Key Points
- Crypto custody firm BitGo has filed for a U.S. IPO. The company is targeting a valuation of up to $1.96 billion.
- It plans to raise $201 million by selling 11.8 million shares.
- The move comes as the IPO market is recovering and more crypto firms are looking to go public.
- The IPO will be a test of investor appetite for crypto after a recent market selloff.
Crypto custody startup BitGo is looking to go public, aiming for a valuation of nearly $2 billion. The Palo Alto-based company filed for a U.S. initial public offering on Monday, hoping to capitalize on investor interest in cryptocurrency firms.
BitGo and its current shareholders plan to raise $201 million by selling approximately 11.8 million shares at $15 to $17 per share. The company plans to list on the New York Stock Exchange under the ticker symbol “BTGO.”
This move comes as the U.S. IPO market is starting to heat up again after a few slow years. Several other major crypto and fintech companies, including the crypto exchange Kraken and the UK-based neobank Revolut, are reportedly planning to go public in 2026.
BitGo, founded in 2013, is one of the largest and oldest crypto custody firms in the United States. Its main business is storing and protecting clients’ digital assets, a service that has become increasingly important as more large institutions enter the crypto space.
However, the timing of the IPO is somewhat challenging. The digital asset industry has been going through a rough patch since a steep crypto selloff in October. This has made investors more cautious and raised the bar for companies seeking public support in the sector.
Goldman Sachs and Citigroup are leading the offering, a sign that Wall Street’s biggest players are still very much involved in the crypto world. BitGo’s IPO will be a major test of whether public appetite for crypto remains strong despite recent market turbulence.
