BitGo, a leading cryptocurrency wallet and digital asset custody firm, is making a high-profile push into the public markets with a planned initial public offering (IPO) that could raise up to $201 million and value the company at nearly $2 billion. This bold move comes as institutional demand for secure digital asset infrastructure continues to accelerate and public market interest in crypto-related companies rebounds after a period of volatility.
Founded in 2013, BitGo has established itself as one of the most trusted names in crypto custody and wallet technology in the United States. The company specializes in providing institutional-grade security, compliance-driven custody solutions, and self-custody wallet services tailored for banks, hedge funds, exchanges, and high-net-worth investors. Over the past decade, BitGo has built a global presence and a client base that includes thousands of institutions and over a million individual users, helping safeguard tens of billions of dollars in digital assets.
IPO Overview: Shares, Valuation, and Market Debut
The company’s IPO filing with the U.S. Securities and Exchange Commission outlines a plan to offer approximately 11.8 million Class A shares, priced in a range expected to be $15 to $17 per share. If fully subscribed, this initial equity sale aims to bring in about $201 million of new capital. A portion of these shares will be newly issued by BitGo, while a smaller slice will come from existing shareholders looking to sell.
Post-IPO, BitGo intends to list its Class A common stock on the New York Stock Exchange under the ticker symbol “BTGO”. The company’s anticipated valuation at listing is roughly $1.85 billion to $1.96 billion, reflecting both its rapid growth and investor appetite for regulated crypto infrastructure providers amidst a broader recovery in capital markets.
Leadership and Share Structure: Maintaining Control
A noteworthy aspect of BitGo’s IPO strategy is its dual-class share structure, a governance mechanism increasingly common among tech and crypto firms. In this model, Class A shares carry one vote each, while Class B shares, held primarily by insiders such as CEO and co-founder Mike Belshe, carry up to 15 votes per share. This structure ensures that BitGo’s founders and management retain significant control of the company’s strategic direction even after public listing.
This “controlled company” designation allows BitGo certain flexibilities under NYSE governance rules, a feature that many growth-oriented firms use to balance investor interests with long-term leadership vision.
Financial Performance and Growth Dynamics
BitGo’s market entry follows a period of substantial revenue expansion, driven by rising institutional participation in digital assets such as Bitcoin, Ethereum, stablecoins, and alternative tokens. In the first nine months of 2025, BitGo generated billions in revenue, a dramatic increase compared with prior periods, as more traditional financial institutions and corporate treasuries sought institutional-grade custody and trading solutions.
The company’s growth trajectory reflects a broader trend: financial institutions increasingly view crypto assets not just as speculative instruments but as components of diversified portfolios and strategic treasury allocations. BitGo’s role as a regulated custodian including aligning with compliance standards and providing secure storage for digital holdings offers these players an on-ramp to participate in the blockchain economy with robust risk controls.
Expanding Services and Institutional Integration
Beyond traditional custody, BitGo has invested in expanding its service suite to include staking, trading execution, financing, and settlement infrastructure, positioning itself as a comprehensive digital asset platform for institutional clients. The firm has also secured regulatory approvals in key markets and is expanding its global footprint, aligning with evolving compliance frameworks across jurisdictions.
This diversification signals More than a custody provider: it’s a full-stack digital asset infrastructure company capable of supporting complex trading strategies, institutional risk management, and secure settlement services.
Market Timing: Crypto Sentiment and IPO Environment
BitGo’s IPO arrives at a moment when the broader U.S. IPO market is regaining momentum after several subdued years influenced by macroeconomic headwinds, equity volatility, and technology sector recalibration. For the cryptocurrency sector specifically, public listings of infrastructure firms like BitGo represent a shift toward matured business models that emphasize compliance, security, and institutional engagement over retail trading cycles.
Recent IPOs by other crypto and fintech companies have shown that investors are willing to support firms with strong fundamentals and differentiated services even in a market that has previously experienced sharp price swings in digital assets.
What This Means for Crypto Investors and Institutions
For institutional investors, BitGo’s IPO offers an opportunity to gain exposure to the expanding digital asset ecosystem through a regulated, publicly traded equity. The firm’s focus on compliance, security, and technology innovation makes it an attractive proxy for the growth of institutional crypto adoption.
Retail investors, meanwhile, may view BitGo’s public debut as a benchmark for the broader sector’s maturation especially given the company’s established track record, scale of assets under custody, and strategic positioning ahead of what many analysts see as the next phase of blockchain technology integration into global finance.
