By WallStreet Queen Official
January 12, 2026
Queens and kings, the crypto institutional wave just got stronger! BitGo, one of the most trusted names in digital asset custody, just updated its SEC filing and is gunning to raise up to $201 million in its long-awaited IPO, targeting a $1.85 billion valuation. This is huge – a profitable, regulated crypto custodian stepping onto the public markets amid a flurry of crypto listings. At WallStreet Queen Official, we’re breaking down why this matters, what the numbers say, and how it signals bigger things for the sector. Let’s crown this milestone! 👑
The IPO Details: What BitGo Is Offering
- Shares on the table: 11 million new shares + 821,595 insider shares.
- Price range: $15–$17 per share.
- Expected proceeds: ~$156.4 million net to the company (at midpoint).
- Valuation: ~$1.85B (midpoint of range).
This comes after BitGo first filed confidentially in September 2025. The timing aligns with other crypto firms hitting public markets: Bullish (CoinDesk’s parent), Circle (USDC issuer), Gemini, and Figure. BitGo is positioning itself as the regulated, profitable custody play for institutions.
The Numbers That Impress: Explosive Growth & Profitability
BitGo isn’t just surviving – it’s thriving:
- Revenue explosion: Nearly $10 billion in the first 9 months of 2025 (vs. $1.9B same period 2024) – driven by high-volume trading, settlement services, and custody demand.
- Net income: $35.3 million in the first 9 months of 2025 (up from $21.2M YoY).
- Core business: Self-custody wallets, regulated trust services, prime brokerage, staking, and more.
CEO Mike Belshe and team have turned BitGo into a cash-flow machine while staying fully compliant – a rare combo in crypto.
Regulatory Edge: National Trust Bank Approval
The real game-changer? BitGo recently received conditional approval to operate as a national trust bank from U.S. regulators. This could position them to issue stablecoins under the new federal GENIUS Act framework – turning BitGo into a potential major player in the stablecoin space alongside Circle, Paxos, and others.
WallStreet Queen’s Take: Why This Is Bullish for Crypto
- Institutional validation: A profitable crypto-native firm going public at a premium valuation shows maturity in the sector.
- Custody demand soaring: With ETFs, tokenized assets, and institutional adoption accelerating, secure custody is the backbone – BitGo is front and center.
- Stablecoin tailwind: National trust bank status + GENIUS Act could open doors to massive new revenue streams.
- Ripple effect: More crypto IPOs = more liquidity, more legitimacy, more mainstream capital flowing in.
Risks? Market volatility, regulatory delays, and competition from Coinbase Custody, Fireblocks, and others. But BitGo’s profitability and regulatory moat make it a standout.
Throne Room Takeaway
BitGo’s $1.85B IPO push is more than a listing – it’s proof that regulated, profitable crypto infrastructure companies are ready for prime time. Queens, this is the kind of news that sets the stage for 2026 to be even bigger than 2025.
Watch for pricing details, lock-up periods, and post-IPO performance. Who’s adding BitGo to the watchlist? Drop your thoughts below!
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