Digital asset custody firm BitGo has filed to go public with plans to raise US$201 million in an initial public offering (IPO) that would value the company at approximately $1.85 billion, according to a filing published by Coindesk.
BitGo, one of the largest institutional custody providers in the cryptocurrency industry, has positioned itself as a trusted partner for institutional investors, exchanges, hedge funds and asset managers looking to securely store digital assets such as Bitcoin, Ethereum and other tokens. The company’s IPO plan reflects growing investor interest in companies that provide foundational infrastructure for the crypto ecosystem.
In its filing, BitGo detailed its business model, which combines custody services, staking and interoperability solutions, and compliance and security tools for institutional clients. The company has emphasised its focus on robust security architecture and regulatory compliance, areas of heightened importance amid ongoing global scrutiny of the digital asset sector.
BitGo reported revenue growth driven by rising demand from institutional clients, although it also acknowledged challenges from market volatility and competitive pressures. The firm’s financial disclosures show that while assets under custody have grown, so too have operating costs associated with scaling technology and compliance frameworks.
The planned IPO would mark one of the most significant public market entries by a crypto infrastructure company since the listings of Coinbase and other major players. If successful, BitGo would join a small group of crypto firms traded on public exchanges, offering investors a way to gain exposure to the institutionalisation of digital asset services.
Analysts say the valuation target underscores confidence that crypto custody, a once-niche business, has become a core service amid increasing asset diversification by institutional investors. However, the path to public markets is not without risk, as regulatory uncertainty, competitive custodial offerings and macroeconomic headwinds could affect investor sentiment.
BitGo’s executives have said the IPO will help the company expand its product suite, invest in technology, and pursue acquisitions that deepen its foothold in the institutional market. The company did not indicate a target date for listing, but filings suggest preparations are underway pending regulatory review.
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