BitGo Eyes $2 Billion Valuation in Planned U.S. IPO

BitGo’s IPO highlights investor preference for regulated crypto firms despite weak token prices and uneven IPO performance.

Crypto custody firm BitGo has set its sights on the public markets, aiming to benefit from renewed interest in digital asset companies. In a recent disclosure, the California-based firm outlined plans for a U.S. initial public offering that could value the business at close to $2 billion. Interestingly, the move comes as more crypto companies test investor appetite after a volatile period for both digital assets and tech stocks.

BitGo Sets IPO Terms, Plans to Trade on NYSE Under “BTGO”

BitGo said on Monday it is targeting a valuation of up to $1.96 billion. Alongside some existing shareholders, the company plans to raise up to $201 million. About 11.8 million shares will be sold for $17 and $15, respectively. 

The firm is expected to list on the New York Stock Exchange under the ticker “BTGO”. Meanwhile, Goldman Sachs and Citigroup are acting as lead underwriters.

Demand for crypto-focused custody services is on the rise. As such, traditional banks and corporate competitors are increasingly entering the digital asset space. In light of this, IPO activity across the U.S. is expected to build on last year’s momentum. 

However, recent market trends have triggered caution towards crypto-linked listings. These conditions include tariff-driven swings, a lengthy government shutdown, and a selloff in AI-related stocks.

Mixed Market Response Greets Wave of Crypto Firms Eyeing Public Listings

Several digital asset firms have either gone public or signaled intentions to issue shares. Crypto exchange Kraken is among those preparing an IPO. Kraken aims to replicate the strong market debuts of firms like Circle Internet Group and crypto exchange Bullish. 

But despite their solid public launches, many of these stocks have experienced major pullbacks. Notably, this comes as crypto prices cooled and even tech valuations came under pressure.

Market performance across recent crypto IPOs shows a mixed picture:

• Gemini Space Station Inc. shares rose 14% on debut after a $446 million IPO but later fell below the offer price.
• Circle gained sharply following its $1.2 billion IPO in June, though the stock has retreated since.
• Bullish also jumped after its $1.1 billion August listing before giving up part of those gains.
• Bitcoin prices dropped about 6.5% in 2025, weighing on sentiment across the sector.

Recent pressure on AI and tech stocks has increased focus on balance sheets and regulation. According to IPOX research analyst Lukas Muehlbauer, this shift favors companies with clearer oversight. 

He described BitGo as a more defensive option within crypto, given its custody role and regulated profile. Muehlbauer added that early 2026 market conditions, including stronger performance among small and mid-cap indexes, may offer a favorable window for mid-sized offerings.

BitGo Posts Strong Revenue Growth Ahead of Planned U.S. IPO

BitGo is headquartered in Palo Alto, California, and is one of the largest crypto custody providers in the US. The firm acts as custodian and infrastructure provider for USD1, a stablecoin linked to World Liberty Financial Inc., a project associated with U.S. President Donald Trump. 

BitGo reported net income attributable to shareholders of $8.1 million on revenue of $10 billion for the first nine months of 2025. A year earlier, net income stood at $5.1 million on $1.9 billion in revenue. As per the filing, the platform held about $104 billion in assets and supports over 1,550 digital assets.

Michael Novogratz-led Galaxy Digital agreed to acquire BitGo for $1.2 billion in 2021. Unfortunately, the deal fell through. CEO Mike Belshe is expected to retain majority voting control after the IPO. However, his stake will decline as new shares are issued.