BitGo gets OCC conditional approval to convert into national crypto trust bank
BitGo received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to convert its existing South Dakota trust charter into a national trust bank. The federal charter will let BitGo offer custody and regulated digital-asset services across the U.S. without needing state-by-state licenses, and expand institutional offerings including trading, staking, stablecoin and treasury services. BitGo filed an S-1 with the SEC in September and disclosed $4.19 billion in revenue for H1 2025, up from $1.12 billion in H1 2024. The company expects full approval soon as it prepares to convert and pursue a public listing.
Bullish
A federal OCC charter for a major custodian like BitGo is positive for market confidence and institutional adoption. The ability to offer nationwide regulated custody, trading, staking and stablecoin services lowers regulatory fragmentation and onboarding friction for institutions, which can increase institutional flows into crypto. BitGo’s strong H1 2025 revenue disclosure ($4.19B vs $1.12B year-over-year) and intent to go public further signal scale and capital markets credibility. In the short term, expect modest positive price reactions for major liquid assets (e.g., BTC, ETH) as traders price improved institutional access and custody risk reduction. In the medium to long term, broader institutional participation enabled by federal charters tends to support higher liquidity and reduced volatility, though macro factors and regulatory developments still drive overall market direction. Historical parallels: OCC approvals and clearer custody pathways (e.g., Anchorage’s earlier federal charter developments) have been associated with improved institutional sentiment and incremental inflows. Risks remain if other regulatory hurdles or enforcement actions emerge, but on balance this news is net bullish for institutional demand and market structure.