Crypto Firm BitGo Targets Nearly $2 Billion Valuation in US IPO Filing

Crypto wallet and custody provider BitGo filed for its U.S. initial public offering on Monday, seeking to raise as much as $200 million in an offering that could value the firm as high as nearly $2 billion. 

The Palo Alto, California-based firm intends to offer around 11.8 million shares of Class A common stock at $15-17 per share, according to the filing. Shares will trade under the BTGO ticker via the New York Stock Exchange.

“Since our founding, BitGo has been nothing if not transparent. All of our roles—as a software provider, regulated custodian, and financial services provider—require us to be completely open about how our technology and processes work along with audits, attestations, and more,” wrote BitGo co-founder and CEO Mike Belshe, in a letter attached with the filing.

“As such, the transition of BitGo into the public markets is simply the next evolution of this transparency,” he added.

BitGo first tipped its hand about a prospective IPO in July, confidentially filing with the SEC following the smash public market debut by USDC stablecoin issuer Circle. 

The firm, which offers stablecoin infrastructure services, token management, trading, staking, and custody solutions, now manages more than $104 billion worth of assets, according to its website. 

The bulk of its revenues comes from digital asset sales, staking, and subscriptions revenue, according to the filing. In 2025, it estimates on the low end that it will do around $15.4 billion in digital asset sales revenue, compared to around $2.5 billion the year before—an increase of $12.9 billion.

The firm saw around an $82 million decrease in staking revenues, but generated more than $60 million in new subscription revenues last year, and had earned around $35 million in net income by the end of September. 

Last year, BitGo received approval from Germany’s financial regulator (BaFIN) to expand its digital asset offerings across all 27 of the European Union States. 

Then in December, it received conditional approval from the U.S. Office of the Comptroller of the Currency to upgrade its state banking charter to a national banking charter. 

The firm, which was valued around $1.75 billion in its last funding round in 2023, is expected to IPO on January 21, according to its amended S-1 filed on Monday.