Crypto Company BitGo Aims for Close to $2 Billion Valuation with US IPO Application

BitGo Pursues $200 Million U.S. IPO, Targeting $2 Billion Valuation

BitGo, a provider of crypto wallets and custody solutions, has officially submitted its application for an initial public offering in the United States. The company aims to raise up to $200 million, which could push its valuation close to $2 billion.

Based in Palo Alto, California, BitGo plans to issue approximately 11.8 million shares of Class A common stock, with each share priced between $15 and $17. The shares are set to be listed on the New York Stock Exchange under the ticker symbol BTGO, according to the company's filing.

In a letter included with the filing, BitGo's co-founder and CEO, Mike Belshe, emphasized the company's commitment to openness: “Transparency has always been at the core of BitGo. Whether as a software developer, a regulated custodian, or a financial services provider, we have consistently disclosed our processes, technology, audits, and attestations.”

Belshe further noted, “Taking BitGo public is simply the next step in our ongoing dedication to transparency.”

BitGo first hinted at its IPO ambitions in July, when it confidentially filed with the SEC following the successful public debut of Circle, the issuer of the USDC stablecoin.

The company offers a range of services, including stablecoin infrastructure, token management, trading, staking, and custody. According to its website, BitGo currently oversees assets exceeding $104 billion in value.

The majority of BitGo’s revenue is generated from digital asset sales, staking, and subscription services. The company projects that in 2025, its digital asset sales revenue could reach roughly $15.4 billion, a substantial jump from the $2.5 billion reported the previous year—an increase of $12.9 billion.

Despite an $82 million drop in staking revenue, BitGo added over $60 million in new subscription income last year and reported approximately $35 million in net profit by the end of September.

In 2023, BitGo secured approval from Germany’s financial authority (BaFIN) to expand its digital asset services throughout all 27 European Union countries.

Later in December, the company received conditional approval from the U.S. Office of the Comptroller of the Currency to convert its state banking charter into a national charter.

BitGo, which was valued at approximately $1.75 billion during its most recent funding round in 2023, is anticipated to go public on January 21, as indicated in its updated S-1 filing.