Crypto custodian BitGo is looking to raise up to $201 million in its public market debut, setting a valuation of approximately $1.85 billion, the midpoint of its offering range.
The Silicon Valley-based firm, whose services include self-custody wallets, regulated trust services and prime brokerage, said it plans to sell 11 million shares at $15 to $17 each in the initial public offering, according to an updated filing with the U.S. Securities and Exchange Commission. Another 821,595 shares are offered by insiders.
That puts BitGo, which filed to go public in September, in line for $156.4 million in net proceeds if the shares price at the midpoint. The IPO follows initial listings from a number of other crypto companies, among them CoinDesk’s parent company Bullish, stablecoin issuer Circle Internet, crypto exchange Gemini Space Station, and financial services firm Figure.
Revenue spiked to nearly $10 billion in the first nine months of 2025 from $1.9 billion over the same period in the prior year, driven primarily by high-volume trading and digital asset settlement services, according to the filing. That helped lift the bottom line to $35.3 million in net income for the first nine months of 2025, up from $21.2 million in the year-earlier period.
BitGo recently received conditional approval from U.S. regulators to operate as a national trust bank, a move that may help it to qualify as a stablecoin issuer under the new federal GENIUS Act.