Crypto custodian BitGo filed to raise $201 million in a U.S. initial public offering valuing the company at approximately $1.85 billion.
The Palo Alto-based firm plans to sell 11 million shares at $15 to $17 each on the New York Stock Exchange under ticker "BTGO".
Goldman Sachs and Citigroup lead the underwriting syndicate for the offering announced Monday.
What Happened
BitGo and existing shareholders offered a combined 11.8 million shares.
Revenue reached $4.19 billion in the first half of 2025, nearly quadrupling from $1.12 billion.
The company manages $90 billion in cryptocurrency across 1.14 million users.
Net income declined to $12.6 million from $30.9 million despite the revenue surge due to higher operational costs.
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Why It Matters
BitGo received conditional approval from the Office of the Comptroller of the Currency in December 2025 to operate as a national trust bank.
The charter positions BitGo to potentially qualify as a stablecoin issuer under new federal legislation.
The IPO follows recent public listings from Circle, Bullish, and Figure as Wall Street embraces cryptocurrency infrastructure companies.
Founder Mike Belshe will retain majority voting control through a dual-class share structure.
The offering marks the first major crypto IPO of 2026 after October's market selloff raised the bar for digital asset companies seeking investor support.
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