BitGo, a prominent entity in the cryptocurrency custody sector, is embarking on its journey as a publicly traded company today, marking a significant milestone as the first initial public offering (IPO) in the crypto space for 2026.
This financial event involves BitGo making its Class A common stock available on the New York Stock Exchange under the symbol "BTGO." The company is set to issue over 11 million shares, alongside an additional offering of approximately 795,000 shares from existing stakeholders, all priced at $18 each. This strategic move is expected to generate a substantial sum of nearly $200 million for the company. Upon the successful conclusion of this offering, BitGo's total outstanding shares will reach over 115 million, incorporating both Class A and Class B common stock, thereby establishing a market valuation of $2.08 billion.
Tracing its origins back to 2013, BitGo was established by Mike Belshe, a former engineer from Google. The firm has carved out a niche for itself by providing an extensive suite of services, including regulated custody, digital wallets, staking, trading, lending, and settlement solutions for a diverse array of tokens across numerous blockchain networks. With its headquarters in California, BitGo boasts an impressive portfolio, managing over $104 billion in assets for institutional clients, exchanges, and individual investors. Furthermore, the company operates BitGo Bank & Trust, N.A., a federally chartered bank under the approval of the Office of the Comptroller of the Currency. Demonstrating robust financial health, an SEC filing revealed BitGo's remarkable revenue of $10 billion and a net profit of $35.3 million for the initial nine months of 2025, building on its previous annual revenues of $2.5 billion in 2022, $926.3 million in 2023, and $3.1 billion in 2024. Notably, the cryptocurrency giant Galaxy Digital Inc. had previously shown interest in acquiring BitGo in 2021, though the acquisition did not materialize and led to subsequent legal disputes.
BitGo's IPO signifies a maturation of the cryptocurrency market, illustrating the increasing integration of digital assets into mainstream financial systems. This public listing not only provides BitGo with a broader platform for growth and capital access but also underscores the growing investor confidence in regulated and compliant cryptocurrency service providers. The venture's success reflects a forward-looking perspective on the future of finance, where digital currencies play an ever-more pivotal role, driving innovation and fostering greater accessibility within the global economic landscape.