Crypto custody startup BitGo has announced its intention to go public in the U.S. with a target valuation of up to $1.96 billion. The company, based in Palo Alto, California, aims to raise approximately $201 million by offering 11.8 million shares, which are expected to be priced between $15 and $17 each.
This move is part of a broader trend as the IPO market appears to be recovering, building on momentum that began in 2025. Despite facing economic challenges such as tariff-induced volatility, a lingering government shutdown, and a downturn in AI stock prices towards the end of the previous year, there remains a clear interest among investors in crypto-related firms. The success of recent public offerings, like those of stablecoin issuer Circle and crypto exchange Bullish, has also paved the way for more firms in the sector to consider going public, including notable players like crypto exchange Kraken.
However, the crypto sector is not without its challenges. A significant selloff in October raised concerns, making it more difficult for companies to garner investor support. The current market environment, marked by scrutiny over valuations in the AI and tech sectors, has resulted in a “flight to quality.” This trend emphasizes the appeal of regulated firms over more speculative crypto ventures. According to Lukas Muehlbauer, an IPOX research analyst, BitGo may be seen as a more defensive option within the crypto industry amid these conditions.
Founded in 2013, BitGo has established itself as one of the largest crypto custody firms in the United States, playing a critical role in securing and safeguarding digital assets for its clients. This function has gained increasing significance as institutional interest in cryptocurrency continues to rise.
The company’s public offering will be backed by Goldman Sachs and Citigroup as lead underwriters. BitGo plans to list its shares on the New York Stock Exchange under the ticker symbol “BTGO.”
