BitGo priced its initial public offering at $18 per share, raising $212.8 million and implying an approximate $2 billion market valuation. The offering, which began trading on the New York Stock Exchange under the ticker BTGO, gives public investors direct exposure to institutional crypto custody—an asset class analysts say offers steadier, service-driven revenue than trading businesses.
BitGo positioned the IPO as a pure-play custody provider. According to analyst commentary, custody and staking account for more than 80% of the company’s economic revenue, a mix that underpins a more predictable earnings profile versus transaction-heavy peers.
As of September 2025, BitGo reported digital assets under custody of $104 billion, a 96% year‑over‑year increase. Trailing nine‑month net revenues reached $140 million, up 65% year‑over‑year, and the company suggested a revenue run‑rate towards $240 million by the end of 2026 was attainable.
“BitGo stands out as a custody‑focused company with sticky, service‑driven revenues that continued to grow even during 2025’s weak crypto markets,” said Matthew Sigel, Head of Digital Assets Research at VanEck.
Valuation, scenarios and regulatory context
Analysts cited by the company and market commentators expect continued growth but note sensitivity to both market prices and regulatory developments. A base‑case valuation published by one research note estimates fair value at roughly $2.4 billion (about $21 per share), driven by projected revenue expansion to more than $400 million and roughly $120 million of EBITDA by 2028.
That analysis built in upside scenarios tied to Bitcoin price moves: if Bitcoin traded back above $120,000, the same model projected a fair value above $3 billion with a 12‑month price target near $26.50 per share. BitGo also holds 2,369 BTC on its balance sheet; a 33% swing in BTC was calculated to move market cap by about $72 million, or roughly $0.62 per share in the model cited.
Market commentators pointed to tokenization and institutional adoption as structural drivers; tokenized real‑world assets had been cited as growing 270% year‑over‑year in the analysis, and potential SEC rulemaking or legislative moves such as the CLARITY Act were mentioned as factors that could alter demand and regulatory clarity.
Compared with public crypto intermediaries that rely more heavily on trading volumes, BitGo’s service‑based revenue split—cited at about 80% sticky services versus roughly 40% at Coinbase in the same comparison—was offered as the primary rationale for a premium multiple.
Investors are now turning their attention to BitGo’s full‑year 2026 revenue run‑rate and the trajectory of regulatory rulemaking, including any progress on the CLARITY Act and SEC guidance; those developments, together with Bitcoin price movements, are likely to shape liquidity, multiple expansion and institutional demand over the next 12 months.
