BitGo: Crypto firm eyes up to $1.96 billion valuation in IPO

Crypto custody startup BitGo said on Monday it was targeting a valuation of up to $1.96 billion in its U.S. initial public offering, seeking to tap into the investor appetite for crypto firms.

The Palo Alto, California-based firm and some of its existing shareholders are looking to raise as much as $201 million by offering 11.8 million shares priced between $15 and $17 each.

The U.S. IPO market regained momentum in 2025, after nearly three years of sluggish activity, but expectations of a stronger rebound were curbed by tariff-driven volatility, a prolonged government shutdown and a late-year selloff in AI stocks.

Analysts expect the IPO market to continue on its recovery path in 2026, with more crypto and fintech firms signaling plans to go public, including UK-based neobank Revolut, crypto exchange Kraken and Japan’s payments app PayPay.

In November, Kraken, one of the world’s largest cryptocurrency exchanges, confidentially filed for a U.S. IPO, while several other crypto firms, including stablecoin issuer Circle and crypto exchange Bullish, made their blowout stock market debuts last year.

However, the digital asset industry is experiencing turbulence after a steep crypto selloff in October, which has raised the bar for companies in the sector seeking investor support.

Founded in 2013, BitGo is one of the largest crypto custody firms in the United States. It stores and protects digital assets for clients, a role that has gained importance as institutional interest in crypto grows.

Goldman Sachs and Citigroup are the lead underwriters for the offering.

BitGo intends to list on the New York Stock Exchange under the symbol “BTGO”.