BitGo applies for IPO listing! Valuation reaches $1.96 billion, focusing on compliant custody to advance into Wall Street

BitGo applies to list on the New York Stock Exchange, planning to raise over $200 million, benefiting from a custody scale exceeding one trillion dollars and regulatory licenses, demonstrating the mainstream trend of crypto infrastructure and attracting Wall Street capital attention.

Leading digital asset custodian enters NYSE, plans to raise over $200 million

According to the latest regulatory filings, global leading cryptocurrency custody service provider BitGo announced it has officially submitted a listing application to the U.S. Securities and Exchange Commission (SEC), with plans to list on the New York Stock Exchange (NYSE), ticker symbol BTGO.

This California-based fintech company, in its initial public offering (IPO), is expected to issue approximately 11.8 million Class A common shares, including 11 million shares issued by the company and 1,595,82 shares planned for sale by existing shareholders. BitGo set the offering price range between $15 and $17 per share, which means the company could raise up to $201 million. If calculated at the high end of the price range, BitGo’s market valuation would climb to approximately $1.96 billion, reflecting strong investor interest in compliant crypto infrastructure services.

The IPO underwriting team is prestigious, led by Goldman Sachs, with Citigroup also participating. Other co-underwriters include Deutsche Bank Securities, Mizuho, Wells Fargo Securities, and Cantor, among well-known brokerages.

BitGo explicitly states in the filings that the net proceeds from this offering will primarily be used to strengthen operational capital, accelerate product development, and seek potential strategic acquisitions or investments to reinforce its leadership in the digital asset custody industry. The company plans to set the final pricing on January 21, 2026, marking a significant milestone in its transition from a private company to a publicly traded entity.

Financial performance shows explosive growth, with custody assets surpassing one trillion dollars

Founded in 2013, BitGo has weathered multiple market cycles and has become one of the largest cryptocurrency custody institutions in the United States.

According to its prospectus, BitGo’s financial performance in the first nine months of 2025 was outstanding, with revenue reaching $10 billion, a multiple growth compared to $1.9 billion in the same period of 2024; in terms of net profit, the company achieved a profit of $8.1 million in the first three quarters of 2025.

Looking at its revenue structure, digital asset sales, staking rewards, and subscription fees are its main income sources. Particularly in digital asset sales, BitGo estimates that full-year 2025 revenue will reach $15.4 billion, far exceeding the $2.5 billion in 2024, indicating a significant increase in institutional activity in the digital asset industry.

As of now, the total value of digital assets under custody by BitGo has exceeded $104 billion, supporting more than 1,550 types of assets. Compared to typical retail-focused crypto exchanges, BitGo is more focused on providing backend infrastructure services for banks, asset managers, and corporate clients.

This “pure custody” business model demonstrates greater resilience amid market volatility. Even when the crypto market faced challenges in 2025, subscription revenue still contributed over $60 million, and net income as of September 2025 remained stable around $35 million. This stable cash flow and growth potential are core competitive advantages attracting Wall Street investors.

Federal licensing and international expansion solidify compliance and regulatory status

BitGo’s efforts in compliance are key to its successful IPO. Recently, the company received conditional approval from the Office of the Comptroller of the Currency (OCC), allowing it to convert its existing state-level trust licenses into a federal trust bank charter.

Further reading
Crypto industry enters traditional finance! Circle and BitGo apply for banking licenses, Coinbase may follow suit
OCC approves crypto business, banks can do risk-free matching, accelerating crypto mainstream integration

This major development enables BitGo to provide digital asset management services nationwide under a unified federal regulatory framework, significantly reducing regulatory costs for cross-state operations. Although as a national trust bank, BitGo does not offer traditional banking deposit or loan services, its ability to operate as a regulated financial institution provides higher security for client assets, which is crucial for traditional financial institutions entering the crypto market.

In addition to domestic expansion, BitGo has also achieved international success. In 2025, the company obtained approval from Germany’s Federal Financial Supervisory Authority (BaFin) to expand its digital asset services across the 27 EU member states. This global compliance layout gives it an advantage over peers like Ripple and Circle, who are also seeking to go public.

BitGo CEO and co-founder Mike Belshe stated that going public is an important step toward transparency for the company. As a software provider, regulated custodian, and financial service provider, transparent auditing and technical processes are the foundation for earning customer trust.

Special equity structure and market trends reinforce founder control

In terms of corporate governance, BitGo has adopted a dual-class share structure. Class A common shares each carry one voting right, while Class B common shares, fully owned by CEO Mike Belshe, carry 15 votes per share. This means that even if Belshe holds only about 2.6% of the Class A shares after the IPO, his voting power is expected to reach 56%, making BitGo a “controlled company” under NYSE rules.

This structure aims to ensure that the founding team can continue to pursue long-term strategic vision after the company goes public, without being overly affected by short-term market pressures. Additionally, BitGo’s investor list includes well-known venture capital firms such as Valor Equity Partners and Redpoint Ventures, providing further backing.

This listing also reflects the broader trend of crypto companies entering traditional capital markets. In 2025, at least 11 crypto-related companies successfully went public, raising approximately $14.6 billion. With Kraken, Revolut, and others reportedly planning IPOs in 2026, the crypto industry is gradually moving from the fringe to the mainstream financial stage.

BitGo’s unique position is reinforced by its deep collaborations with key projects, such as serving as the custodian and infrastructure provider for World Liberty Financial’s stablecoin USD1. This multi-faceted business relationship not only strengthens its market position but also adds growth potential for its 2026 capital market performance.

Further reading
BitGo applies for IPO! Aims to help compliant banks worldwide, recently quietly launched in Taiwan
Valued at $1.75 billion! BitGo crypto custody platform considers IPO, potentially listing in the second half of the year