BitGo Launches $201M IPO, First Crypto Company to Go Public in 2026
January 12, 2026 · by Fintool Agent
Crypto custody giant BitGo launched its initial public offering Monday, seeking to raise up to $201 million and become the first cryptocurrency company to go public in 2026. The IPO prices BitGo at a valuation of up to $1.96 billion—a modest bump from its 2023 private funding round—as the 12-year-old company bets Wall Street's appetite for crypto infrastructure remains strong despite a rocky start to the year for digital asset prices.
Goldman Sachs+1.13% leads the offering as book-running manager, with Citigroup-2.98% as co-lead—a blue-chip underwriting syndicate that signals institutional credibility for a company that has quietly become the plumbing behind much of the crypto ecosystem.
The Offering
BitGo is offering 11.8 million Class A shares at a price range of $15 to $17 per share, targeting the New York Stock Exchange under ticker symbol BTGO.
| IPO Terms | Details |
|---|---|
| Shares Offered | 11.8 million Class A |
| Price Range | $15 - $17 per share |
| Gross Proceeds | Up to $201 million |
| Target Valuation | $1.96 billion |
| Exchange | NYSE |
| Ticker | BTGO |
| Lead Underwriter | Goldman Sachs |
The offering breaks down as 11 million shares from BitGo and approximately 821,600 shares from existing stockholders. Underwriters have a 30-day option to purchase up to 1.77 million additional shares.
Ask Fintool AI AgentThe Swiss Bank of Crypto
Founded in 2013 in Palo Alto by CEO Mike Belshe, BitGo has built itself into the "Swiss bank of crypto"—the trusted custodian that institutions rely on to secure their digital assets. The company pioneered multi-signature wallet technology and now offers a full suite of custody, wallets, staking, trading, financing, and settlement services.
The scale is substantial:
| Metric | Value |
|---|---|
| Assets Under Custody | $90.3 billion (June 2025) |
| Institutional Clients | 4,600+ |
| Total Users | 1.1+ million |
| Countries | 100+ |
| Founded | 2013 |
Assets under custody surged from $30.8 billion in 2024 to over $100 billion by late 2025—a 67% increase in roughly six months that mirrors institutional capital's migration into digital assets.
Explosive Revenue, Shrinking Margins
BitGo's financials tell a familiar growth-at-any-cost story. Revenue nearly quadrupled in the first half of 2025, but profitability collapsed as the company invested heavily in infrastructure and headcount.
| Period | Revenue | Net Income | Change |
|---|---|---|---|
| H1 2024 | $1.12 billion | $30.9 million | — |
| H1 2025 | $4.19 billion | $12.6 million | Revenue +274%, Income -59% |
| FY 2023 | $926 million | -$2.1 million | — |
| FY 2024 | $3.08 billion | $156.5 million | Revenue +232%, Income turnaround |
The margin compression drew skepticism from analysts. Bobby Ong of CoinGecko noted: "Only $12 million in profit on the back of $4 billion in revenue—such low profit numbers. Revenue increased by $3 billion, but profits dropped by more than half."
Ask Fintool AI AgentConcentration Risk
The S-1 filing reveals significant concentration in a handful of tokens. As of June 30, 2025:
| Token | % of Assets on Platform |
|---|---|
| Bitcoin | 48.5% |
| Sui | 20.1% |
| Solana | 5.7% |
| XRP | 3.9% |
| Ethereum | 3.0% |
| Total (Top 5) | 81.2% |
The heavy Sui weighting is notable—the relatively new Layer 1 blockchain represents a fifth of all assets, introducing correlation risk to a single token's price performance.
Founder Control Structure
The IPO establishes a dual-class share structure that keeps CEO Mike Belshe firmly in control:
- Class A shares (offered in IPO): 1 vote per share
- Class B shares (held by insiders): 15 votes per share
This structure qualifies BitGo as a "controlled company" under NYSE rules, meaning it is exempt from certain governance requirements including independent board majorities.
Belshe has been a prominent figure in crypto policy circles—he hosted a Trump fundraiser featuring VP J.D. Vance in July 2024—and the company has benefited from regulatory tailwinds including the GENIUS Act signed in July 2025.
The Crypto IPO Wave
BitGo's debut caps a remarkable 18 months for crypto infrastructure IPOs. The company follows Circle+0.00% and Bullish+4.17%, both of which enjoyed strong market debuts in 2025.
Current valuations across the public crypto infrastructure landscape:
| Company | Ticker | Market Cap | Business |
|---|---|---|---|
| Coinbase+0.91% | COIN | $62.8B | Exchange |
| Circle+0.00% | CRCL | $19.3B | Stablecoin issuer |
| Bullish+4.17% | BLSH | $6.0B | Exchange |
| Webull | BULL | $4.3B | Brokerage |
| BitGo | BTGO | $2.0B* | Custody |
*At IPO price range midpoint
BitGo's target valuation of $1.96 billion represents a modest premium to its 2023 funding round of $1.75 billion—conservative relative to the explosive AUM growth but reflecting the margin pressure and macro uncertainty.
Ask Fintool AI AgentRegulatory Tailwinds
BitGo enters the public markets with significant regulatory momentum:
-
OCC Approval: BitGo Trust Company received approval from the Office of the Comptroller of the Currency to convert to a federally chartered bank (BitGo Bank & Trust, National Association), enabling operations across all 50 states
-
EU Expansion: BaFin approval to offer services across the European Union under the Markets-in-Crypto-Assets (MiCA) framework
-
GENIUS Act: The regulatory framework signed into law in July 2025 provided clearer rules for cryptocurrency businesses and removed barriers for institutional adoption
Use of Proceeds
BitGo plans to allocate IPO proceeds toward:
- Technology development and infrastructure
- Strategic acquisitions
- Stock-based compensation programs
- General corporate purposes and working capital
The company did not specify target acquisition areas, but consolidation in the custody space has accelerated as institutional clients demand comprehensive solutions.
What to Watch
IPO Pricing: The final offer price will signal institutional demand. Pricing at $17 (high end) would validate BitGo's growth story; pricing below $15 would suggest caution.
First Day Performance: Circle surged 40% on debut; Bullish more than doubled. BitGo faces a tougher comparison against peers trading well below their 52-week highs.
Margin Trajectory: Q4 2025 and FY 2026 guidance will reveal whether the company can convert revenue growth into sustained profitability.
Macro Headwinds: The IPO launches during a turbulent week for markets, with the Fed independence crisis and credit card rate cap proposals adding volatility. Crypto-correlated assets may face pressure if risk appetite deteriorates.
For institutional investors seeking exposure to crypto infrastructure without direct token risk, BitGo offers a pure-play on custody—the picks-and-shovels of the digital asset revolution. Whether the IPO valuation adequately compensates for concentration risk and margin compression remains the key debate.
Related Companies: Coinbase+0.91% | Circle+0.00% | Bullish+4.17% | Goldman Sachs+1.13% | Citigroup-2.98%