After years of hesitation, crypto firms are once again testing Wall Street’s appetite, and BitGo wants to be first in line.
Crypto custody startup BitGo said on Monday it is targeting a valuation of up to $1.96 billion in its upcoming U.S. initial public offering, signaling renewed confidence in public markets even as the digital asset sector remains volatile.
The Palo Alto, California–based company, along with some existing shareholders, is seeking to raise as much as $201 million by offering 11.8 million shares priced between $15 and $17 each, according to its IPO filing. BitGo plans to list on the New York Stock Exchange under the symbol “BTGO.”
Goldman Sachs and Citigroup are serving as the lead underwriters for the offering.
A Test Case for Crypto IPO Demand
BitGo’s listing comes at a critical moment for both the crypto industry and the U.S. IPO market.
After nearly three years of sluggish deal activity, the U.S. IPO market staged a comeback in 2025, buoyed by easing financial conditions and renewed risk appetite. However, that recovery has been uneven. Tariff-driven market volatility, a prolonged U.S. government shutdown, and a late-year selloff in artificial intelligence stocks tempered expectations of a full-blown IPO boom, according to market analysts.
Still, bankers and investors expect momentum to carry into 2026, with a growing pipeline of crypto and fintech firms preparing to go public. Among them are UK-based neobank Revolut, crypto exchange Kraken, and Japan’s payments app PayPay, all of which have signaled IPO intentions.
Crypto Firms Re-Enter Public Markets — Cautiously
BitGo joins a small but growing group of crypto companies attempting to navigate public listings after a turbulent few years for digital assets.
In November, Kraken, one of the world’s largest cryptocurrency exchanges, confidentially filed for a U.S. IPO, according to people familiar with the matter. Last year, several crypto firms successfully debuted on public markets, including stablecoin issuer Circle and crypto exchange Bullish, both of which delivered strong first-day performances.
That said, the path forward is far from smooth. The digital asset sector has been under renewed pressure following a sharp crypto selloff in October, which wiped out billions in market value and raised investor scrutiny across the industry. Analysts say that the environment has raised the bar for crypto firms seeking public-market support, making business fundamentals and revenue stability more important than ever.
Why BitGo Matters in the Crypto Ecosystem
Founded in 2013, BitGo is one of the largest crypto custody firms in the United States, providing secure storage and protection of digital assets for institutional clients. Unlike crypto exchanges that depend heavily on trading volumes, custody firms generate revenue by safeguarding assets — a business model many investors view as more stable.
BitGo’s role has grown in importance as institutional interest in cryptocurrencies has expanded, particularly following the approval of spot bitcoin exchange-traded funds in the U.S. and increased participation from hedge funds, asset managers, and corporations. Industry observers often describe custody as a foundational layer of the crypto financial system, similar to clearing banks in traditional finance.
A Signal for What Comes Next
BitGo’s IPO is being closely watched as a bellwether for the next phase of crypto listings. A strong debut could encourage other digital-asset firms to accelerate their own plans, while a weak reception may reinforce investor caution amid lingering volatility.
For now, BitGo is betting that investors are once again willing to back crypto infrastructure, not just speculative tokens, as the industry seeks legitimacy on Wall Street.
