Crypto custody specialist BitGo is stepping into the public markets, aiming to capitalize on a renewed—though cautious—interest in digital asset companies. The Palo Alto–based firm said Monday it is targeting a valuation of up to $1.96 billion in its upcoming U.S. initial public offering, positioning itself as one of the latest crypto-native firms to test investor sentiment.
IPO Details: Size, Pricing, and Structure
BitGo and certain existing shareholders plan to raise as much as $201 million by offering 11.8 million shares priced between $15 and $17 each. If successful, the listing would mark a notable milestone for the crypto custody space, which has grown increasingly central to institutional adoption of digital assets.
The company intends to list on the New York Stock Exchange under the ticker “BTGO.” Goldman Sachs and Citigroup are serving as lead underwriters for the offering.
A Rebounding—but Fragile—IPO Market
The move comes as the U.S. IPO market regains momentum, following nearly three years of subdued activity. While 2025 saw a pickup in new listings, hopes for a full-scale rebound were tempered by tariff-driven market volatility, a prolonged government shutdown, and a late-year selloff in AI stocks.
Looking ahead, analysts expect the IPO recovery to continue into 2026, with several high-profile crypto and fintech firms preparing to go public. Companies reportedly lining up include UK-based neobank Revolut, crypto exchange Kraken, and Japan’s payments app PayPay.
Crypto Firms Return to Wall Street
BitGo’s filing follows a wave of crypto-related listings and filings over the past year. Kraken confidentially submitted paperwork for a U.S. IPO in November, while other industry players such as Circle and Bullish made high-profile market debuts in 2025.
Still, the sector faces headwinds. A sharp crypto selloff in October has added pressure on valuations and raised the bar for companies seeking public-market backing. Investors are now demanding clearer paths to profitability, regulatory resilience, and durable business models.
Why BitGo Matters
Founded in 2013, BitGo has become one of the largest crypto custody providers in the United States, offering secure storage and asset protection services for institutional and corporate clients. As more traditional financial institutions and funds enter the crypto space, custody has emerged as critical infrastructure—often viewed as a safer, more stable segment of the digital asset ecosystem.
By pursuing a public listing, BitGo is not only seeking capital but also validation that institutional-grade crypto services can command mainstream investor confidence.
What This Signals for 2026
BitGo’s IPO attempt underscores a broader trend: despite ongoing volatility in digital assets, crypto firms are once again knocking on Wall Street’s door. If successful, the offering could pave the way for more listings and help define how public markets value crypto infrastructure companies in the next phase of industry growth.
For now, all eyes are on investor demand—and whether BitGo can strike the right balance between ambition and realism in a still-evolving market.