BitGo Holdings Inc., a startup that stores digital assets on behalf of other organizations, today filed for an initial public offering.

The company and several of its investors plan to sell 11.8 million shares for $15 to $17 apiece. At the top end of the range, the offering would fetch $201 million and value BitGo at $1.96 billion.

Maintaining the crypto wallet a company uses to manage its digital assets can involve a significant amount of work. Organizations have to implement cybersecurity controls, ensure that the wallet complies with financial regulations and take out insurance against cyberattacks. Palo Alto, California-based BitGo offers a custodial wallet service that automates those tasks.

The company uses two encryption keys to process transactions. The first, which the company keeps on offline storage infrastructure that can’t be accessed via the internet, is used to initiate transactions. The second key is used to verify those requests. BitGo stores the second key in a hardware security module, a tamper-proof storage system optimized to hold sensitive data.

When a company wishes to access the funds in its custodial wallet, an employee must file a request with BitGo and pass a series of cybersecurity checks. For added measure, organizations can limit which employee can carry out what transaction and how. It’s also possible to specify other restrictions, such as a policy that only permits funds to be transferred to pre-approved accounts.

Organizations that wish to manage their own keys can create so-called self-custodial wallets via an application programming interface. Stablecoin issuers, meanwhile, can use BitGo to manage the fiat reserves that back their digital assets. The company invests fiat reserves to generate interest and regularly verifies that all the funds are accounted for.

BitGo enables customers to make trades using the digital assets in their wallets, borrow against them and issue loans. It also supports staking, which will be a major focus of its growth efforts after the public offering.

Blockchains rely on systems called validator nodes to authenticate transactions. The operator of a validator node must verify its trustworthiness by locking up, or staking, a significant amount of cryptocurrency. In exchange, it’s awarded additional cryptocurrency. BitGo’s platform enables customers to make their assets available for staking and receive the associated rewards.

The company currently relies mainly on third-party validator nodes to perform staking. After going public, BitGo will increase its use of internally operator validator nodes, which it says will allow it to “capture more of the economics of the staking value chain.” The company also plans to add support for more cryptocurrencies and grow its international presence.

BitGo disclosed in the paperwork for the offering that it generated $4.18 billion in revenue during the first half of 2025, about $3 billion more than a year earlier. The company’s net income narrowed from $30.9 million to $12.58 million. BitGo says that it manages more than $90 billion in assets for more than 4,600 customers.

The company plans to go public on the ‌New York Stock Exchange under the symbol “BTGO.”

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