Overview
- The crypto custody firm plans to list as BTGO and offer about 11.8 million Class A shares, implying a valuation of up to roughly $1.96 billion.
- Goldman Sachs and Citigroup are leading the offering, which includes about 821,600 secondary shares that will not provide proceeds to the company, and underwriters have a 30-day option for up to 1.77 million additional shares.
- BitGo will operate as a controlled company after the IPO, with CEO Michael Belshe retaining voting control via Class B shares carrying 15 votes each versus one vote for Class A.
- The company recently received conditional OCC approval to convert to a federally chartered national trust bank, enabling nationwide fiduciary and custody services without deposit-taking or lending.
- BitGo reported a sharp 2025 revenue increase driven largely by gross reporting of trading as principal, while assets under custody fell 22% in Q4 to $81.6 billion; the company has not confirmed an IPO date, though some reports point to late January.