BitGo Targets $200 Million IPO as Institutional Crypto Demand Accelerates

BitGo Moves Toward Public Markets

BitGo Holdings Inc., a U.S.-based cryptocurrency custody and digital asset infrastructure company, has officially filed for a U.S. initial public offering, aiming to raise close to $200 million. The company plans to list its shares on the New York Stock Exchange, marking one of the most closely watched crypto-related IPOs as institutional adoption of digital assets continues to accelerate across global markets.

Founded in 2013, BitGo Holdings Inc. has positioned itself as a core service provider for institutions seeking regulated, secure exposure to cryptocurrencies. The IPO filing reflects growing confidence among investors that crypto infrastructure firms rather than speculative trading platforms represent the next sustainable growth phase of the digital asset economy.

IPO Structure and Valuation Expectations

According to its filing, BitGo intends to offer approximately 11.8 million shares priced between $15 and $17 per share. At the midpoint of that range, the company would raise roughly $201 million, with an implied valuation approaching $2 billion on a fully diluted basis.

Roughly 65% of the shares in the offering will be newly issued, with the remaining shares coming from existing shareholders. This structure allows BitGo to inject fresh capital into operations while providing partial liquidity to early investors and employees.

Strong Revenue Growth and Asset Metrics

From an analytical standpoint, BitGo’s financials reveal why institutional investors are paying close attention. The company reported double-digit year-over-year revenue growth, driven largely by custody fees, staking services, and institutional transaction volumes. Industry estimates indicate BitGo currently safeguards over $60 billion in digital assets, spanning Bitcoin, Ethereum, and a growing number of tokenized assets.

Institutional clients now account for an estimated 75% of BitGo’s total revenue, a significant shift compared to retail-heavy crypto businesses. The company serves hedge funds, crypto-native firms, venture capital funds, and traditional financial institutions seeking compliant custody solutions.

Institutional Crypto Demand Hits New Highs

The timing of the IPO aligns with a broader surge in institutional crypto adoption. According to market data, global institutional crypto holdings increased by more than 40% year-over-year in 2025, fueled by spot crypto ETFs, clearer regulatory guidance, and improved custody infrastructure.

Custody services alone are projected to become a $15 billion global market by 2030, growing at a compound annual growth rate (CAGR) of over 25%. BitGo’s core business sits directly at the intersection of security, compliance, and scalability three factors institutions cite as critical for long-term participation in digital assets.

Competitive Positioning in Crypto Infrastructure

Unlike crypto exchanges that depend heavily on trading volumes, BitGo operates a more predictable, fee-based revenue model. Analysts note that custody margins tend to remain stable even during market downturns, making the business structurally less volatile than trading-centric platforms.

BitGo also benefits from early-mover advantage. With over a decade of operational history, the company has built integrations with dozens of blockchains and supports advanced features such as multi-signature wallets, cold storage, and insured custody key differentiators in enterprise adoption.

Risks Investors Are Watching Closely

Despite its strong fundamentals, BitGo faces notable risks. Regulatory uncertainty remains a major variable, particularly around custody rules, staking services, and cross-border digital asset transfers. Additionally, competition from both crypto-native rivals and large financial institutions entering digital custody could pressure margins over time.

Market volatility also poses a risk to short-term performance, as prolonged downturns can reduce transaction activity and asset-based fees. However, analysts note that BitGo’s institutional focus provides a degree of insulation compared to retail-driven crypto firms.

What BitGo’s IPO Signals for the Market

BitGo’s public listing could serve as a benchmark for future crypto infrastructure IPOs. A successful debut would likely encourage other custody, compliance, and blockchain service providers to explore public markets, reshaping how investors gain exposure to the digital asset sector.