Key Notes
- The custodian projects 2025 revenue of $16.05 billion, marking a fivefold increase driven by gross trading volume reporting.
- Federal regulators granted conditional approval for BitGo to operate as a nationally chartered trust bank in December 2025.
- CEO Michael Belshe retains 55.5% voting control through dual-class shares despite holding only 7.7% economic ownership stake.
BitGo Holdings announced on Jan. 12 that it is targeting a valuation of up to $1.96 billion in what could be the first cryptocurrency initial public offering of 2026. The Palo Alto-based firm, which stores and protects digital assets for institutional clients, priced its shares between $15 and $17.
The company is offering approximately 11.8 million shares that could raise as much as $201 million at the upper end of the pricing range, according to the SEC filing. Goldman Sachs is serving as lead underwriter with Citigroup also m-anaging the offering, per the company’s announcement.
BitGo estimates 2025 end-of-year revenue at around $16.05 billion, up from $3.08 billion in 2024. The jump stems largely from digital asset trading reported on a gross basis, where the company acts as principal and records full transaction volume as revenue.
BitGo’s operations generated $2.6 million in income for the first nine months of 2025, though net income reached $35.3 million after accounting for unrealized gains on digital asset holdings.
Federal Banking Charter
The IPO follows BitGo’s receipt of conditional approval from the Office of the Comptroller of the Currency, the federal agency that regulates national banks, on Dec. 12, 2025. The regulator authorized BitGo Trust Company to convert to a nationally chartered trust bank operating as BitGo Bank & Trust, as previously reported by Coinspeaker.
BitGo was among five crypto firms receiving federal charter approvals that day. CEO Mike Belshe described the approval as a landmark step toward building financial infrastructure for the future.
Governance and Market Position
The filing reveals that assets on the platform dropped 22% in Q4 2025 to $81.6 billion from $104 billion in Q3 2025 amid declining crypto prices. Approximately 80% of assets remain concentrated in five tokens, with Bitcoin
BTC
$91 745
24h volatility:
0.9%
Market cap:
$1.84 T
Vol. 24h:
$44.56 B
representing 42.8% of the total.
BitGo will operate as a “controlled company” under NYSE rules. CEO Michael Belshe will hold approximately 55.5% of voting power through a dual-class share structure despite owning roughly 7.7% economic interest in the company.
Kraken filed confidentially for a US IPO in November 2025 after raising $800 million at a $20 billion valuation. The exchange is targeting Q1 2026 but has not yet priced its offering. BitGo intends to list on the New York Stock Exchange under the ticker symbol “BTGO.”
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.
