Matrixport
Singapore crypto custody, trading, and asset management platform, rebranded BIT in 2026.
On the record
Checkpoint: Decision on whether BIT's explored US listing turns into an actual audited IPO filing
The call
Matrixport, now BIT, holds real licenses across six jurisdictions but faces a newly public, better-chartered rival chasing the same custody clients with unaudited books of its own.
Matrixport holds crypto assets and provides treasury services for institutions across multiple countries, supported by licenses in Hong Kong, Singapore, Switzerland, the UK, and other places. It is hard to copy because regulators took years to approve these licenses, but that does not protect Matrixport from real rivals: BitGo went public with a stronger US bank charter, and Coinbase, Fireblocks, and others already serve the same customers with comparable credentials. The company reports inconsistent numbers on how many clients it serves, makes money that swings with crypto prices, and has yet to publish audited financial statements, so investors cannot easily verify if it is growing or just treading water; a clear picture of audited earnings and whether BitGo steals market share in the next 18 months would change whether Matrixport can hold its ground.
Why
01
AI pressure: AI research and market-commentary tools. AI can write market notes and automate trading signals, but it cannot get a Swiss FINMA or HK trust license, so custody stays out of reach. Could AI do the core job? Unlikely.
02
Bigger players: BitGo. BitGo went public on NYSE in January 2026 with an OCC national trust charter, a stronger regulatory footing for the same institutional custody clients. Could a giant copy it? Probably.
03
What protects it. Licenses across Hong Kong, Singapore, Switzerland, the UK, BVI, and Bhutan let it operate where unlicensed tech firms cannot enter at all.
What would change this call
BitGo or Coinbase publicly announce winning institutional custody mandates previously held by Cactus Custody. Would show BIT losing ground to better-capitalized, publicly listed custody rivals.
BIT files audited financials for a US listing or the 'exploring US listing' talk stalls with no filing. Would show whether BIT can meet public-market disclosure standards its rivals already meet.
SEC, MAS, or Swiss FINMA issue enforcement inquiries tied to BIT's Bhutan or BVI entities. Would show regulators treating its multi-jurisdiction structure as arbitrage rather than legitimate coverage.
BIT files audited financials for a US listing or the 'exploring US listing' talk stalls with no filing. Would show whether BIT can meet public-market disclosure standards its rivals already meet.
SEC, MAS, or Swiss FINMA issue enforcement inquiries tied to BIT's Bhutan or BVI entities. Would show regulators treating its multi-jurisdiction structure as arbitrage rather than legitimate coverage.
Key numbers
- $6-10B assets under custody, self-reported
- BitGo NYSE IPO with OCC trust charter
- Custody client count cited as 400 or 3,000
Named risks
- Unaudited private financials with inconsistent self-reported metrics (400 vs 3,000 custody clients).
- Revenue and AUM directly exposed to crypto price cycles and potential downturn.
- BitGo's superior OCC-chartered NYSE listing raises competitive bar in core custody business.
- Newly obtained BVI SIBA/VASP and Bhutan GFSO structures could draw SEC or MAS regulatory scrutiny.
- Brand transition from Matrixport to BIT still incomplete as of mid-2026, creating client confusion.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| BitGo | losing to | BitGo IPO'd on NYSE Jan 2026 with OCC national trust bank charter, stronger than Matrixport's license stack |
| Coinbase | contesting | Coinbase operates comparable institutional custody and lending services in the same lane as of 2026 |
| Fireblocks | contesting | Listed among top institutional custody/trading alternatives to Matrixport as of June 2026 |
| Anchorage Digital | contesting | Direct US-licensed competitor in institutional crypto custody as of 2026 |
| Amber Group | contesting | Asia-based rival offering comparable crypto financial services as of 2026 |
Questions people ask
- Is Matrixport profitable?
- No audited financials are public. Matrixport is privately held with no disclosed profitability; a third-party estimate (Growjo, April 2022) pegged annual revenue near $34M, but this is stale and low-confidence. The company has not released audited results as of mid-2026.
- Did Matrixport change its name?
- Yes. On March 20, 2026, Matrixport officially rebranded to 'BIT' ('Bridge into Tomorrow'), shifting its canonical site to bit.com while legacy matrixport.com pages remain during a progressive migration, per its help center announcement.
- Is Matrixport going public?
- Not yet confirmed. CEO John Ge said in April 2025 he wants to eventually list, and the March 20, 2026 rebrand announcement said the firm is 'exploring potential U.S. capital markets opportunities, including a possible public listing,' but no IPO date has been set.
- Who is Matrixport's biggest competitor?
- BitGo, which IPO'd on the NYSE in January 2026 under ticker BTGO with an OCC national trust bank charter, giving it a stronger US regulatory position than Matrixport's (now BIT's) Cactus Custody arm in institutional crypto custody.
- Did Matrixport lay off staff?
- Yes. In January 2023, Matrixport cut about 10% of its staff (from over 290 employees) amid the crypto winter downturn, according to CoinDesk. Headcount later recovered, reaching roughly 738 employees by December 2025 per Revelio Labs.
- Can AI replace Matrixport's custody business?
- Unlikely soon. Matrixport (BIT) holds licensed custody infrastructure, a Hong Kong trust license, Singapore MPI license, Swiss FINMA license, and $50M insurance coverage that AI tools cannot replicate; AI mainly threatens its market-commentary and research-note workflows, not regulated custody.
Timeline
- 2026-05-20Obtained BVI SIBA Investment Business Licence and VASP registration for Matrixport Technologies Ltd
- 2026-03-20Matrixport officially rebranded to BIT, shifting canonical URL to bit.com
- 2025-12-17Matrixdock signed MOU with Cactus Custody and RWA International Society
- 2025-09-12Launched DATCO service suite targeting claimed 100 billion dollar market
- 2025-06-26Launched Daily Dual Currency wealth product with daily-observation yield mechanism
- 2025-04-17Singapore subsidiary Fly Wing secured MAS Major Payment Institution license
- 2024-09-16Acquired Zurich-based Crypto Finance, forming FINMA-licensed Matrixport Asset Management AG
- 2024-04-01Branded institutional custody arm as Cactus Custody, integrating HK-licensed LegacyTrust
- 2023-01-27Cut about 10 percent of staff amid crypto winter
- 2021-08-02Raised 100 million dollar Series C, reaching over 1 billion dollar valuation
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Asia's leading crypto fintech platform Matrixport valued at over $1B, TFN (2021-10-05)
- Matrixport Rebrands as BIT (2026-03-20)
- Matrixport Joins Growing List of Crypto Unicorns After $100M Investment (2021-08-02)
- Crypto Lender Matrixport Seeks $100M Funding at $1.5B Valuation: Report (2022-11-25)
- Products, Competitors, Financials, Employees, Headquarters Locations (2025-09-16)
- Six Years In: Matrixport's Ascent from Crypto Asset Manager to Web3 Super Account (2025-04-17)
- Matrixport Rebrands as BIT in Strategic Repositioning (2026-03-20)
- About BIT │ Digital Asset Financial Services Group │ Formerly Matrixport
- Matrixport Expands Services to Digital Asset Treasury Companies (2025-09-12)
- Matrixport Completes a Structured BTC Transaction (2025-08-27)
- Revenue, Competitors, Alternatives (2022-04-18)
- Matrixport Technologies Pte Ltd. Number of Employees 2026 (2026-06-29)