BitGo Files for NYSE IPO as Institutional Crypto Infrastructure Moves Into the Spotlight

BitGo Holdings, Inc. has filed publicly for an initial public offering, positioning itself as one of the most established institutional crypto infrastructure providers to access the public markets in early 2026. The company plans to list its Class A common stock on the New York Stock Exchange under the ticker BTGO, offering 11.82 million shares at an expected price range of $15.00 to $17.00 per share. At the midpoint price of $16.00, the offering implies a gross deal size of approximately $189 million, excluding any overallotment.

At that midpoint, BitGo would debut with an implied post-IPO market capitalization of approximately $1.85 billion, based on total common shares outstanding following the offering. The IPO consists of 11.0 million primary shares issued by the company and 821,595 secondary shares sold by existing shareholders, with BitGo receiving proceeds only from the primary portion. The company will operate as a dual-class, controlled company, with founder and CEO Mike Belshe retaining majority voting power through super-voting Class B shares.

Founded in 2013, BitGo has evolved from a Bitcoin wallet provider into a broad, institutional-focused digital asset infrastructure platform. Its offerings span self-custody wallets, regulated qualified custody, staking, liquidity and prime services, and infrastructure-as-a-service capabilities that support stablecoin issuance, token management, and settlement. As of September 30, 2025, the platform supported more than 1,550 digital assets, served over 4,900 clients across more than 100 countries, and safeguarded approximately $104 billion in assets on platform, underscoring its role as backend infrastructure rather than a consumer-facing trading venue.

From a financial standpoint, BitGo’s reported revenue profile reflects the accounting dynamics common to digital asset platforms, particularly the gross recognition of digital asset sales revenue with nearly offsetting costs. For fiscal year 2025, management estimates total revenue of approximately $16.1 billion, driven primarily by digital asset sales activity. Despite that headline figure, operating profitability remains modest, with estimated operating income of roughly $3.3 million, marking a return to profitability after a loss in 2024. As a result, investors are likely to look beyond headline revenue and focus more closely on client growth, assets on platform, and the expansion of higher-quality services revenue tied to custody, infrastructure, and compliance-driven offerings.

That distinction is central to how BitGo is likely to be evaluated in the public markets. Unlike crypto exchanges that derive a large portion of revenue from trading volume, BitGo’s value proposition is rooted in regulated infrastructure that institutions require regardless of short-term market cycles. Qualified custody licenses, a global regulatory footprint, and deep integration across wallets, staking, settlement, and stablecoins position the company to benefit from longer-term trends such as institutional adoption, real-world asset tokenization, and compliant digital payments. To the extent these use cases continue to mature, BitGo’s platform could become increasingly embedded in institutional workflows rather than dependent on speculative trading activity.

At the same time, BitGo’s structure and financial presentation introduce important considerations for investors. Gross-revenue accounting inflates reported revenue relative to economic value, complicating direct comparisons with software or fintech peers and resulting in an optically low EV / Revenue multiple. Operating margins remain thin, leaving limited cushion should digital asset activity slow or compliance costs rise. In addition, the company operates in a sector still subject to evolving regulatory frameworks and heightened scrutiny, while its dual-class share structure may limit appeal for governance-sensitive institutional investors.

Taken together, BitGo’s IPO represents a nuanced proposition. The company offers exposure to regulated digital asset infrastructure at a moment when institutions are increasingly focused on custody, compliance, and backend capabilities rather than retail speculation. At the same time, accounting complexity, modest profitability, and structural governance considerations suggest the market may continue to approach the name with measured expectations rather than broad multiple expansion. How investors ultimately value BitGo is likely to hinge less on headline revenue and more on the durability of its client relationships, growth in assets on platform, and the scalability of its infrastructure-driven services over time.

BitGo is expected the week of 1/12/2026