BitGo Holdings, one of the largest cryptocurrency custody firms in the United States, has formally launched its initial public offering after filing updated documents with the US Securities and Exchange Commission. The company plans to raise up to $201 million, positioning itself for a valuation of about $1.96 billion as it looks to list its shares on the New York Stock Exchange.

The move marks a significant step for the digital asset infrastructure provider, which has steadily grown alongside the broader crypto market over the past decade.

Details of the public offering

According to its Form S-1 filing, BitGo’s IPO will consist of 11 million shares of Class A common stock issued by the company, along with 821,595 shares offered by existing shareholders. In total, around 11.8 million shares will be made available to investors.

The company has set an expected price range of $15 to $17 per share. At the upper end of that range, the offering could generate as much as $201 million in gross proceeds before expenses. BitGo announced the official launch of the offering on Monday, although the shares cannot be sold until the SEC declares the registration statement effective.

BitGo initially submitted its confidential paperwork in September 2025, signaling its intention to go public under the ticker symbol BTGO.

Valuation and long term growth

Based on the proposed pricing, BitGo is targeting a market valuation of up to $1.96 billion. The company was founded in 2013 and has since built a reputation as a trusted custody provider for institutional investors, exchanges and financial firms operating in the digital asset space.

Over the years, BitGo has expanded its services beyond basic custody to include wallet infrastructure, settlement services and security solutions designed for large scale crypto holders. This broader offering has helped the firm remain relevant during periods of both market growth and downturns.

The IPO comes at a time when investor interest in crypto related companies is showing renewed momentum, especially for firms that provide infrastructure rather than speculative trading exposure.

More than $90 billion under custody

BitGo disclosed that it currently holds more than $90 billion in assets under custody, a figure that underscores its role as a key player in the digital asset ecosystem. The company services a wide range of clients, including hedge funds, asset managers, exchanges and token issuers.

Custody has become one of the most critical segments of the crypto industry as institutional investors demand higher standards of security, compliance and transparency. BitGo has positioned itself as a bridge between traditional finance and blockchain based assets by aligning its operations with regulatory expectations in the US and other jurisdictions.

This focus on compliance and security is expected to be a central part of the company’s pitch to public market investors.

Major banks lead the deal

BitGo has lined up several prominent investment banks to support the offering. Goldman Sachs is serving as the lead book-running manager, while Citigroup is also acting as a book-running manager.

Other book-running managers include Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Keefe, Bruyette and Woods, Canaccord Genuity and Cantor. The list of co-managers features Clear Street, Compass Point, Craig-Hallum, Rosenblatt, Wedbush Securities and SoFi.

The involvement of top tier US banks highlights the growing acceptance of crypto infrastructure firms within mainstream financial markets, even as regulatory scrutiny of the sector remains intense.

What comes next

BitGo emphasized that its registration statement has been filed but is not yet effective. Until approval is granted by the SEC, the company cannot sell shares or accept offers to buy.

If the IPO proceeds as planned, BitGo will join a small but growing group of crypto focused companies trading on US exchanges. The listing could also serve as a benchmark for other digital asset service providers considering a public debut.

For now, investors will be watching closely to see how the market responds once trading begins and whether BitGo can meet expectations as a publicly listed company.