Cryptocurrency custody startup BitGo announced on Monday its plan to conduct an initial public offering in the United States, targeting a valuation of up to $1.96 billion, a move aimed at capitalizing on investor enthusiasm for cryptocurrency-related companies.
The Palo Alto, California-based company, in conjunction with some existing shareholders, plans to issue 11.8 million shares at a price between $15 and $17 per share, which could raise up to $201 million.
The U.S. IPO market regained growth momentum in 2025 after nearly three years of downturn, but expectations for a strong rebound have cooled due to market volatility triggered by tariffs, a prolonged U.S. government shutdown, and a year-end sell-off in artificial intelligence concept stocks.
Analysts anticipate the U.S. IPO market will continue its recovery into 2026, with more cryptocurrency and fintech companies signaling their intention to go public, including UK digital bank Revolut, cryptocurrency exchange Kraken, and Japanese payment app PayPay.
In November of last year, Kraken, one of the world's largest cryptocurrency exchanges, confidentially filed for a U.S. IPO; meanwhile, in 2025, several other crypto firms, such as stablecoin issuer Circle and cryptocurrency exchange Bullish, had high-profile listings on the stock market.
However, following a significant downturn in the cryptocurrency market last October, the digital asset industry is experiencing a new wave of volatility, which has also raised the bar for companies in this sector to secure investor support.
Founded in 2013, BitGo is one of the largest cryptocurrency custodians in the United States, primarily providing digital asset storage and security services for its clients. As institutional investor interest in cryptocurrencies continues to grow, the company's business importance has become increasingly prominent.
The lead underwriters for this IPO are Goldman Sachs Group and Citigroup.
BitGo plans to list on the New York Stock Exchange under the ticker symbol 'BTGO'.
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