BitGo Targets $1.96B Valuation, Seeks $201M in First Crypto IPO of 2026

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 $91 074 24h volatility: 0.2% Market cap: $1.82 T Vol. 24h: $45.24 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.”

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