BitGo Eyes $2 Billion Valuation in Major US IPO

BitGo has officially entered the public markets arena, filing paperwork with regulators for an initial public offering that could value the crypto custody leader at nearly $2 billion. The Palo Alto, California-based company's move represents one of the most significant public debuts in the digital asset space this year.

The timing reflects growing institutional confidence in cryptocurrency infrastructure providers. As traditional finance continues its cautious embrace of digital assets, companies like BitGo that provide the foundational security layer are attracting serious Wall Street attention.

The offering details reveal a substantial capital raise aimed at fueling BitGo's next phase of growth. The company plans to sell approximately 11.8 million shares of Class A common stock, with an expected price range of $15 to $17 per share.

Key components of the offering include:

• Total raise target of up to $201 million
• 11 million shares sold by BitGo directly
• 821,600 shares offered by existing stockholders
• 30-day option for underwriters to purchase 1.77 million additional shares

The company will not receive proceeds from the secondary sales portion. Goldman Sachs serves as the lead book-running manager, with Citigroup and several other banks participating in the transaction.

Just last month, BitGo achieved a critical regulatory milestone that positions it uniquely among crypto firms. The company was one of five digital asset firms to receive conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to convert to a federally chartered national trust bank.

This decision places BitGo alongside Ripple, Circle, Fidelity Digital Assets, and Paxos in a select group bringing major crypto operations into the federal banking system. The conditional approvals allow these firms to transition from state-level trust charters to national status, pending fulfillment of OCC requirements.

The move marks a significant step in bringing major crypto companies further into the U.S. federal banking system.

Once finalized, BitGo will join approximately 60 existing national trust banks overseen by the OCC. Unlike full-service national banks, trust banks cannot take deposits or issue loans, but they can safeguard and manage customer assets, including digital assets, while offering fiduciary and custody services nationwide.

What sets BitGo apart from other crypto companies testing public markets is its fundamental business approach. Rather than generating revenue from trading activity, BitGo's model centers on providing custody, compliance, and infrastructure services tied to safeguarding digital assets.

This distinction could resonate strongly with both regulators and investors who have grown increasingly cautious about trading-driven crypto businesses. The company's focus on asset protection and settlement infrastructure aligns with the evolving regulatory landscape that prioritizes compliance and security.

Founded in 2013, BitGo has established itself as one of the largest crypto custody providers in the United States. The firm offers secure storage and infrastructure services as institutional participation in crypto continues to expand, positioning itself as a critical infrastructure provider rather than a speculative trading platform.

BitGo intends to list its shares on the New York Stock Exchange under the ticker symbol BTGO. The choice of NYSE over other exchanges signals the company's ambition to be part of the most prestigious trading venue in American markets.

The listing would represent a major validation for the crypto custody sector. As institutional investors require regulated, secure venues for holding digital assets, BitGo's public market presence could accelerate adoption among traditional finance players seeking exposure to cryptocurrency with appropriate safeguards.

The IPO adds to a growing wave of crypto companies entering public markets, but BitGo's infrastructure-focused approach may set a new template for how digital asset firms can successfully navigate regulatory scrutiny while building sustainable businesses.

BitGo's public offering represents more than just another crypto company going public—it signals a maturation of the digital asset ecosystem toward infrastructure and compliance. The combination of a nearly $2 billion valuation target and recent federal regulatory approval creates a compelling narrative for investors.

Key indicators to watch include the final pricing of shares, the level of institutional demand, and how the market values custody-focused versus trading-focused crypto businesses. The success of this offering could influence which types of crypto companies pursue public listings in the future.

As the SEC filing process continues and the NYSE listing approaches, BitGo's journey from startup to public company will serve as a test case for whether infrastructure providers can capture the imagination—and capital—of public market investors in the digital age.