BitGo Seeks $201 Million In Landmark IPO Move
Crypto custody firm BitGo has officially launched its initial public offering (IPO), aiming to raise up to $201 million and become the first major crypto company to test U.S. public markets in 2026. According to an amended filing with the U.S. Securities and Exchange Commission (SEC) on January 12, BitGo is offering 11,821,595 shares of Class A common stock at an expected price range of $15 to $17 per share. This offering includes 11 million shares sold directly by BitGo and 821,595 shares offered by existing stockholders, with the company not receiving proceeds from those secondary sales.
BitGo, founded in 2013 and headquartered in Palo Alto, California, has grown into one of the largest crypto custody providers in the United States. The company’s IPO marks a pivotal moment, not just for BitGo itself but for the broader digital asset infrastructure sector. The move will put investor appetite for crypto infrastructure companies to the test, especially after a turbulent year for similar IPOs in 2025, as reported by Axios.
BitGo’s IPO terms value the company at roughly $2 billion on a fully diluted basis, according to Axios. The offering is structured to grant underwriters a 30-day option to purchase up to an additional 1.77 million shares, potentially increasing the total funds raised. Goldman Sachs is serving as the lead book-running manager, with Citigroup and a host of other major banks, including Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Keefe, Bruyette & Woods, Canaccord Genuity, and Cantor, participating as book-running managers. Several others, such as Clear Street, Compass Point, Craig-Hallum, Rosenblatt, Wedbush Securities, and SoFi, are acting as co-managers, according to BitGo’s official press release and filings.
BitGo plans to list its shares on the New York Stock Exchange under the ticker symbol “BTGO.” The registration statement for the IPO has been filed with the SEC but is not yet effective, meaning shares cannot be sold until the registration becomes effective, as highlighted in the company’s announcement and covered by Business Wire and The Block.
Unlike many other crypto firms that rely heavily on trading activity, BitGo has carved out a niche by providing custody, compliance, and infrastructure services, focusing on safeguarding digital assets. This business model could appeal to both investors and regulators who have grown wary of trading-driven crypto ventures, especially following periods of market volatility and regulatory scrutiny. As The Block notes, BitGo positions itself as a backend services provider for institutional clients, offering custody, trading, settlement, and wallet infrastructure rather than operating as a consumer-facing exchange.
The IPO comes on the heels of a sharp revenue increase for BitGo in 2025, as institutional demand for secure crypto custody surged. This uptick in business was disclosed in previous IPO paperwork, according to The Block. The company now serves thousands of institutions—including many of the industry’s top brands, exchanges, and platforms—and millions of investors worldwide, according to its official materials.
BitGo’s regulatory journey has also reached a significant milestone. In December 2025, the company received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to become a federally chartered national trust bank. This conditional approval was granted alongside a select group of digital asset firms, including Ripple, Circle, Fidelity Digital Assets, and Paxos. The move marks a substantial step toward integrating major crypto companies into the U.S. federal banking system, as reported by CoinDesk. Once final requirements are met, BitGo and its peers will join nearly 60 existing national trust banks overseen by the OCC, enabling them to offer fiduciary and custody services nationwide. However, unlike full-service national banks, trust banks cannot take deposits or issue loans; their focus remains on safeguarding and managing client assets, including digital holdings.
BitGo’s IPO is also notable for its governance structure. The company will maintain a dual-class share system, with Class A shares carrying one vote each and Class B shares carrying 15 votes per share. This arrangement ensures that BitGo’s chief executive and co-founder, Michael Belshe, retains a controlling stake through his Class B holdings. As a result, BitGo will be classified as a “controlled company” under New York Stock Exchange rules, a detail confirmed by The Block.
BitGo’s public debut is set against a complex backdrop for the crypto industry. In 2025, at least 11 crypto-centric IPOs raised approximately $14.6 billion globally, according to data reported by The Block. However, the performance of these IPOs has been mixed, reflecting ongoing investor caution and regulatory uncertainty. BitGo’s decision to move forward with its IPO in early 2026 signals a growing confidence among crypto infrastructure firms that regulatory conditions in the U.S. are stabilizing and that institutional demand for secure digital asset services is on the rise.
The company’s services go beyond simple storage. BitGo provides regulated cold storage, wallets, staking, trading, financing, and settlement services. Since its founding, BitGo has focused on accelerating the transition of the financial system to a digital asset economy, and its global presence now includes multiple regulated entities. This broad reach and emphasis on compliance may help distinguish BitGo from its peers, especially as U.S. regulators and investors increasingly prioritize firms that can demonstrate robust controls and transparency.
For now, the IPO process is proceeding by the book. As required by law, BitGo has emphasized in its announcement that the registration statement has not yet become effective, and shares may not be sold nor offers to buy accepted until it is. Prospective investors are encouraged to obtain copies of the preliminary prospectus from Goldman Sachs or Citigroup, as detailed in the company’s official communications.
As BitGo’s IPO unfolds, market watchers will be paying close attention. Will institutional investors embrace this compliance-focused crypto custodian, or will the choppy waters that challenged other crypto IPOs in 2025 persist into the new year? One thing is clear: BitGo’s public listing marks a new chapter for digital asset infrastructure, and its performance could set the tone for other crypto companies eyeing the public markets in 2026.
In the rapidly evolving world of digital assets, BitGo’s ambitious IPO and regulatory strides offer a window into how the sector is maturing—and how it’s learning to navigate both Wall Street and Washington, D.C.
