BitGo Aims for Nearly $2B Valuation in New York IPO
What Did BitGo File With the SEC?
BitGo Holdings has formally launched its initial public offering later than filing a Form S-1 registration statement with the U.S. Securities and platform Commission. The crypto custody firm said the offering will include 11 million shares of Class A common stock issued by the company, alongside 821,595 shares sold by existing stockholders.
Based on an indicated price range of $15 to $17 per share, the offering could raise as much as $201 million, with total shares offered reaching roughly 11.8 million. BitGo announced the IPO launch on Monday, marking the latest step in a process it first disclosed in September 2025.
At that time, the company signaled its intent to list on the under the ticker “BTGO.” The current filing confirms BitGo’s move from preparation to execution, although the registration statement has not yet been declared effective by the SEC.
Investor Takeaway
Why Is BitGo Going Public Now?
The IPO comes as BitGo has grown into one of the largest independent crypto custody providers in the market. Since launching its platform in 2013, the firm has accumulated more than $90 billion in assets under custody, serving platforms, asset managers, funds, and protocol foundations.
According to the filing, BitGo is targeting a valuation of up to $1.96 billion through the offering. That valuation places it among the most highly valued viewking access to U.S. public markets, at a time when investors are paying closer attention to regulated service providers rather than speculative trading platforms.
Custody has become a critical pillar of the , particularly as institutional participation expands. Large funds, banks, and issuers increasingly require qualified custodians that meet regulatory, security, and operational standards. BitGo’s business sits directly at that intersection, offering cold storage, wallet infrastructure, and settlement services rather than exposure to token price swings.
Who Is Backing the Offering?
BitGo has assembled a broad syndicate of underwriters for the IPO. Goldman Sachs is acting as lead book-running manager, with Citigroup also serving as a book-running manager. Additional book-runners include Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Keefe, Bruyette & Woods, Canaccord Genuity, and Cantor.
The underwriting group also includes several co-managers, among them Clear Street, Compass Point, Craig-Hallum, Rosenblatt, Wedbush Securities, and SoFi. The size and diversity of the underwriting roster reflect an effort to reach both traditional equity investors and institutions already active in digital assets.
The filing notes that the registration statement has been submitted but is not yet effective. As a result, shares may not be sold and offers to purchase may not be accepted until the SEC declares the registration effective.
Investor Takeaway
What Does This Signal for the Crypto IPO Pipeline?
BitGo’s IPO launch adds to a growing list of crypto-related firms testing the public markets, but with a notable difference in focus. Unlike platforms or token issuers, custody providers generate revenue from services tied to asset secureguarding, compliance, and infrastructure rather than trading volumes.
That distinction matters in a market where regulators and investors have become more selective. Infrastructure firms that support compliance, settlement, and asset protection are often viewed as less exposed to market cycles than trading-driven businesses. BitGo’s public offering arrives as that narrative gains traction across .
The move also follows a period in which several crypto companies delayed or abandoned IPO plans amid regulatory uncertainty. BitGo’s decision to proceed suggests confidence that investor appetite for has improved, even if broader policy questions remain unresolved.
