Crypto Custodian BitGo Eyes Up to $1.96 Billion Valuation in IPO

BitGo Holdings announced on Jan. 12 that it is targeting a valuation of up to $1.96 billion in what could be the first cryptocurrency initial public offering of 2026. The company, based in Palo Alto, California, is offering approximately 11.8 million shares priced between $15 and $17, aiming to raise up to $201 million. The offering is expected to list on the New York Stock Exchange under the ticker symbol 'BTGO'.

The IPO marks a significant step for BitGo, which provides digital asset custody and infrastructure services to institutional clients. The firm has received conditional approval from the U.S. Office of the Comptroller of the Currency to convert into a federally chartered trust bank, which could enhance its regulatory credibility. The company estimates 2025 end-of-year revenue at around $16.05 billion, up from $3.08 billion in 2024, driven largely by digital asset trading on a gross basis .

Goldman Sachs is serving as the lead underwriter for the offering, with Citigroup and other banks also participating. The IPO is part of a growing trend of crypto firms seeking public market access amid regulatory clarity and improving investor sentiment.

Why Did This Happen?

The IPO is being launched against a backdrop of increased regulatory stability and institutional interest in crypto. BitGo recently secured conditional approval from the OCC to operate as a federally chartered trust bank, a move that could strengthen its position in the market. The firm has positioned itself as a key player in the custody and infrastructure services sector, which has gained importance as institutional participation in crypto continues to expand.

BitGo's decision to go public is also influenced by the broader trend of crypto firms testing investor appetite for digital asset-related listings. Companies like Kraken and Circle have recently made successful public market debuts, signaling a potential recovery in the crypto IPO market. The firm's revenue growth in 2025, with an estimated $16.05 billion in end-of-year revenue, underscores the increasing demand for secure digital asset custody services.

How Did Markets React?

The IPO comes at a time of cautious optimism in the crypto sector, despite recent volatility . The broader market has seen renewed interest in regulated crypto infrastructure firms, which are viewed as more stable compared to trading-focused platforms . Analysts suggest that BitGo's focus on custody and compliance services could make it an attractive investment option for risk-aware investors .

BitGo's IPO is expected to face a mixed market response, given the recent performance of other crypto listings . For example, Gemini and Circle have seen their stock prices fluctuate after initial strong performances. However, BitGo's emphasis on regulatory compliance and institutional-grade security may help differentiate it from peers .

What Are Analysts Watching Next?

Market watchers are closely monitoring how the IPO is received by investors and how it impacts BitGo's market capitalization . The company's ability to attract institutional investors will be a key indicator of investor confidence in the crypto custody sector. Additionally, analysts are watching for regulatory developments that could affect the broader crypto landscape .

The conditional approval from the OCC is a critical milestone for BitGo, as it allows the firm to operate under a federal charter . This could position the company to expand its services and attract more institutional clients. The success of the IPO will also depend on broader macroeconomic factors, including interest rates and overall market sentiment .

BitGo's IPO is part of a larger movement toward institutional adoption of crypto services . As more firms seek public market access, the sector may see increased transparency and regulatory clarity, which could support long-term growth in the digital asset industry.