BitGo is a digital assets infrastructure company. What this means in practice is that it holds digital assets on its platform in wallets for its customers and provides a wide array of crypto-related financial services. It says it has more than $104 billion in assets on platform, with over 9.3 million wallets created and thousands of institutional clients.

It also IPO’d on Thursday, jumping to a high of $24.50 vs its initial $18 price. However, it gave up those gains and is trading down over 10% in Friday’s session. As Bitcoin prices continue to fall, this may not be a surprise to investors. CEO and cofounder Mike Belshe joined Schwab Network to celebrate and discuss what’s next.

In their prospectus, Belshe writes that “the way AWS was a pioneer among Internet infrastructure companies, BitGo is a pioneer among digital asset infrastructure companies.” He adds that BitGo pioneered the “gold standard” of Bitcoin security: the 2-of-3 multi-signature protocol.

With his years of experience in Silicon Valley, Belshe thinks that the “disruptive technology” of the blockchain is beginning to settle after “tons of experimentation,” comparing it to the early days of the Internet. “Infrastructure is the place to be,” he adds.

However, Belshe is very positive on the future of the cryptocurrency – he thinks it can go to $1 million. He argues that regulation uncertainties are keeping the coin from a rally as the CLARITY Act continues to wind its way through the House. On the other hand, the U.S. dollar’s devaluation represents a major opportunity for crypto.

“The dollar is only going down,” Belshe says, pointing out that over the last century, it’s lost around 90%. He expects the depreciation to continue. Measuring Bitcoin with dollars, therefore, will only continue to bring the price up.

In addition to gaining on the dollar’s devaluation, Belshe believes crypto will disrupt the entire banking industry by being able to provide more convenient services. “The banks of the future are going to be very different,” he says, “banks are not doing their job.” He cites low interest, putting money at risk, and not being able to transfer money easily, leading to fintech like PayPal (PYPL). However, he blames regulation for stunting the sector’s ability to fix itself.

In December, BitGo received OCC approval to convert into a federally chartered national trust bank, which it says sets the standard for “transparency, security, and regulatory clarity across the evolving landscape of financial services.” In an industry where multiple exchanges have collapsed in the last few years, more players are seeing federal regulation as vital, even if crypto was originally founded to be unbound by world governments.

“All assets will be digital” is a big call, but Belshe is making it – and now, he points out, so is Larry Finke of Blackrock. “We’re starting to see a strata of very different use cases, and they’re all valid,” he says: store of value, payment, tokenized equities, tokenized real estate, and defi are all examples he cites.

Even if the full regulatory picture is murky, allowing Wall Street to join in has been a huge boon for BitGo. Belshe says it “doubled our TAM” (Total Addressable Market) in 2025 and believes BitGo can be the digital partner the establishment needs.

As Belshe said, the crypto sector is still experimenting and trying to sort out the winners and losers, as well as what can be done with the technology. His dreams for the future are bold and may be enticing. However, there’s a long road of adoption, regulation, and other twists ahead.

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