Core Viewpoint - BitGo Holdings is targeting a valuation of up to $1.96 billion in what could be the first cryptocurrency initial public offering (IPO) of 2026, with share pricing set between $15 and $17 [1] Company Overview - BitGo is offering approximately 11.8 million shares, potentially raising up to $201 million at the upper end of the pricing range, with Goldman Sachs as the lead underwriter and Citigroup managing the offering [2] - The company estimates its revenue for the end of 2025 to be around $16.05 billion, a significant increase from $3.08 billion in 2024, primarily driven by digital asset trading [3] Financial Performance - BitGo's operations generated $2.6 million in income for the first nine months of 2025, with net income reaching $35.3 million after accounting for unrealized gains on digital asset holdings [3] Regulatory Developments - The IPO follows BitGo's receipt of conditional approval from the Office of the Comptroller of the Currency on December 12, 2025, allowing it to convert to a nationally chartered trust bank [4] - BitGo was one of five crypto firms to receive federal charter approvals on that day, with the CEO describing the approval as a landmark step for financial infrastructure [5] Market Position and Governance - Assets on BitGo's platform dropped 22% in Q4 2025 to $81.6 billion from $104 billion in Q3 2025, with approximately 80% of assets concentrated in five tokens, including Bitcoin at 42.8% [6] - BitGo will operate as a "controlled company" under NYSE rules, with CEO Michael Belshe holding about 55.5% of voting power through a dual-class share structure despite owning roughly 7.7% economic interest [6] Industry Context - Kraken filed confidentially for a US IPO in November 2025 after raising $800 million at a $20 billion valuation, targeting Q1 2026 for its offering [7] - BitGo intends to list on the New York Stock Exchange under the ticker symbol "BTGO" [7]
BitGo Targets $1.96B Valuation, Seeks $201M in First Crypto IPO of 2026