Crypto custody firm BitGo is moving closer to a public listing, outlining plans to raise about $201 million in a U.S. initial public offering, according to an amended registration statement filed Monday with the Securities and Exchange Commission.
The Palo Alto–based company said it intends to offer 11 million shares of Class A common stock, alongside roughly 821,600 shares sold by existing shareholders. The proposed price range is set between $15 and $17 per share. Proceeds from the newly issued shares would go to BitGo, while the company will not receive any funds from stock sold by current investors.
BitGo has applied to list its Class A shares on the New York Stock Exchange under the ticker symbol “BTGO.” The filing did not specify when the offering may take place.
Following the IPO, BitGo plans to retain a dual-class share structure. Class A shares will carry one vote each, while Class B shares will hold 15 votes per share. Chief executive and co-founder Michael Belshe will continue to control a majority of the company’s voting power through his Class B holdings, making BitGo a “controlled company” under NYSE rules.
Founded in 2013, BitGo focuses on crypto infrastructure rather than retail trading. Its services include digital asset custody, trading, settlement, and wallet technology, primarily for institutional clients such as hedge funds, asset managers, and crypto-native firms. This positioning distinguishes it from consumer-facing crypto exchanges that have faced heightened scrutiny in recent years.
The IPO effort follows an earlier confidential filing and places BitGo among a small group of crypto firms, including Grayscale, that have pursued public listings despite a challenging market environment. Signs of a more stable regulatory outlook in the U.S. may be helping to reopen the IPO window. BitGo recently disclosed that it received conditional approval for a U.S. banking charter, alongside firms such as Ripple and Circle, a development that could strengthen its regulatory standing.
In previous filings, the company also reported a sharp increase in revenue projected for 2025, underscoring renewed growth momentum in parts of the digital asset sector. Industry-wide, at least 11 crypto-focused IPOs raised an estimated $14.6 billion globally in 2025, highlighting a gradual return of investor appetite for the space.
As BitGo prepares for its market debut, its IPO plans reflect a broader shift among crypto infrastructure providers seeking public capital and regulatory clarity after years of volatility. If successful, the listing would mark another step in the sector’s effort to mature within traditional financial markets.
