Crypto Firm BitGo Plans US IPO Valued Up to $1.96B

Key Highlights

BitGo aims to raise $201 million at a valuation of up to $1.96 billion.
The offering includes 11.8 million shares at $15–$17 each and would be trading on the New York Stock Exchange under BTGO.
The company recently received conditional federal approval from the OCC to operate as a trust bank.

Crypto company BitGo is planning to go public in the United States. The Palo Alto-based firm announced today that it wants a valuation of up to $1.96 billion in its initial public offering (IPO).

According to the official release, the company and some of its existing shareholders are planning to raise as much as $201 million by selling 11.8 million shares, priced between $15 and $17 each. The IPO is expected to be priced on January 21, 2026, and shares will trade on the New York Stock Exchange (NYSE) under the symbol BTGO.

Of the shares offered, 11 million will be issued by BitGo itself, while around 821,600 shares will be sold by existing shareholders. The underwriters, including Goldman Sachs and Citigroup, will also have a 30-day option to buy up to 1.77 million additional shares. BitGo said the proceeds will be used to grow the business, develop new products, and make new investments.

BitGo’s growing role in crypto security

Founded in 2013, BitGo provides custody and security for digital assets. Currently, the company manages about $104 billion in assets and supports more than 1,550. It is considered one of the largest crypto custody providers in the United States.

CEO Mike Belshe, who co-founded the company, holds all Class B shares and about 2.6% of Class A shares. With the expansion, his voting power is expected to drop to 56% after the IPO. Other investors include Valor Equity Partners and Redpoint Ventures.

BitGo recently received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to become a federally chartered trust bank. This allows the company to operate under federal rules nationwide. Unlike normal banks, BitGo cannot take deposits or give loans, but it can hold and manage customer assets safely.

Surge in crypto firms going public

The IPO follows a busy year for crypto companies going public. Exchanges like Kraken, Circle, and Bullish launched U.S. listings last year, and other crypto and fintech firms such as Revolut and PayPal are planning IPOs in 2026.

However, BitGo is different because it makes money by providing custody and compliance services, not by trading crypto. This may appeal to investors who want safer and regulated crypto businesses.

Financially, BitGo posted $10 billion in revenue and $8.1 million in net income in the first nine months of 2025, compared to $1.9 billion in revenue and $5.1 million in net income the year before. The company also serves as the custodian and infrastructure provider for USD1, the stablecoin of World Liberty Financial Inc., a decentralized finance project linked to Donald Trump Jr. and Eric Trump.

U.S. IPO markets have been regaining momentum since last year after three years of slow activity, even with recent challenges like the tariffs and government shutdowns. More crypto and fintech firms to go public in 2026.