BitGo: The issuer's path of the National Trust Bank to public markets

Cryptographic platform BitGo has made significant progress on its path to becoming a financial services issuer. The company announced plans to raise up to $201 million during its debut on public markets, valuing it at approximately $1.85 billion. This move reflects BitGo’s strengthening position as an influential player in the digital asset ecosystem and its evolution from a traditional crypto custodian to a full-fledged banking issuer.

Details of the Ambitious Financing Plan

BitGo plans to sell 11 million shares at a price ranging from $15 to $17 per share, mid-range of the offering. Additionally, 821,595 shares are being offered by the company’s insiders. The total number of securities to be offered on the market exceeds 11.8 million shares, according to official documents filed with the U.S. Securities and Exchange Commission.

Beyond serving as a traditional crypto custodian, the Silicon Valley-based company provides a comprehensive suite of services, including self-custody wallets, regulated trust services, and leading brokerage services. This diverse portfolio positions BitGo as an issuer capable of meeting the needs of both institutional and individual investors.

Impressive Financial Results

In the first nine months of 2025, BitGo demonstrated remarkable growth. The company’s revenue surged to nearly $10 billion from $1.9 billion in the same period in 2024. This over 420% increase was primarily driven by high trading volumes and activity in digital asset payment services.

Amid this rapid revenue growth, the company also improved its profitability. Net profit increased to $35.3 million in the first half of 2025 from $21.2 million in the same period last year — an increase of about 67%. Based on the average share price, BitGo expects net income of $156.4 million.

Regulatory Milestone: A Key Point

The most significant achievement for BitGo was obtaining conditional approval from U.S. regulators to operate as a national trust bank. This status is strategically important for the company, as it opens the door to obtaining a license to issue stablecoins under the new federal GENIUS Act.

This regulatory recognition strengthens BitGo’s position as a full-service financial issuer and expands its business development opportunities. The national trust bank status provides the necessary regulatory framework for issuing its own stablecoins, which could become an additional revenue stream and broaden the platform’s investment opportunities.

BitGo Among the Crypto IPO Wave

BitGo’s debut on public markets occurs amid increased activity from other well-known crypto companies. Parent company CoinDesk Bullish, issuer of the popular stablecoin Circle Internet Financial, crypto exchange Gemini Space Station, and financial platform Figure have already conducted or are preparing for initial listings. Thus, BitGo joins a wave of companies transforming the digital asset ecosystem and establishing its legitimacy in traditional financial markets.

BitGo’s position as an issuer, supported by recent regulatory approval, sets it apart from competitors and enhances its competitive advantages during the IPO.

Corporate Structure and Disclosure Policy

CoinDesk, one of the most authoritative media resources in the cryptocurrency sphere, is part of the Bullish (NYSE:BLSH) structure — a global digital assets platform aimed at institutional investors. The company provides market infrastructure and informational services at the highest level.

Through this corporate structure, CoinDesk employees, including journalists, can receive compensation based on Bullish shares. Strict editorial policies and transparency in disclosure remain fundamental principles of the publication’s operations.