Crypto custody firm BitGo has announced plans to go public in the United States, targeting a valuation of up to $1.96 billion as it seeks to capitalize on renewed investor appetite for digital asset companies.
MARKET INSIDER – The Palo Alto–based company said it aims to raise as much as $201 million by offering 11.8 million shares at a price range of $15 to $17 per share. The offering will include both newly issued shares and stock sold by existing shareholders.
Riding the Reopening of the IPO Market
BitGo’s move comes as the U.S. IPO market continues its gradual recovery after nearly three years of subdued activity. While listings picked up momentum in 2025, volatility linked to tariffs, a prolonged U.S. government shutdown, and a late-year pullback in artificial intelligence stocks dampened expectations of a full rebound.
Market participants nevertheless expect IPO conditions to improve further in 2026, with several high-profile fintech and crypto firms preparing to test public markets. Potential listings include U.K.-based digital bank Revolut, crypto exchange Kraken, and Japan’s payments platform PayPay.
Kraken confidentially filed for a U.S. IPO in November, while other crypto firms such as Circle and Bullish completed strong market debuts last year.
Industry Headwinds Remain
Despite renewed interest, the digital asset sector continues to face challenges. A sharp crypto selloff in October has made investors more selective, raising the bar for companies seeking public market backing. This backdrop underscores the importance of scale, regulatory positioning, and institutional relevance for crypto firms pursuing listings.
Founded in 2013, BitGo has positioned itself as a critical piece of crypto market infrastructure, providing secure custody and protection of digital assets. Demand for such services has grown as institutional investors increase their exposure to cryptocurrencies and require regulated, enterprise-grade storage solutions.
Deal Structure and Listing
The IPO is being led by Goldman Sachs and Citigroup as joint lead underwriters. BitGo plans to list its shares on the New York Stock Exchange under the ticker symbol BTGO.
BitGo’s planned IPO signals continued institutionalization of the crypto industry. While market conditions remain uneven, a successful listing could reinforce the role of crypto custody providers as essential infrastructure in the next phase of digital asset adoption.
