Crypto firm BitGo targets valuation of up to $1.96 billion in US IPO — details here

BitGo, a cryptocurrency custody startup, said on Monday that it aims for a valuation of up to $1.96 billion in its US initial public offering (IPO), as it looks to capitalise on growing investor appetite for crypto companies.

The listing comes at a time when demand for digital asset firms has picked up, driven by improving market sentiment and greater institutional participation in the sector amid improved regulatory clarity.

The Palo Alto, California-based company, along with some of its existing shareholders, has a target to raise as much as $201 million through the IPO by offering 11.8 million shares, Reuters reported.

The company's shares are expected to be priced in the range of $15 to $17 each, according to a regulatory filing.

More crypto firms to go public this year

The IPO market is expected to stay on its recovery track this year, extending the momentum that began in 2025, even as it navigates several headwinds. These include tariff-driven market volatility, the impact of a prolonged government shutdown, and a selloff in Artificial Intelligence stocks toward the end of last year, all of which have created uncertainty among investors.

Besides BitGo, several other crypto firms also plan on going for a public listing, including crypto exchange Kraken, after stablecoin issuer Circle and crypto exchange Bullish made their blowout stock market debuts last year, Reuters said in the news report.

Crypto sector faces headwinds

The cryptocurrency sector has seen heightened turbulence following a sharp selloff in October, which made investors more cautious. As a result, companies looking to raise capital and having higher expectations from investors.

Since the recent pressure on AI and tech valuations has further sharpened, investors have become more cautious across riskier assets, leading to a “flight to quality” that favours regulated companies over more speculative crypto ventures. This shift places BitGo in a relatively defensive position within the crypto sector, Lukas Muehlbauer, IPOX research analyst, told Reuters.

However, “the company aims to capitalize on the early 2026 market momentum, where small and mid-cap index outperformance has created a favorable window for mid-sized offerings like BitGo,” Muehlbauer added.

All about BitGo

BitGo was founded in 2013, and since then has been 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 acting as the lead underwriters for the offering. BitGo plans to list its shares on the New York Stock Exchange, where it will trade under the ticker symbol "BTGO".