Crypto Firm BitGo Targets Nearly $2 Billion Valuation in US IPO Filing
Analysis
Price Impact
HighThe ipo of a major crypto custody and infrastructure provider like bitgo, managing over $104 billion in digital assets, signals increasing institutional adoption and maturation of the crypto industry. this event legitimizes the space, attracting traditional finance interest and potentially boosting overall market sentiment.
Trustworthiness
HighThe information is based on an official sec filing (s-1/a) by bitgo, a regulated entity with approvals from bafin and occ. the details of the offering and valuation are direct from the company's public disclosures.
Price Direction
BullishA successful ipo by a significant crypto infrastructure firm is a strong vote of confidence in the long-term viability and growth of digital assets. it provides traditional investors with a regulated way to gain exposure to the crypto ecosystem, fostering positive sentiment across major cryptocurrencies.
Time Effect
LongWhile there might be short-term buzz around the ipo date (jan 21), the more significant impact will be long-term. a publicly traded, regulated crypto firm like bitgo enhances credibility, draws sustained institutional capital, and builds out crucial infrastructure, supporting the growth of the entire crypto market over time.
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In brief BitGo filed for its IPO with the SEC on Monday, with an expected offering date of January 21. The firm is offering around 11.8 million shares at $15-17, which could raise up to $200 million at up to a nearly $2 billion valuation. BitGo's platform is home to more than $104 billion in digital assets. Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENE Crypto wallet and custody provider BitGo filed for its U.S. initial public offering on Monday, seeking to raise as much as $200 million in an offering that could value the firm as high as nearly $2 billion. The Palo Alto, California-based firm intends to offer around 11.8 million shares of Class A common stock at $15-17 per share, according to the filing. Shares will trade under the BTGO ticker via the New York Stock Exchange. “Since our founding, BitGo has been nothing if not transparent. All of our roles—as a software provider, regulated custodian, and financial services provider—require us to be completely open about how our technology and processes work along with audits, attestations, and more,” wrote BitGo co-founder and CEO Mike Belshe, in a letter attached with the filing. “As such, the transition of BitGo into the public markets is simply the next evolution of this transparency,” he added. BitGo first tipped its hand about a prospective IPO in July, confidentially filing with the SEC following the smash public market debut by USDC stablecoin issuer Circle. The firm, which offers stablecoin infrastructure services, token management, trading, staking, and custody solutions, now manages more than $104 billion worth of assets, according to its website. The bulk of its revenues comes from digital asset sales, staking, and subscriptions revenue, according to the filing. In 2025, it estimates on the low end that it will do around $15.4 billion in digital asset sales revenue, compared to around $2.5 billion the year before—an increase of $12.9 billion. The firm saw around an $82 million decrease in staking revenues, but generated more than $60 million in new subscription revenues last year, and had earned around $35 million in net income by the end of September. Last year, BitGo received approval from Germany’s financial regulator (BaFIN) to expand its digital asset offerings across all 27 of the European Union States. Then in December, it received conditional approval from the U.S. Office of the Comptroller of the Currency to upgrade its state banking charter to a national banking charter. The firm, which was valued around $1.75 billion in its last funding round in 2023, is expected to IPO on January 21, according to its amended S-1 filed on Monday. Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Your Email Get it! Get it!