BitGo has formally filed for an initial public offering, aiming to raise up to $201 million at a valuation near $1.85 billion. The Palo Alto–based digital asset custody provider plans to list on the New York Stock Exchange under the ticker BTGO, offering 11 million shares priced between $15 and $17. If completed as planned, the listing would position BitGo among the most significant crypto infrastructure companies to enter public markets in 2026.
Unlike consumer-facing exchanges, BitGo has built its business around institutional infrastructure. The company provides self-custody wallets, regulated trust services, and prime brokerage solutions designed for enterprises, funds, and financial institutions. According to its SEC filing, BitGo currently safeguards approximately $90 billion in digital assets across more than 1.14 million users, reinforcing its role as a core service provider within institutional crypto markets.
This positioning reflects a broader shift across the industry. As tokenized assets, stablecoins, and regulated on-chain finance continue expanding, secure and compliant custody has become foundational rather than optional. BitGo’s business model aligns directly with that demand.
Revenue Growth Highlights Infrastructure-Driven Demand
BitGo’s financials underscore how quickly institutional crypto infrastructure has scaled. Revenue reached $4.19 billion in the first half of 2025, nearly quadrupling year-over-year. For the first nine months of 2025, revenue climbed to nearly $10 billion, compared with $1.9 billion during the same period in 2024.
That growth translated into profitability. Net income totaled $35.3 million over the first nine months of 2025, up from $21.2 million a year earlier. In a sector often criticized for prioritizing growth over sustainability, BitGo enters public markets with established revenue streams and positive earnings.
Goldman Sachs and Citigroup are leading the underwriting syndicate, signaling strong institutional interest in the offering. At the midpoint of the proposed range, BitGo expects net proceeds of roughly $156 million, with additional shares sold by existing shareholders.
Regulatory Milestones Strengthen BitGo’s Position
A defining element of BitGo’s IPO narrative is regulation. In December 2025, the company received conditional approval from the Office of the Comptroller of the Currency to operate as a national trust bank. This approval places BitGo among a small group of crypto-native firms operating within the U.S. federal banking framework.
The designation carries broader implications. As stablecoin legislation advances under the GENIUS Act, national trust bank status potentially positions BitGo to participate directly in regulated stablecoin issuance and settlement infrastructure. That capability would extend BitGo’s role beyond custody into programmable money and regulated on-chain finance.
This regulatory alignment matters for institutions. Many large asset managers, banks, and enterprises require federally regulated custody partners before deploying capital on-chain. BitGo’s trust bank status directly addresses that requirement.
Hedera Council Membership Signals Enterprise Alignment
BitGo’s infrastructure strategy also extends into public blockchain governance. The company is a member of the Hedera Governing Council, joining a group of global enterprises responsible for overseeing the Hedera network’s direction, security, and long-term stability.
Council membership places BitGo alongside organizations actively deploying blockchain technology in regulated and enterprise environments. For BitGo, the role reinforces its focus on institutional-grade infrastructure rather than speculative trading activity. It also reflects how custody providers increasingly participate in the governance layers of the networks they support.
Joining a New Wave of Crypto IPOs
BitGo’s filing follows a broader reopening of public markets for crypto infrastructure firms. Recent listings include Bullish, Circle, Gemini, and Figure, each representing different layers of the digital asset stack. Together, these offerings signal growing acceptance of crypto infrastructure as a permanent component of global financial markets.
The timing is notable. The crypto market surpassed $4 trillion in total capitalization before experiencing a late-2025 correction. That volatility has sharpened investor focus on revenue durability, regulatory clarity, and infrastructure relevance. BitGo’s custody-first model and regulated status differentiate it from trading-driven platforms more exposed to market cycles.
Founder Mike Belshe will retain majority voting control through a dual-class share structure, preserving strategic continuity as the company transitions into public markets. This approach mirrors governance structures used by many technology firms balancing founder vision with public accountability.
What BitGo’s IPO Signals for Digital Asset Infrastructure
BitGo’s public offering reflects a maturing crypto market where infrastructure, compliance, and governance matter as much as innovation. Custody, settlement, and trust services now sit at the center of tokenization, stablecoins, and institutional on-chain finance.
If successful, the IPO could encourage other privately held infrastructure providers to pursue public listings, increasing transparency across the sector. It may also accelerate consolidation as regulated players expand through acquisitions and partnerships.
For the broader ecosystem, BitGo’s move underscores a clear trend. Digital assets are increasingly supported by institutions that resemble traditional financial infrastructure—regulated, audited, and governed—while operating on public blockchains. That convergence continues to define the next phase of crypto’s evolution.
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