Crypto custodian BitGo prices IPO above marketed range at $18 per share

BitGo Holdings has priced its initial public offering at $18 per share, which would value the offering at approximately $212.8 million and place its valuation at over $2 billion on a fully diluted basis.

BitGo will be offering 11,026,365 Class A common shares, while another 795,230 will be sold by existing shareholders, a Jan. 21 announcement from the company said.

“BitGo will not receive any proceeds from the sale of the shares by the selling stockholders in connection with the offering,” it added.

Based on the total size of the offering, roughly $212.8 million is expected to be raised, giving BitGo a valuation of just over $2 billion after it goes live for trading on the New York Stock Exchange on Jan. 22 under the ticker BTGO.

Meanwhile, underwriters have a 30-day option to purchase up to 1.77 million additional shares, the announcement noted.

The offering is expected to close on Jan. 23, subject to customary conditions, and is supported by its lead book-running managers, Goldman Sachs and Citigroup, alongside a larger syndicate of financial institutions.

Founded in 2013, BitGo offers crypto custody, staking, wallet infrastructure, and settlement services for institutional clientele, acting as a backend provider for the digital asset ecosystem.

The IPO was initially between $15 and $17 per share, so the final pricing at the top end goes to show that institutional demand for crypto infrastructure remains strong. Much of this demand may be attributed to improving regulatory conditions in the U.S., where a pro-crypto administration is looking to make the country the crypto capital of the world.

BitGo received conditional approval for a U.S. banking charter alongside Ripple and Circle in late 2025, ahead of the IPO, which is also a plus when it comes to longer-term regulatory confidence.

Roughly $14.6 billion was raised across 11 crypto IPOs throughout 2025, with several headline-making listings. In comparison, BitGo’s entry valuation may appear modest, especially when stacked against firms such as Circle’s $16.7 billion debut on the NYSE. 

Nevertheless, what sets BitGo apart is its focus on custody that can generate a predictable revenue stream and offer a different kind of appeal to investors.