The Latest Crypto Company Heading to Wall Street

BitGo Holdings is making its move. The cryptocurrency custodian filed paperwork Monday revealing plans to list on the NYSE with a valuation just shy of $2 billion, becoming the latest digital asset company to pursue traditional public markets.

Here's how the numbers break down: BitGo and its existing shareholders are offering approximately 11.8 million Class A shares priced between $15 and $17 each. The underwriters also get the standard 30-day option to snap up an additional 1.77 million shares if demand runs hot.

Once the dust settles, BitGo will have 115.6 million shares outstanding, which includes 8.9 million shares of Class B common stock. At the top end of the pricing range ($17 per share), that puts the company's valuation at $1.96 billion. The stock will trade under the ticker symbol "BTGO," with Goldman Sachs Group Inc. (GS) serving as lead underwriter.

What BitGo Actually Does

For those unfamiliar, BitGo isn't an exchange where you trade crypto. Think of it more as a vault. The California-headquartered company provides regulated custody for digital assets like Bitcoin, and it claims to safeguard over $100 billion in assets under custody. That's a lot of metaphorical keys to keep track of.

BitGo is particularly known for its multi-signature wallet technology, which requires multiple approvals before assets can be moved. The company also offers recovery solutions for clients who've done the unthinkable and lost access to their private keys or backup passcodes.

The company has some history worth noting. Galaxy Digital Inc. (GLXY) tried to acquire BitGo back in 2021 but ultimately backed out, sparking legal disputes between the two parties.

Following Circle and Bullish Into Public Markets

BitGo isn't exactly breaking new ground here. A wave of cryptocurrency companies went public last year, including stablecoin issuer Circle Internet Group Inc. (CRCL) and cryptocurrency exchange Bullish (BLSH). The more favorable regulatory environment under the Trump administration certainly helped grease the wheels.

But it hasn't all been smooth sailing. Broader market turbulence in the last quarter of 2025 hit these stocks hard. Circle is down 22.51% since its debut, while Bullish has plummeted 44.38%. So while the regulatory climate may have warmed up, investor enthusiasm has clearly cooled.

BitGo's timing will be interesting to watch. Will it catch a better market window, or is it walking into the same headwinds that battered its predecessors?