Crypto custody firm BitGo announced on Monday that it aims for a valuation of up to $1.96 billion in its upcoming initial public offering (IPO) in the United States, amid major interest by these firms to trade in public markets.
As reported by Reuters, the crypto company plans to raise as much as $201 million by offering 11.8 million shares, with prices expected to range from $15 to $17 per share.
Investing Climate Remains Shaky
Established in 2013, BitGo has emerged as one of the largest crypto custody firms in the United States, specializing in the secure storage and protection of digital assets. This role has become increasingly important amid rising institutional interest in cryptocurrencies.
Following a strong showing for other major crypto firms in 2025, including successful market debuts from stablecoin issuer Circle (CRCL) and cryptocurrency exchange Bullish (BLSH), BitGo is entering a competitive landscape. Crypto exchange Kraken is also looking to go public.
However, recent market volatility, particularly the sharp selloff in October of last year, whipping out nearly $20 billion in long positions, has created challenges for companies looking to attract investors. Additionally, ongoing pressure on technology and artificial intelligence (AI) valuations has heightened scrutiny across risk assets.
According to Lukas Muehlbauer, an IPOX research analyst, this shift has led to a “flight to quality,” favoring established and regulated companies like BitGo over more speculative ventures.
BitGo Targets IPO Success
Despite the challenges, BitGo aims to leverage positive market momentum in early 2026, when outperformance by small and mid-cap indices could provide a favorable environment for mid-sized offerings.
The firm has enlisted Goldman Sachs as the lead book-running manager for the IPO, with Citigroup also serving as a book-running manager. Other financial institutions in the offering include Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Keefe, Bruyette & Woods, Canaccord Genuity, and Cantor.
Clear Street, Compass Point, Craig-Hallum, Rosenblatt, Wedbush Securities, and SoFi will act as co-managers. BitGo plans to list its shares on the New York Stock Exchange under the ticker symbol “BTGO.”
Notably, the company is one of five crypto firms, alongside Ripple, Circle, Fidelity Digital Assets, and Paxos Trust Company, to receive national trust charter applications approved by the US Office of the Comptroller of the Currency (OCC) in December of last year.
This national trust bank charter would empower BitGo to manage and hold assets for its customers, enabling faster payment settlements—a move that could bolster the firm’s competitive edge in the evolving landscape of cryptocurrency and digital finance.
Featured image from DALL-E, chart from TradingView.com
