BitGo Seeks Up to $1.9B Valuation in Planned NYSE Debut

BitGo, a leading crypto custody firm, has filed to raise up to $201 million in a U.S. initial public offering. The company plans to offer 11.8 million shares priced between $15 and $17 each. The offering is expected to give BitGo a valuation of up to $1.9 billion.

The offering includes 11 million shares from BitGo and 821,595 shares from existing stockholders. Goldman Sachs and Citigroup are serving as lead underwriters for the IPO. The firm plans to list its shares on the New York Stock Exchange under the ticker symbol BTGO.

BitGo was founded in 2013 and provides digital asset security and custody services. It stores and protects digital assets for clients, a role that has gained importance as institutional interest in crypto grows.

Why Did This Happen?

BitGo's IPO comes amid a challenging environment for the crypto industry. The sector has faced turbulence following a steep crypto selloff in October 2025. This has made it harder for companies in the sector to gain investor support. BitGo aims to capitalize on the growing institutional interest in crypto by offering its services to a broader audience.

The firm's IPO is the first major crypto listing in 2026. The Trump administration's supportive stance toward the crypto industry and the passage of stablecoin legislation in 2025 have also contributed to the growing interest in crypto-related investments.

How Did Markets Respond?

The broader crypto market has experienced a decline from its peak. Bitcoin prices fell 6.5% in 2025, affecting investor sentiment. Despite this, BitGo's IPO has attracted attention due to its strong financial performance. The company reported a net income of $8.1 million on $10 billion in revenue for the first nine months of 2025.

BitGo's valuation of up to $1.9 billion represents a significant increase from its $1.75 billion valuation in a 2023 funding round. This growth highlights the firm's increasing market confidence and the demand for secure crypto custody services.

What Are Analysts Watching Next?

Analysts are closely monitoring the pricing and subscription demand for BitGo's IPO. The offering is expected to price on January 21, 2026. Underwriters have been granted an option to purchase up to 1.77 million additional shares, indicating flexibility in the offering.

The IPO's success could set a precedent for other crypto firms considering public listings. However, the broader market conditions and regulatory developments will play a crucial role in determining the offering's outcome. The firm's ability to maintain its revenue growth and profitability will also be key factors for investors. The IPO is also notable for its involvement of Trump-linked entities. BitGo serves as the custodian and infrastructure provider for USD1, the stablecoin of World Liberty Financial Inc. Donald Trump Jr. and Eric Trump are co-founders of the World Liberty Financial decentralized finance project.

BitGo's IPO is part of a broader trend of increased institutional participation in the crypto market. As the industry continues to evolve, firms that can provide secure and reliable custody services are expected to gain a competitive edge. The firm's strategic position in the market and its strong financial performance make it an attractive investment for institutional investors. According to market analysis, BitGo's IPO demonstrates the growing institutional interest in the crypto sector.