BitGo Files for $201M IPO, Targets $1.96B Valuation in Crypto Custody Push

BitGo, a leading cryptocurrency custody firm, has announced its plans to raise $201 million in an upcoming U.S. IPO. The firm filed an amended SEC registration statement on January 12, 2026, outlining its intention to offer 11.8 million shares at a price range of $15 to $17 per share.

The offering includes 11 million shares offered by BitGo itself and an additional 821,595 shares from existing shareholders. The company intends to list its Class A common stock on the New York Stock Exchange under the ticker symbol BTGO.

This IPO comes after a significant regulatory milestone for BitGo, which received conditional approval for a U.S. banking charter in December 2025. This approval positions the company to operate as BitGo Bank & Trust, enhancing its credibility in the financial sector.

Why Did This Happen?

BitGo's decision to go public follows a strong revenue growth period, with reported 2024 revenue of $4.19 billion and net income of $156.5 million. This growth was driven by increasing institutional demand for secure custody services as the crypto market matures.

The firm's dual-class share structure allows insiders, particularly CEO Michael Belshe, to retain significant control. Belshe holds Class B shares, each carrying 15 votes, while Class A shares are available to the public. This structure ensures that management can maintain strategic direction without immediate shareholder pressure.

How Did Markets Respond?

The IPO announcement has come amid a broader trend of crypto firms preparing for public market listings. Kraken, another major player, filed confidentially for its IPO in November 2025. These moves reflect growing investor confidence in the digital asset sector and the increasing acceptance of crypto infrastructure providers by traditional financial institutions.

Goldman Sachs and Citigroup are serving as lead underwriters for BitGo's IPO, a sign of traditional finance's growing comfort with crypto-related offerings. The underwriting commitment adds credibility to the offering and suggests strong investor appetite for crypto firms seeking public status.

What Are Analysts Watching Next?

Analysts are closely watching the valuation multiple that BitGo will achieve. The company is targeting a $1.96 billion valuation, which would be a significant increase from its $1.75 billion valuation during its 2023 funding round. The valuation is expected to reflect both the company's financial performance and the broader market sentiment toward crypto custody services.

The success of BitGo's IPO will depend heavily on current market conditions. Bitcoin prices have fluctuated significantly in recent months, and the overall crypto market remains sensitive to macroeconomic factors such as interest rates and regulatory developments. BitGo's timing aligns with a recovering IPO market in 2026, as several crypto firms have signaled public listing intentions following a slow period in 2025.

BitGo's listing could set a precedent for other crypto infrastructure firms. If successful, the IPO might encourage further institutional adoption of crypto services and validate the growing role of custody providers in the financial ecosystem.