BitGo, a U.S. virtual asset (cryptocurrency) trustee company, will launch its first initial public offering (IPO) in 2026 on the New York Stock Exchange.
BitGo, known as a key partner in the DeFi project led by the family of U.S. President Donald Trump, plans to raise up to $201 million (about 280 billion won) through the listing.
According to the Securities Report (S-1) filed with the U.S. Securities and Exchange Commission (SEC) on the 12th (local time), BitGo will offer a total of 11.8 million shares in the IPO.
The desired offering price range (band) was offered at $15 to $17 per share.
The company issues 11 million new shares and existing shareholders release about 820,000 old shares.
If the public offering price is confirmed at $17 which is the highest in the desired range, BitGo’s market capitalization is expected to reach about $1.96 billion (about 2.74 trillion won).
This is more than $1.75 billion in corporate value, which was evaluated when the investment was attracted in 2023. BitGo will confirm the public offering price on the 21st and enter the New York Stock Exchange (NYSE) under the ticker name “BTGO.”
Markets are paying attention to the indirect link between BitGo and the Trump administration.
BitGo is a trustee and infrastructure provider of “USD1,” a stablecoin of “World Liberty Financial” co-founded by President Trump’s eldest son Donald Trump Jr. and his second son Eric Trump.
In line with the Trump administration’s stance of advocating a pro-(親) virtual asset policy, analysts say that BitGo could benefit from deregulation.
BitGo’s financial health has also improved more than before.
According to the report, BitGo recorded a cumulative net income attributable to controlling shareholders of $8.1 million in the third quarter of last year, up about 59% from the same period last year ($5.1 million).
As of the end of September last year, the amount of virtual asset trust (AUC) stored by the BitGo platform amounted to about $104 billion (about 145 trillion won), supporting more than 1,550 different digital assets.
The listing comes at a time when the virtual asset market has entered an adjustment phase, with bitcoin prices recently falling 6.5% compared to the beginning of the year and then going sideways near $90,000.
Last year, the Winklevoss brothers’ Gemini and stablecoin powerhouse Circle were listed one after another, causing an IPO boom, but the stock price is currently down from its peak.
Wall Street is paying attention to whether BitGo will reverse this market mood and succeed in its first trillion-dollar IPO in 2026.
Meanwhile, BitGo CEO Mike Velshi is expected to maintain stable management rights by holding all Class B shares even after listing, exercising about 56% of voting rights.
Goldman Sachs and Citigroup were the organizers of the listing.
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