BitGo (BTGO.US) is sprinting towards an IPO! Seeking to raise up to $201 million - potentially becoming the first publicly listed cryptocurrency company this year.

Cryptocurrency custody company BitGo Holdings Inc. and some of its existing shareholders are planning to raise up to $201 million through an initial public offering (IPO), potentially becoming the first cryptocurrency industry company to progress with a listing plan in 2026. According to documents submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, BitGo intends to issue 11.8 million shares with a price range of $15 to $17 per share. The documents show that in this IPO, BitGo will sell 11 million new shares, while existing shareholders, including some company executives, will sell approximately 821,600 shares. If calculated at the upper end of the price range, BitGo's market value after listing will be approximately $1.96 billion, higher than its estimated value of around $1.75 billion in a financing round in 2023. The company's management disclosed that the issuance is expected to be priced on January 21. Founded in 2013 by CEO Mike Belshe, BitGo initially focused on cryptocurrency wallet business, but has now evolved into a comprehensive platform covering digital asset security, custody, and liquidity services. The company is also a custodian and infrastructure provider for the stablecoin USD1. USD1 was launched by World Liberty Financial Inc., which is associated with former U.S. President Donald Trump, with co-founders of the decentralized financial project including Donald Trump Jr. and Eric Trump. BitGo's listing plan comes after a wave of cryptocurrency companies entering the capital markets in 2025. With the Trump administration warming up to the cryptocurrency industry and stablecoin-related legislation being enacted, several cryptocurrency companies completed IPOs last year. Gemini Space Station (GEMI.US) completed a $446 million IPO in September, with the stock price rising 14% on the first day, but later falling below the IPO price; stablecoin issuer Circle (CRCL.US) saw a significant increase after its $1.2 billion IPO in June; and cryptocurrency exchange Bullish (BLSH.US) completed an $1.1 billion IPO in August, but the stock prices of these companies have since pulled back from their highs. At the same time, the overall cryptocurrency market has cooled down, with the price of Bitcoin falling approximately 6.5% in 2025. In terms of performance, the prospectus shows that BitGo achieved a net profit attributable to shareholders of approximately $8.1 million and revenue of approximately $1 billion in the first nine months of 2025, while in the same period last year, the company had a net profit attributable to shareholders of $5.1 million and revenue of $1.9 billion. As of September 30, 2025, BitGo's platform custody assets totaled approximately $104 billion, supporting over 1,550 digital assets. Looking back in history, digital asset financial services company Galaxy Digital (GLXY.US) planned to acquire BitGo for $1.2 billion in 2021, but the deal was terminated in 2022. In terms of ownership structure, Belshe holds 2.6% of Class A common stock and all Class B shares. After the IPO is completed, his voting rights are expected to decrease to 56%. Among institutional shareholders, Valor Equity Partners and Redpoint Ventures each hold 4.6% and 3.9% of the voting rights, respectively. As for underwriting, the Goldman Sachs Group, Inc. and Citigroup Inc. are serving as joint lead underwriters for this IPO. BitGo plans to list on the New York Stock Exchange under the ticker symbol BTGO.