BitGo Targets $201 Million IPO: High Returns Seen in the First Nine Months of 2025

The leading Crypto custodian BitGo continues its journey toward going public by developing one of the largest IPOs in the digital asset sector. The company aims to raise up to $201 million in the initial public offering, valuing it at approximately $1.85 billion. This move reflects the growing confidence of investors in Crypto infrastructure companies, especially those providing regulated custody and settlement services.

First Nine Months: Impressive Revenue Growth

The most significant part of BitGo’s IPO filing is its compelling financial performance over the past few months. The Crypto custodian reported a net income of $35.3 million for the first nine months of 2025, a 66% increase compared to $21.2 million in the same period last year. This growth is directly attributable to increased trading volume and high demand for digital asset settlement services.

Overall, the company has seen revenue reach nearly $10 billion for the first nine months, a substantial increase from $1.9 billion in the same period last year. Such exponential growth demonstrates BitGo’s strong position in the Crypto custody market, especially as institutional adoption of digital assets continues to expand.

IPO Details and Pricing Strategy

The Silicon Valley-based company, known for its self-custody wallet, regulated trust services, and PRIME brokerage platform, plans to sell 11 million shares at a price range of $15 to $17 each. This pricing range is positioned in the middle of their initial offering range and reflects market confidence in their business model. Additionally, insiders are offering 821,595 additional shares at the same pricing structure.

BitGo has filed its S-1 registration statement with the U.S. Securities and Exchange Commission, which contains all transaction details. This process is standard for all companies seeking to go public in the United States and demonstrates BitGo’s regulatory compliance.

Conditional Approval as a National Trust Bank

One of the most strategic developments for BitGo is the recent conditional approval from U.S. regulators to operate as a national trust bank. This regulatory milestone has significant implications for the company’s future. Through the trust bank charter, BitGo becomes eligible to issue stablecoins under the new federal GENIUS Act, opening a new revenue stream and strengthening its competitive advantage.

This regulatory recognition also indicates the growing acceptance of Crypto infrastructure providers within the traditional financial system. The combination of strong financial performance and regulatory validation provides a solid foundation for BitGo’s public debut.

IPO in the Context of the Larger Crypto Market Trend

BitGo is not alone in its journey to go public. The company follows in the footsteps of other prominent Crypto firms that also filed for IPOs in 2025. Bullish (parent company of CoinDesk), the stablecoin issuer Circle Internet, the exchange Gemini Space Station, and the financial services provider Figure are just some of the companies surging into the market at this time.

This collective movement of Crypto firms toward public markets signals a more mature industry ready to support institutional capital. For BitGo, the IPO is not just about raising capital—it’s also about strengthening brand credibility and unlocking opportunities for strategic growth in the coming years.