BitGo Holdings, a long-established cryptocurrency custody provider, has formally launched its initial public offering in the United States, according to a filing with the Securities and Exchange Commission. The company plans to offer approximately 11.8 million shares of Class A common stock, including shares sold by existing stockholders, with an expected price range of $15 to $17 per share.
At the top of the range, the offering could raise up to $201 million and imply a valuation of roughly $1.96 billion. BitGo intends to list on the New York Stock Exchange under the ticker BTGO, marking one of the most prominent public market tests for a crypto-native infrastructure firm since the launch of US spot Bitcoin ETFs.
Institutional Custody in Focus
Founded in 2013, BitGo reports more than $90 billion in assets under custody, positioning it as a key service provider to exchanges, asset managers, hedge funds, and corporate treasuries operating in digital assets. Its core offerings include regulated custody, wallet infrastructure, staking services, and settlement tools designed to meet institutional compliance standards.
The IPO comes as custody has emerged as a critical pillar of the crypto market’s institutionalization. Regulatory scrutiny following high-profile exchange failures has intensified demand for segregated, audited custody solutions, particularly among traditional financial institutions entering the space. BitGo’s business model is closely tied to these trends, with revenue exposure linked to transaction activity, asset balances, and enterprise service fees.
The company first confidentially filed for an IPO in September 2025, signaling its intent to access public markets as capital conditions stabilized and crypto market volatility moderated.
Market Context and Competitive Landscape
BitGo’s offering arrives amid renewed investor interest in crypto infrastructure rather than speculative token exposure. While public listings by crypto firms have been uneven since 2021, recent regulatory clarity around custody, stablecoins, and exchange-traded products has improved the outlook for service providers positioned as compliance-focused intermediaries.
Goldman Sachs is serving as lead book-running manager, with Citigroup and several other major US and international banks participating in the syndicate. The underwriting roster underscores continued Wall Street engagement with select crypto firms, even as broader risk appetite remains sensitive to interest rate expectations and macroeconomic data.
Competition in institutional custody remains intense, with traditional banks, prime brokers, and specialized crypto firms all vying for market share. Several large financial institutions have expanded digital asset custody offerings internally, while rivals such as Coinbase and Anchorage Digital continue to scale enterprise services.
BitGo stated that its registration statement has not yet become effective and that no shares may be sold until SEC approval is granted. The IPO’s reception will be closely watched as a barometer for public market appetite for crypto infrastructure companies operating at the intersection of digital assets and regulated finance.
