Private cryptocurrency wallet and custody provider BitGo has taken a major step toward becoming a publicly traded company, filing for an initial public offering in the United States that could value the firm at close to $2 billion. The Palo Alto–based company submitted its amended S-1 registration statement to the US Securities and Exchange Commission on Monday, outlining plans to raise as much as $200 million from the listing.
According to the filing, BitGo intends to offer approximately 11.8 million shares of Class A common stock, priced between $15 and $17 per share. If the offering is priced at the top of that range, the IPO could raise nearly $200 million and imply a valuation just shy of $2 billion. The shares are expected to trade on the New York Stock Exchange under the ticker symbol BTGO, with an anticipated debut date of January 21.
Founded as a security-focused crypto wallet provider, BitGo has evolved into a broad digital asset infrastructure firm offering custody, token management, trading, staking, and stablecoin-related services. The company says its platform currently safeguards more than $104 billion in digital assets, underscoring its position as one of the largest custodians in the crypto industry.
In a letter included with the filing, co-founder and chief executive Mike Belshe framed the move to public markets as a natural extension of the company’s long-standing emphasis on transparency. He noted that BitGo’s roles as a software provider, regulated custodian, and financial services firm require a high level of openness, supported by regular audits, attestations, and regulatory oversight.
Financially, the company’s filing paints a picture of shifting revenue dynamics. While BitGo experienced a notable decline of roughly $82 million in staking revenues, it offset some of that pressure by generating more than $60 million in new subscription revenues over the past year. By the end of September, the firm reported net income of around $35 million. The bulk of its overall revenue continues to come from digital asset sales, staking, and subscriptions, with the company estimating that its digital asset sales revenue alone could reach about $15.4 billion in 2025, up sharply from roughly $2.5 billion the previous year.
BitGo has also made steady progress on the regulatory front, which is likely to appeal to institutional investors. In 2025, it received approval from Germany’s financial regulator, BaFin, enabling it to expand its digital asset offerings across all 27 member states of the European Union. More recently, in December, the firm secured conditional approval from the US Office of the Comptroller of the Currency to upgrade its state banking charter to a national one. This move could significantly broaden its operational scope.
The planned IPO follows renewed optimism in crypto-related listings after the strong public market debut of USDC stablecoin issuer Circle. BitGo was last privately valued at around $1.75 billion during a funding round in 2023, and its forthcoming market debut will be closely watched as a barometer of investor appetite for crypto infrastructure firms returning to the public spotlight.
