BitGo Files for NYSE IPO, Seeks Up to $201M and Near $2B Valuation

BitGo, a California-based crypto custody and infrastructure provider, has filed a U.S. IPO registration to list on the New York Stock Exchange under the ticker BTGO. The planned offering comprises about 11.8 million shares (roughly 11 million new Class A shares plus ~821,595 secondary shares) at an expected range of $15–$17 per share, potentially raising up to $201 million and implying a valuation near $1.96 billion at the top end. Goldman Sachs and Citigroup are lead underwriters, joined by several other banks. Updated filings show strong growth through the first nine months of 2025: revenue of $10 billion and net income attributable to shareholders of $8.1 million, up from $1.9 billion revenue and $5.1 million net income a year earlier. BitGo reports roughly $104 billion in assets under custody and supports over 1,550 digital assets. CEO Mike Belshe is expected to retain majority voting control after the IPO, though his economic stake will be diluted. The offering comes amid renewed investor interest in regulated crypto firms even as token prices remain weak and recent crypto-related IPOs have had mixed performance. Analysts say demand for custody services is rising and BitGo’s regulated custody profile may appeal to risk‑sensitive institutional investors, but broader market volatility and pressure in the tech sector create uncertainty around IPO timing and aftermarket performance.