BitGo Eyes $1.96B Valuation in Historic Crypto Custody IPO

BitGo announced plans for a U.S. initial public offering (IPO) targeting a valuation of up to $1.96 billion. The Palo Alto-based crypto custody startup aims to raise as much as $201 million through the offering.

The company and existing shareholders plan to offer 11.8 million shares priced between $15 and $17 each. BitGo becomes the first dedicated crypto custodian to pursue a U.S. stock exchange listing.

BitGo is seeking to raise up to $201 million in a U.S. IPO. It plans to offer 11.8 million shares at a price range of $15–$17, with both the company and existing shareholders participating. BitGo intends to list on the NYSE under the ticker BTGO, with Goldman Sachs and Citigroup…

— Wu Blockchain (@WuBlockchain) January 12, 2026

The filing arrives amid a broader wave of crypto companies pursuing public markets. Renewed regulatory clarity has boosted confidence among digital asset firms considering IPOs.

Meanwhile, the U.S. IPO market regained momentum in 2025 after nearly three years of sluggish activity. However, tariff-driven volatility and a prolonged government shutdown tempered expectations for a stronger rebound.

BitGo Files for IPO as Custody Business Surpasses $100 Billion

On July 21, 2025, BitGo submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission. The filing marked a significant milestone for the crypto industry’s push toward mainstream financial markets.

The digital asset custodian’s move highlights growing institutional confidence in cryptocurrency infrastructure providers. BitGo provides custody and security services for institutional cryptocurrency holdings across global markets.

The company has positioned itself as critical infrastructure for the maturing digital asset ecosystem. Its custody business now manages assets exceeding $100 billion for institutional clients worldwide.

BitGo’s IPO will test investor appetite for crypto infrastructure providers amid volatile market conditions. The custody firm’s valuation and share price will face scrutiny from institutional investors.

The digital asset industry faces headwinds after a steep crypto selloff in October. The market turbulence raised the bar for companies seeking investor support in public markets.

Analysts expect the IPO market to continue its recovery path in 2026. More crypto and fintech firms have signaled plans to go public in the coming months.

Crypto IPO Wave Gains Steam

Kraken, one of the world’s largest cryptocurrency exchanges, confidentially filed for a U.S. IPO in November. Several other crypto firms made their stock market debuts last year.

Stablecoin issuer Circle and crypto exchange Bullish both completed successful listings. These offerings set a positive tone for subsequent crypto companies considering public markets.

LATEST: 📊 US IPOs gained 13.9% in 2025, underperforming the S&P 500's 16%, as crypto debuts like Gemini fell 64.5% and Circle dropped nearly 70% from their peaks, according to Bloomberg. pic.twitter.com/9zA9qCDbg3

— CoinMarketCap (@CoinMarketCap) January 6, 2026

Circle Internet Financial continues pursuing its expected initial public offering filed in early April. The USDC issuer seeks a valuation of at least $5 billion despite acquisition interest from Coinbase and Ripple.

Gemini, founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June. The exchange’s move added momentum to the growing wave of crypto platforms pursuing public markets.

HashKey recently cleared a critical hearing in Hong Kong’s IPO process. The committee assessed eligibility, compliance standards, and disclosure practices before granting approval to proceed.

Following hearing clearance, HashKey will move to prospectus registration. Investor marketing, book-building, and pricing phases will follow before the final exchange listing.

UK-based neobank Revolut and Japan’s payments app PayPay rank among companies eyeing listings. The pipeline suggests sustained interest in crypto and fintech public offerings.

HashKey’s path to public markets will similarly test demand for growth-focused crypto platforms. The company’s financial performance will face comparison against newly listed peers globally.