The price of Bitcoin remains incredibly volatile.But don’t tell that to BitGo, a digital wallet and custody firm getting ready to launch its initial public offering during the week of Jan. 19, and to other crypto-related companieslooking to go public this year.
BitGo’s IPO follows the successful debuts of stablecoin leader Circle Internet Group, crypto asset manager Galaxy Digital, and trading and crypto information company Bullish in 2025.
BitGo said in a filing with the Securities and Exchange Commission on Monday that it planned to raise nearly $190 million through the sale of more than 11.8 million shares at a price range of $15 to $17 in its initial public offering. The company plans to trade on the New York Stock Exchange under the ticker symbol of BTGO.
The company could boost both the size and price of the IPO before it begins trading. But at the midpoint of its current price range, BitGo would be valued at around $2 billion—enough to be considered a small unicorn, the term for private companies worth at least $1 billion.
BitGo generates revenue from digital asset trading, staking (rewards earned from validating crypto transactions on a blockchain), and other service fees. The company is profitable, reporting net income of $156.6 million in 2024. BitGo posted a net profit of $35.3 million in the first nine months of 2025 as well.
The company is looking to diversify its business a bit, too. BitGo said in December that it received conditional approval from the Office of the Comptroller of the Currency (OCC) to convert its BitGo Trust Company unit to a nationally chartered bank. Circle, Ripple, and a few other leading crypto firms also got a similar regulatory green light from the OCC.
BitGo also announced on Tuesday that it was expanding its institutional derivatives trading program, a move to further diversify its revenue stream. “As institutional participation in digital asset markets continues to mature, clients are increasingly seeking the ability to execute more sophisticated strategies,” said Mike Belshe, co-founder and CEO of BitGo.
The intense volatility in the prices of Bitcoin, Ethereum, Solana, XRP, and other cryptocurrencies could weigh on results going forward, making it difficult for analysts and investors to accurately come up with reliable projections for revenue and earnings, let alone a reasonable valuation multiple for the stock.
To that end, BitGo said in its most recent SEC filing that “a hypothetical 50% increase or decrease in Bitcoin’s fair value would have impacted our net income for the nine months ended September 30, 2025 by approximately $135.1 million.”
For the sake of argument, a valuation of $2 billion for BitGo would imply that the stock was trading at about 12.8 times its full-year profits for 2024. That doesn’t seem too unreasonable, considering that Circle now has a market valuation of more than $20 billion and a similar level of profitability in 2024. (Circle posted net income of $156 million that year.)
Josef Schuster, founder of IPOX Schuster, a research firm that has created an IPO index that is used to construct the First Trust US Equity Opportunities exchange-traded fund, told Barron’s that BitGo’s ability to make money is a good sign. He conceded that the big drops from the IPO prices for some companies that went public in the second half of 2025 are a sign that there won’t be “indiscriminate demand for the stock.”
Several buzzy IPOs have recently fizzled, including online ticket reseller StubHub, digital assets firm Gemini Space Station (the crypto company run by the Winklevoss brothers of early Facebook fame),robo-advisor investingfirmWealthfront, and data center infrastructure companyFermi.
No matter how BitGo fares on its first day of trading, it seems safe to say that the company will be kicking off another busy year for IPOs. Construction equipment rental company EquipmentShare.com is also set to start trading on Wall Street the week of Jan. 19. It is looking to raise $747 million from the sale of 30.5 million shares at a range of $23.50 to $25.50. At the proposed midpoint, EquipmentShare.com would be worth $6.7 billion.
BitGo and EquipmentShare.com are likely to be the first of many unicorn IPOs this year. Wall Street is preparing for the possibility that giant private companies such as SpaceX, OpenAI, Anthropic, Databricks, and Discord could all go public in 2026.
