BitGo Files for $200M IPO, Targets $2B Valuation

According to its amended S-1 filing with the U.S. Securities and Exchange Commission (SEC) on Monday, BitGo plans to offer approximately 11.8 million shares of Class A common stock at a price range of $15 to $17 per share. At the top end of that range, the offering would raise roughly $200 million, giving the Palo Alto-based company a valuation approaching $2 billion. The shares are expected to begin trading on the New York Stock Exchange on January 21 under the ticker symbol BTGO. This valuation aligns closely with the firm’s last private funding round in 2023, which pegged its worth at around $1.75 billion, indicating sustained investor confidence.

In a letter attached to the filing, co-founder and CEO Mike Belshe framed the transition to public markets as a natural extension of the company’s core philosophy. “Since our founding, BitGo has been nothing if not transparent,” Belshe wrote. “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… As such, the transition of BitGo into the public markets is simply the next evolution of this transparency.” The firm first signaled its IPO intentions with a confidential filing in July 2024, following the successful public debut of USDC stablecoin issuer Circle, highlighting a trend of major crypto infrastructure players seeking public capital.

BitGo’s financial profile reveals a company experiencing rapid growth, particularly in its core transactional business. The firm’s platform is home to more than $104 billion in digital assets, providing a substantial base for its revenue streams. According to the filing, the bulk of its revenues comes from three primary sources: digital asset sales, staking services, and subscription fees. The most striking projection is for digital asset sales revenue, which BitGo estimates will reach around $15.4 billion in 2025 on the low end. This represents a monumental increase of approximately $12.9 billion from the roughly $2.5 billion generated the year before.

While the company saw an $82 million decrease in staking revenues—a segment potentially affected by market conditions—it generated more than $60 million in new subscription revenues last year. By the end of September, BitGo had earned approximately $35 million in net income, demonstrating its path to profitability. This diversified revenue model, combining high-volume transactional income with recurring subscription and service fees, positions BitGo as a multifaceted infrastructure provider rather than a pure-play custody service.

Ahead of its public offering, BitGo has aggressively fortified its regulatory standing across key global markets, a crucial factor for institutional adoption. In 2024, the company received approval from Germany’s Federal Financial Supervisory Authority (BaFIN) to expand its digital asset offerings across all 27 member states of the European Union. This provides a significant competitive advantage, granting it a unified regulatory passport to operate throughout the EU’s vast economic bloc.

Furthermore, in December 2024, BitGo received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to upgrade its state banking charter to a national banking charter. This upgrade would subject the firm to federal oversight and potentially enhance its credibility and operational scope with large, regulated U.S. financial institutions. These regulatory achievements underscore BitGo’s commitment to compliance and its strategy to bridge the worlds of traditional finance (TradFi) and cryptocurrency, making it a more attractive partner for banks and asset managers navigating the digital asset landscape.