Crypto Custody Provider BitGo Files for $200 Million U.S. Listing
Crypto custody provider BitGo is pursuing a U.S. initial public offering that could value the company at up to $1.96 billion, according to a Monday filing.
The Palo Alto-based firm and existing shareholders aim to raise as much as $201 million through the sale of 11.8 million shares priced between $15 and $17 each. Goldman Sachs and Citigroup are leading the offering, which will list on the New York Stock Exchange under the ticker "BTGO," Reuters reported.
Founded in 2013, BitGo provides storage and security services for institutional digital assets, a function that has become increasingly critical as traditional financial institutions expand into cryptocurrency markets.
The filing adds to a growing pipeline of crypto companies entering public markets. Stablecoin issuer Circle (Nasdaq: CRCL) and crypto exchange Bullish (Nasdaq: BLSH) completed debut listings in 2025, while exchange operator Kraken has announced IPO plans.
The offering will test whether public investors continue to support crypto infrastructure companies as the industry seeks deeper integration with mainstream financial services.
The sector faces a more challenging environment than a year ago, however. October's cryptocurrency market downturn has intensified investor scrutiny of digital asset businesses, while broader pressure on technology and AI valuations has shifted capital toward more established, regulated operations.
The IPO market is expected to maintain its recovery this year following 2025's improvement, though conditions remain uncertain due to tariff volatility, recent government disruptions, and late-2025 technology stock weakness.
BitGo's custody model addresses institutional demand for secure digital asset storage, positioning the company at the intersection of traditional finance and cryptocurrency infrastructure as banks and asset managers increase their blockchain exposure.
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