Digital asset custody firm BitGo Holdings has surpassed Wall Street expectations by completing a successful crypto IPO.
The company priced shares at $18 each earlier this week—well above its initial $15-17 target range—raising approximately $212.8 million and pushing its market valuation beyond $2 billion.
BitGo’s blockbuster debut signals a fundamental shift in how traditional finance views digital asset infrastructure, with Goldman Sachs and Citigroup leading the underwriting syndicate.
Growth numbers
It’s all go for BitGo as its assets under custody went from $30.8 billion in 2024 to over $104 billion by September 2025.
Revenue performance tells an equally compelling story. First-half 2025 revenue reached nearly $4.2 billion, marking a 275% year-over-year increase from $1.12 billion in the same 2024 period. However, scaling came at a cost—net profit dropped 59% to $12.6 million as BitGo invested heavily in regulatory compliance, new staff, and operational framework.
For the full nine months of 2025, revenue climbed to nearly $10 billion compared to $1.9 billion in the same 2024 period. The company now safeguards digital assets for over 4,600 clients, including Wall Street heavyweights like Galaxy Digital and Pantera Capital.
Supporting over 1,400 crypto assets from Bitcoin to emerging tokens, BitGo has an estimated 20-30% market share in the custody space—dominance that positioned it perfectly for this IPO moment.
IPO insights
BitGo’s successful debut represents more than financial success—it signals institutional crypto custody solutions have officially arrived on Wall Street. The company holds the coveted OCC national trust bank license, making it one of the few crypto custodians with federal banking status. Additional regulatory approvals include New York NYDFS qualified custody license and EU BaFin MiCAR authorization.
This regulatory fortress sets BitGo apart from trading-driven crypto platforms that crashed and burned during previous market cycles. Revenue stems from custody services, transaction fees, and institutional infrastructure rather than speculative trading—a business model that appeals to investors seeking crypto exposure without the wild volatility.
The backing from Wall Street’s most prestigious investment banks represents a good moment for crypto legitimacy. Goldman Sachs doesn’t lead IPOs for companies they consider risky side bets—this endorsement signals mainstream finance recognizes digital asset services as essential financial plumbing.
The timing is also good. Bitcoin breached $120,000 six months ago, and the overall crypto market reached a $4-trillion valuation. Institutional adoption continues accelerating, with major players like BlackRock and Fidelity integrating cryptocurrencies through ETFs and custody solutions.
The bigger crypto ecosystem
BitGo’s IPO success arrives amid a broader crypto services renaissance that’s reshaping public markets. Circle’s public debut in June 2025 raised $1.05 billion at $31 per share, though shares experienced volatility—initially doubling before retreating nearly 70% from peaks.
Several major firms including Consensys, Animoca Brands, and Ledger are planning 2026 IPOs, suggesting this IPO wave is just beginning. BitGo’s custody focus could provide more stability compared to platforms dependent on trading volumes and token speculation.
The macro environment supports continued institutional adoption. Crypto VC funding surged to $19.7 billion in 2025, with predictions for 2026 including record M&A activity and tokenization of real-world assets.
The US Senate Banking Committee abruptly canceled its scheduled vote on groundbreaking crypto legislation after Coinbase CEO Brian Armstrong publicly withdrew support.
