Crypto custodian BitGo targets $201 million raise in US IPO

Crypto custody startup BitGo is seeking to raise about $201 million in an initial public offering, according to an amended registration statement filed with the U.S. Securities and Exchange Commission on Monday.

The filing shows BitGo plans to offer 11 million shares of Class A common stock, alongside 821,595 shares sold by existing stockholders, with an estimated offering price between $15 and $17 per share. BitGo will not receive any proceeds from shares sold by existing holders.

The company said it has applied to list its Class A shares on the New York Stock Exchange under the ticker "BTGO," though it has not disclosed the timing of the offering. Following the offering, BitGo will maintain a dual-class share structure, with Class A shares carrying one vote per share and Class B shares carrying 15 votes per share. Chief executive and co-founder Michael Belshe will retain a controlling stake through his Class B holdings, giving him majority voting power and classifying the company as a "controlled company" under NYSE rules.

BitGo provides custody, trading, settlement, and wallet infrastructure to institutional crypto clients, positioning itself as a backend services provider rather than a consumer-facing exchange.

Previously, the firm filed IPO documents confidentially, joining a small cohort of crypto firms — including Grayscale — that have explored public listings despite the crypto market downturn.

The IPO effort also comes as regulatory conditions for crypto firms in the U.S. have begun to stabilize. BitGo recently secured conditional approval for a U.S. banking charter alongside Ripple and Circle, a step that could strengthen its regulatory and reputational footing as it moves closer to public markets. Additionally, the crypto custodian disclosed a revenue surge for 2025 in previous IPO paperwork.

Of note, at least 11 crypto-centric IPOs raised approximately $14.6 billion globally in 2025, The Block previously reported.