Crypto custody firm BitGo is testing the waters of public markets with a long-awaited U.S. initial public offering, seeking a valuation of up to $1.96 billion as digital-asset listings slowly begin to reemerge.
The Palo Alto–based company said it plans to raise as much as $201 million by selling 11.8 million shares priced between $15 and $17 each, according to its IPO filing. The shares are expected to trade on the New York Stock Exchange under the ticker BTGO.
Both BitGo and certain existing shareholders are participating in the offering, which is being led by Goldman Sachs and Citigroup.
A key player in institutional crypto infrastructure
Founded in 2013, BitGo has become one of the largest crypto custody providers in the United States, securing digital assets for institutional clients including banks, asset managers, and corporate treasuries. Its role has grown more prominent as institutional exposure to cryptocurrencies has expanded and regulatory expectations around custody, compliance, and risk management have tightened.
As demand for secure, regulated infrastructure has increased, custody providers like BitGo have moved closer to the center of the digital-asset ecosystem — a shift that underpins the company’s push toward public markets.
IPO window cautiously reopening
BitGo’s listing attempt comes as IPO activity began to recover in 2025 following nearly three years of subdued issuance. That rebound has been uneven, however, as market volatility tied to tariff uncertainty, a brief government shutdown, and a late-year pullback in AI-related stocks kept investor appetite in check.
Despite those headwinds, market participants expect conditions for new listings to improve further in 2026, particularly for firms with established revenue models and institutional client bases.
Crypto and fintech firms line up
BitGo is part of a growing pipeline of crypto and fintech companies exploring public listings, alongside names such as Revolut, Kraken, and PayPay.
Still, sentiment around crypto equities remains fragile. A sharp market selloff in October 2025 served as a reminder of the sector’s volatility, underscoring the challenge digital-asset firms face as they attempt to attract long-term public investors.
For BitGo, the IPO represents both an opportunity and a test — not just of its own business, but of whether public markets are truly ready to embrace the next wave of crypto-native companies.
