Crypto Custodian BitGo Targets $201 Million Raise in US IPO

BitGo, a leading U.S. crypto custody firm, is proceeding with a $201 million initial public offering, according to a filing with the U.S. Securities and Exchange Commission. The offering includes 11 million shares issued by the company and 821,595 shares offered by existing shareholders. The offering price per share is expected to range between $15 and $17.

Founded in 2013, BitGo has established itself as a major player in the digital asset custody space. The company provides custody, trading, and wallet infrastructure services to institutional clients. BitGo reported $10 billion in revenue for the first nine months of 2025, a significant increase from the previous year.

Goldman Sachs and Citigroup are leading the offering, with a number of additional book-running and co-managing underwriters involved. The company plans to list its shares on the New York Stock Exchange under the ticker symbol "BTGO".

Why Did This Happen?

The decision to go public follows a period of growth in the U.S. IPO market, particularly in the fintech and crypto sectors. BitGo's IPO comes as the Trump administration has shown increased support for the cryptocurrency industry. This includes legislative measures such as the enactment of stablecoin laws, which have provided a more favorable regulatory environment.

BitGo has previously filed for a U.S. IPO, with initial plans outlined in September 2025. The company has also made progress in regulatory approvals, including securing conditional approval for a U.S. banking charter. This could enhance its credibility and regulatory standing as it moves toward a public listing.

How Markets Responded?

The broader crypto market has seen significant volatility in recent months, with a steep selloff in October raising the bar for companies seeking investor support. Despite this, there has been a notable uptick in crypto and fintech IPO activity in 2025 and 2026. Firms like Revolut, Kraken, and PayPay have announced plans to go public.

BitGo's IPO is expected to price on January 21, according to a management presentation. The company's valuation target of $1.96 billion reflects a modest increase from its $1.75 billion valuation in a 2023 funding round.

What Are Analysts Watching Next?

Analysts are closely monitoring how the IPO will be received by investors, particularly in light of recent market conditions. The success of BitGo's offering could provide insights into the continued recovery of the U.S. IPO market in 2026. It also signals confidence in the digital asset custody sector, which has become increasingly important as institutional adoption of cryptocurrencies grows according to market analysis.

Investor sentiment remains cautious, with many watching for regulatory developments and macroeconomic factors that could influence the offering. The company's dual-class share structure, with CEO Mike Belshe retaining majority voting power, may also attract attention from investors and analysts.