US-based crypto custodian BitGo has completed its initial public offering. The company priced its shares at $18 each, raising $212.8 million. The valuation stands at approximately $2.1 billion.
BitGo now trades under the ticker symbol "BTGO" on the New York Stock Exchange. This makes the company the first crypto custodian to list on a US exchange. The final price exceeded the initial range of $15 to $17. Demand outstripped supply by a wide margin.
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Custody business as foundation
BitGo was founded in 2013 by Mike Belshe and specializes in secure custody of digital assets for institutional clients. The platform supports more than 1,550 different crypto assets with a total value of $104 billion. Its client base includes exchanges, asset managers, and financial institutions from over 50 countries.
The business model differs significantly from crypto exchanges like Coinbase. BitGo earns primarily from custody fees, staking services, and infrastructure solutions. Revenue from subscriptions and services rose 56 percent last year to $120.7 million. The company also generates revenue from trading, though this income stream is more volatile.
The shareholder structure following the BitGo IPO deserves special attention. CEO Belshe controls approximately 55 percent of voting rights through a dual-class share structure. His economic stake, though, amounts to only about 8 percent. Under NYSE rules, BitGo qualifies as a "controlled company."
Regulatory tailwind from OCC license
In December 2025, BitGo received approval from the Office of the Comptroller of the Currency (OCC). The regulator permitted the company to convert its state-regulated trust company into a national bank. The new entity operates as BitGo Bank & Trust, National Association. This license allows the company to offer custody services in all 50 US states without obtaining separate state approvals.
The OCC approval came alongside similar licenses for Circle, Paxos, and Ripple. These national trust banks cannot accept deposits, though. They cannot offer checking or savings accounts and have no access to FDIC deposit insurance.
From failed acquisition to independent IPO
The path to going public was not straightforward. In 2021, Galaxy Digital announced plans to acquire BitGo for $1.2 billion. The deal collapsed in August 2022. Galaxy cited missing financial statements as the reason for pulling out, while BitGo viewed the bear market as the true cause. The resulting legal dispute remains pending.
BitGo then opted for an independent growth strategy. In August 2023, the company raised $100 million in a Series C funding round. The valuation at that time was $1.75 billion. Investors include Goldman Sachs, DRW, Galaxy Digital Ventures, Craft Ventures, and Redpoint Ventures. Goldman Sachs served as lead underwriter for the BitGo IPO alongside Citigroup.
And the company expanded its business beyond pure custody. Since March 2025, BitGo has served as custodian and infrastructure provider for USD1, the stablecoin from World Liberty Financial. This connection to the Trump-affiliated DeFi project brought BitGo additional attention but also carries political risks.
Outlook for the crypto IPO market
BitGo's successful IPO could trigger more public offerings in the crypto sector. Circle, the issuer of the USDC stablecoin, went public on the NYSE last year. Crypto exchange Kraken is also frequently mentioned as an IPO candidate.
For BitGo, the IPO provides fresh capital for potential acquisitions and international expansion. The combination of OCC license, diversified revenue base, and institutional client roster distinguishes the company from more speculative crypto firms. Whether this approach pays off in a volatile market environment remains to be seen in the coming quarters.
