new use cases. And the platforms, no one really has been talking about platforms. This seems to be the secret sauce of BitGo. How is that playing out? How are you guys looking at the growth strategy? Share a little bit of what the vision is and how you guys are executing.

Ed Reginelli

>> So we started this journey 12 years ago with the idea of security on the blockchain. And Mike, our founder, came up with multi-sig on the blockchain to protect against theft and loss. We then evolved into being a fiduciary for our clients, holding their assets in the cold storage solution. And then on top of that, we layered in a bunch of financial service products. We think we have a great stack. We have a solid foundation, that technology, that regulatory layer. And as the industry continues to evolve and our client's needs expand, we'll be able to layer more and more products. On top of that. We've seen a tremendous amount of success in our trading platform, staking. We have a lending platform, collateral management, and again, that's going to continue to increase, especially now, as you mentioned, we're getting into the world of tokenization, which we think is going to be a big deal also. That's at the very beginning stages and the opportunity we think is incredible.

John Furrier

>> I get asked a lot leading up to the IPO about BitGo, John, what's your take on BitGo? I'm like, okay, look, here's the bottom line, their beachhead is secure. They have great revenue on the custody side. Wallets lock in. How do you scale and trust a platform at institutional scale? I'm like, that's good revenue. They're doing really well there. They got a nice growth strategy. But the secret to me is this enabling platform because on the AI side of our coverage in the market, you're seeing developers and the builder using AI. I'm like, when that opens up with the regulatory market, cleaners up a bit, there's going to be a tsunami of builders. And you're kind of seeing signals now. The financial services side of your business is starting to get a lot of traction that will open up when you see builders not just holding, but building, and that's what platforms do. Explain that to people because I think a lot of people don't understand that nuance of that enablement. You locked in a business model. Check. Congratulations, you're doing good. That next growth wave of builders coming on as Clarity Act, you've got USD1, things are teed up. Explain the importance of that.

Ed Reginelli

>> Yeah, it's incredibly important. Again, we've really focused on infrastructure, providing that to the industry, and infrastructure is the foundation of tooling and products and services that will enable the digital asset industry to continue to expand. And again, we've done an amazing job of building that product stack. We think the regulatory backdrop right now is incredibly strong from where we were four years ago, and we're still very positive on that. And we think we'll, again, continue to keep building products where our clients need them.

John Furrier

>> Some of the big accomplishments I noted on my post is you guys have done a lot of the heavy lifting on some of the under the cover details around settlement, governance, a lot of the compliance, again, the regulatory side, but the use case you have is hold, deploy, build that's happening. What's the importance of the institutional adoption? Because as this goes mainstream, Average Joe, Average Mary on the street are going to have options now. Talk about that sequence, the importance of the ETFs and the institutional players for BitGo.

Ed Reginelli

>> Yeah, it's incredibly important. We service institutional clients. That's really our bread and butter. We're not really trying to go after the retail market. Although we do have a lot of our clients that were B2B, they have retail on the back end of their platform. So we have over 5,000 institutional clients, but we service over 1.2 million users on our platform. So it's incredibly scalable, and it's important as more and more institutions get into this. ETFs were great. You got a lot of retail clients investing into the ETFs, but I think there's a lot more. Corporations get into digital assets. They're going to need to partner with somebody like a BitGo to help support their needs and the infrastructure.

John Furrier

>> And as a CFO, you have to look at a lot of things. You have to balance innovation with being conservative, making sure the numbers come in. If you look at the market out there now, there's a lot of people looking at, "Okay, where do I go with this, the product?" What's the confidence that the financial side of this is going to be stable? How would you talk to other fiduciaries, people in finance about how the trust side is established?

Ed Reginelli

>> Right. And again, we developed our solutions over the last 12 years. We are a very secure platform. So I think investors could trust that when they're putting their money with BitGo as their custodian, we protect you with the regulatory wrapper around it. We act as a fiduciary on your behalf. We are not a fractional bank. We're one-to-one backed. Everybody has their own wallet. Your assets are in there, and it's proven on the blockchain. So it should give investors and clients confidence that we have a very sustainable business and we have a really good financial model too. We've built our revenue streams originally off of the technology layer in custody, and that provides a nice recurring revenue stream for the company. And then layer around additional products, we're able to drive additional revenue to the company.

John Furrier

>> That's awesome. And the one-to-one thing is huge, by the way. I love that. As a CFO, the process going public, you're going to see a lot more new age companies, crypto and AI coming soon. AI's coming together with crypto. It's a perfect storm of innovation.

Ed Reginelli

>> Yes.

John Furrier

>> What was it like? I mean, I'll say it's a different kind of process, probably different questions for sure.

Ed Reginelli

>> We are dealing with a brand new asset class in digital assets, so that makes it a little more difficult. I will say though, we were so impressed with the SEC, how forward-looking they were and constructive they were in the process. We really appreciated all of their guidance during that. I want to say that we did it fairly quickly. We got through the process. We did see a little bit of a delay when the government shut down back in October. There's nothing we could do. But the SEC was wonderful to work with and we're looking forward to more companies in crypto assets and digital assets coming to the space because it validates what we're doing and gives investors a lot of choice of where they want to make an investment.

John Furrier

>> Certainly if the government didn't shut down, it'll be a warmer day here in New York. Congratulations.

Ed Reginelli

>> Thank you so much.

John Furrier

>> Thanks for coming on theCUBE.

Ed Reginelli

>> Pleasure.

John Furrier

>> Really appreciate it. I'm John Furrier, host of theCUBE, on the show floor live-streaming the BitGo IPO coverage. We'll be right back after the short break.

Ed Reginelli

>> Terrific.