Cryptocurrency custody giant BitGo goes public on the US stock market, with IPO opening imminent

ForkMonger · 2026-01-22T10:24:11+00:00

BitGo will go public on the US stock market tonight, with the stock ticker BTGO, an offering price of $18 per share, and a market capitalization of approximately $2.1 billion. In the first nine months of 2025, BitGo's revenue was about $10 billion, with a net profit of $35.3 million, and its digital asset management scale reached $104 billion, maintaining a solid market position.

ForkMonger

2026-01-22 10:24:11

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[BlockBeats] A major event has occurred in the digital asset custody sector. One of the largest crypto custody companies in the US, BitGo, will officially go public on the US stock market tonight, with the stock ticker BTGO. This is also the first crypto-related IPO project in the US market in 2026.

Regarding the pricing of this issuance, BitGo set the IPO offering price at $18 per share, higher than the previously expected range of $15 to $17. At this price, BitGo’s market capitalization after listing will reach approximately $2.1 billion.

Let’s take a look at the company’s actual performance. According to the prospectus data, BitGo’s revenue for the first nine months of 2025 was about $10 billion, a remarkable increase compared to $1.9 billion in the same period last year. In terms of net profit, the company earned approximately $35.3 million, with a net profit attributable to shareholders of $8.1 million, also showing significant growth from $5.1 million in the same period last year.

In terms of custody business scale, as of the end of September 2025, the digital assets managed by the BitGo platform reached $104 billion, supporting the storage and protection of over 1,550 digital assets. The company expects full-year 2025 revenue to be between $16.02 billion and $16.09 billion.

Founded in 2013, BitGo has gradually established its market position over more than a decade by providing secure digital asset custody services to institutional investors and large funds. As institutional capital’s interest in crypto assets continues to rise, the value of such custody services is becoming increasingly core. This IPO is underwritten by two leading investment banks.

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WhaleInTraining

· 9h ago

BitGo finally went public, but a market cap of $2.1 billion still feels a bit undervalued. --- With $10 billion in revenue, how did they only make $35 million in net profit? That profit margin is really tight. --- Did it break below the IPO price at $18? Let's see how it performs tonight. --- Finally, there is a publicly listed company in the custody sector. Is it next for Coinbase and others to step up? --- Growth is soaring, but profits are dragging down the business. This business model is a bit painful. --- Major institutions are all vying for this first crypto IPO, retail investors should wait and see. --- A fivefold increase is definitely tough, but why are they still losing money and hyping it up? --- Wait, with $10 billion in revenue and only a $2.1 billion market cap at listing, is this valuation being hammered too hard? --- Crypto custody is finally being recognized by Wall Street. It feels like the industry has reached a turning point. --- With such a low profit margin, they still dare to set the price at $18. Is BitGo overestimating itself?

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StealthDeployer

· 9h ago

BitGo looks pretty good this time, with such a strong revenue growth... But does a $2.1 billion market cap feel a bit undervalued? Wait, is the custody sector really this hot now? Will it spike directly if it opens at $18? Feeling a bit of FOMO here. Honestly, with a revenue of over 10 billion but only a few million in profit, that profit margin is a bit disappointing. The first crypto IPO? Alright, looks like another show of cutting leeks. Custody is indeed a real demand, but the valuation still depends on whether trading volume can keep up.

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MetaverseVagabond

· 9h ago

Oh no, has BitGo finally gone public? I've been waiting for this moment... A valuation of 2.1 billion feels a bit low. A revenue of 10 billion is indeed impressive, but why is the net profit margin so low? Wait, is this data real? It feels a bit unbelievable. The IPO price breaking through the expected range—signal of institutional investors rushing in? The custody sector finally has a formal player entering the US stock market. It feels like the crypto spring is coming soon.

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CounterIndicator

· 9h ago

Oh wow, these numbers are a bit outrageous, 10 billion versus 1.9 billion? Are you sure you didn't make a mistake with the decimal point? Finally, a top-tier player has gone public in the custody track. BitGo's valuation this time is still quite conservative. Wait, net profit is only 35 million? Revenue is 10 billion, yet the profit margin is so low? 🤔 BitGo going public is a bellwether; let's see how the ecosystem follows up. Really daring to set the price at $18, does this mean they want to eat into the expected range? With such a large market cap and still little profit margin, we need to think about whether this business can outperform the market. Let's wait until the market opens; the first-day dance is about to begin.

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MissingSats

· 9h ago

Hmm... 10 billion in revenue but only a 2.1 billion market cap? That gap is really outrageous. A 2.1 billion market cap lock-up period is over, and it might be a big plunge, feels a bit risky. BitGo has finally gone public, and the custody sector is starting to get competitive. Honestly, the profit margin is a bit low, doesn't seem worth $18. This IPO price is again higher than expected, is anyone going to take over? Is the first-day IPO stable? I don't quite understand. How does 10 billion in revenue translate to 35 million in profit... gross margin is really impressive. Wait... is there something wrong with these numbers? Feels a bit off. Listing at the peak? BitGo's move will depend on what happens next.

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DegenWhisperer

· 9h ago

Hey wait, a valuation of only 2.1 billion with 10 billion in revenue? That number doesn't add up. BitGo's IPO was a bit conservative, right? Feels undervalued. At $18, it's okay, just see how it performs later. Finally, a legitimate player in crypto custody has gone public, which is quite significant. Honestly, a profit of just over 30 million is a bit disappointing. Although revenue is soaring, efficiency is really average. IPO pricing exceeded expectations? Or are institutions protecting the market? Not quite sure. This wave of crypto bull market has made custody companies quite popular. BitGo just needs to go for it.

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