BitGo Targets $1.96 Billion Valuation in NYSE Debut
The digital asset custodian's IPO, led by Goldman Sachs, will test public market appetite for cryptocurrency infrastructure firms amid a volatile sector.
Digital asset trust and security firm BitGo Holdings Inc. is set to make its public market debut on the New York Stock Exchange, announcing plans to raise roughly $200 million in an initial public offering that could value the company at up to $1.96 billion.
In a press release issued Tuesday, the company stated it will offer 11,821,595 shares of its Class A common stock at an anticipated price between $15.00 and $17.00 per share. The stock is expected to trade under the ticker symbol 'BTGO'.
At the top end of the proposed range, the offering would place BitGo’s total market capitalization at approximately $1.96 billion, based on the 115.6 million total outstanding shares that will exist after the IPO is complete. The move is a significant test of investor sentiment for crypto-focused companies, positioning BitGo as a key bellwether for the digital asset industry's maturation in public markets.
Founded in 2011, BitGo provides critical infrastructure for the digital asset ecosystem, specializing in custody, trading, and finance solutions for institutional investors, fintech firms, and cryptocurrency exchanges. The company is backed by a roster of high-profile investors, including Goldman Sachs, Founders Fund, Redpoint Ventures, and Galaxy Digital.
According to its S-1 filing with the Securities and Exchange Commission, BitGo has demonstrated explosive growth and a strong pivot to profitability. The company reported revenue of over $3 billion for the 2024 fiscal year, a dramatic increase from $926 million in 2023. More impressively, it swung from a net loss of $2.1 million in 2023 to a net income of $156.5 million in 2024.
The firm's client base has expanded rapidly, growing from 1,367 clients in 2023 to over 4,900 by late 2025. Assets on its platform nearly tripled in a single year, climbing from $30.8 billion to $89.9 billion by the end of 2024.
Goldman Sachs & Co. LLC, itself an investor in BitGo, is acting as the lead book-running manager for the offering. The proceeds are earmarked for general corporate purposes, including working capital, product development, and potential strategic acquisitions.
The offering also reveals a dual-class share structure, a common feature in founder-led tech companies. The Class A shares being offered to the public will carry one vote each, while Class B shares, primarily held by insiders, will command fifteen votes each. This structure will leave co-founder and CEO Mike Belshe with majority voting power, effectively making BitGo a "controlled company" under NYSE rules and giving him significant influence over the company's strategic direction.
The IPO comes as the broader cryptocurrency market navigates a period of heightened volatility and regulatory scrutiny. A successful public listing for an infrastructure player like BitGo, which provides the picks and shovels of the digital asset economy, could signal a new phase of investor confidence, focusing on the foundational technologies of the sector rather than the speculative nature of individual cryptocurrencies. The company recently moved its headquarters from Palo Alto, California, to the emerging crypto hub of Sioux Falls, South Dakota, as reported by Forbes.