The cryptocurrency exchange platform BitGo Holdings Inc. raised $213 million late today from its initial public offering of stock, pricing shares at $18 apiece, above its previously anticipated range of $15 to $17.

Shares will debut Thursday morning on the New York Stock Exchange. At the offering price, the Palo Alto-based company’s valuation would top $2 billion.

BitGo’s existing shareholders are also selling 795,230 shares. In addition, the company granted the underwriters a 30-day option to purchase up to an additional 1,770,000 shares, which would be valued at $31.9 million. Shares will trade under the ticker symbol “BTGO.” Citigroup and Goldman Sachs are serving as the lead underwriters.

BitGo was last valued at $1.75 billion after raising $100 million in a Series C round of funding back in August 2023, so investors should see some upside from the IPO.

Founded in 2013, BitGo operates as a qualified custodian for institutional investors, securing cryptocurrencies for clients and providing liquidity for trading. The company reported $6.1 billion in revenue for the fiscal year ended June 30, 2025, with $90.3 billion in assets under management. It primarily makes money by facilitating digital asset trades for its customers.

It also provides other services, such as enabling users to borrow against their cryptocurrency holdings and issue loans. In addition, it supports what’s known as “staking,” where users can deposit cryptocurrency in a smart contract to validate blockchain transactions and earn a share of the transaction fees charged by the network.

Like many digital asset trading platforms, BitGo’s finances can seem a bit misleading, although there’s nothing inherently wrong about the way it reports its results. As explained by Alex Wilhelm on Substack, BitGo books the entire value of its users’ trades as revenue, while the assets purchased by users – and subsequently deposited in their wallets – are represented as cost of revenue.

That’s why, although BitGo says it generated $16.09 billion in revenue in calendar 2025, its actual sales minus the costs are far less substantial. For instance, the company generated digital assets sales revenue, minus costs, of just $34.7 million. Meanwhile, its staking revenue less staking fees came to just $40.5 million and its stablecoin-as-a-service revenue less “sponsor fees” was just $2.7 million.

As Wilhelm explains, these numbers help to explain why BitGo is only being valued at just under $2 billion, as opposed to much more that might be expected for a company with in excess of $16 billion in annual sales. Still, there are some encouraging signs of growth for investors, with subscriptions and services revenue rising 56% last year, to $120.7 million.

BitGo’s offering comes at a time when analysts are forecasting a recovery in the IPO market in 2026, especially in the financial technology sector. Additional listings slated for this year include the neobank Revolut Group Holdings Ltd. and the crypto exchange Kraken, officially known as Payward Inc.

There’s also speculation that there could potentially be big offerings from artificial intelligence leaders such as Anthropic PBC and OpenAI Group PBC as well as SpaceX.

Photo: Unsplash