Crypto Firm BitGo Targets Nearly $2 Billion Valuation in US IPO Filing
BitGo, a crypto wallet and custody provider based in Palo Alto, has filed for a U.S. initial public offering aiming to raise up to $200 million, potentially valuing the company at nearly $2 billion. The firm plans to offer approximately 11.8 million Class A common shares at $15–17 per share on the New York Stock Exchange under the ticker BTGO. BitGo specializes in stablecoin infrastructure, token management, trading, staking, and custody, managing over $104 billion in assets. Its main revenue sources are digital asset sales, staking, and subscriptions, projecting digital asset sales revenue of about $15.4 billion for 2025, a substantial increase from $2.5 billion the previous year. In 2023, it saw an $82 million drop in staking revenues but gained $60 million in new subscription revenues and reported $35 million net income as of September. BitGo has recently expanded its regulatory approvals in Europe and the U.S., securing licensing from Germany’s BaFIN and conditional approval for a national U.S. banking charter. The IPO is expected on January 21, 2025.
