BitGo Targets 201 Million Raise In US IPO With Listing Planned On NYSE

TLDR

• BitGo seeks to raise $201M via IPO by offering 11M Class A shares on NYSE
• CEO Michael Belshe retains control with Class B shares and 15 votes per share
• BitGo secures conditional U.S. banking charter ahead of IPO filing
• IPO comes after BitGo reported strong 2025 revenue growth from institutions

BitGo has moved closer to entering public markets with an amended SEC filing that outlines its plan to raise approximately $201 million through a U.S. IPO. The company will offer 11 million shares of its Class A common stock, priced between $15 and $17 per share. Additionally, 821,595 shares will be sold by existing shareholders. BitGo has applied to list on the New York Stock Exchange under the ticker symbol “BTGO.”

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According to the filing, BitGo will not receive proceeds from the sale of shares offered by existing stockholders. The public offering follows earlier confidential filings as the company seeks to capitalize on increasing institutional demand for crypto asset services and more stable regulatory conditions in the U.S.

Dual-Class Structure and Control by CEO

Post-offering, BitGo will operate with a dual-class share structure. Class A shares will carry one vote each, while Class B shares will carry 15 votes per share. CEO and co-founder Michael Belshe will maintain a controlling interest through his Class B holdings.

Because of this voting structure, BitGo will be classified as a “controlled company” under NYSE rules. This allows the company certain exemptions from corporate governance requirements that apply to other listed companies without majority control by insiders.

The structure is similar to that used by other tech and crypto-related companies where founders wish to retain control even after going public. BitGo has not yet shared a specific date for the IPO.

IPO Follows Revenue Growth and Regulatory Milestone

BitGo’s decision to go public follows strong business growth in 2025. The company disclosed a sharp increase in revenue, driven by rising institutional demand for crypto custody and infrastructure services. BitGo provides secure custody, trading, settlement, and wallet infrastructure for institutional clients.

The company recently secured conditional approval for a U.S. banking charter. This move strengthens its regulatory position and builds trust among institutional customers and investors. The charter was granted alongside approvals for other crypto firms, including Ripple and Circle, as regulators show signs of clearer guidelines for crypto businesses.

Crypto Sector IPO Activity on the Rise

BitGo is joining a growing group of crypto-related companies looking to access public markets despite earlier market downturns. According to prior reports from The Block, about 11 crypto-centric IPOs raised roughly $14.6 billion globally in 2025.

The move comes as U.S. regulatory conditions show signs of stabilization. Several crypto firms have reported improved relationships with regulators and growing institutional interest in blockchain services and digital assets. BitGo’s IPO effort positions it to benefit from these shifts while expanding its client base and infrastructure capabilities.

As of now, BitGo has not announced the final date for the offering, but the company’s preparations mark a step forward in its growth strategy.

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