BitGo Targets $2bn Valuation In US IPO With $15-17 Shares

Crypto custody firm BitGo is moving ahead with a US initial public offering that could value the company at close to £1.58 billion ($2 billion), as investors show growing interest in regulated crypto infrastructure over more speculative digital asset bets.

BitGo has launched an IPO of 11.8 million Class A shares, with the price expected to range between £11.86 and £13.44 ($15 to $17). The company plans to list on the New York Stock Exchange under the ticker 'BTGO', according to details in its IPO filing and share launch.

The offering includes about 11 million shares sold by BitGo and roughly 821,595 shares from existing stockholders. BitGo will not receive proceeds from the portion sold by those stockholders. Underwriters also have a 30-day option to purchase up to 1.77 million additional shares.

Why BitGo Is Being Marketed As A 'Defensive' Crypto IPO

BitGo's pitch to investors comes at a time when the IPO market is expected to keep recovering in 2026, building on momentum that picked up in 2025. Still, the broader market backdrop remains uneasy, with tariff-linked volatility and recent pressure on AI and tech valuations influencing risk appetite.

Within that environment, analysts say investors have become more selective. Rather than chasing the highest-growth narratives, many are looking for firms that feel more stable, particularly those positioned as infrastructure providers.

That is where BitGo aims to stand apart. As a crypto custody firm, it stores and safeguards digital assets for clients, a service that has become more important as institutional participation in crypto expands. Reuters reported that BitGo is seeking to raise around £158 million ($201 million) in its US IPO push, with the company seeking to take advantage of early 2026 market momentum.

A Window Opens As Crypto Firms Test Public Market Demand

BitGo's timing also reflects a broader revival in crypto listings. More digital asset companies are preparing to go public as investor confidence gradually returns, including exchange operator Kraken. This follows strong market debuts by other crypto-linked firms in 2025, which helped reset expectations about what public investors will support.

Even so, the sector remains under pressure. A sharp crypto selloff in October raised the bar for fundraising, especially for firms whose revenue depends heavily on trading activity or token prices.

BitGo's core business model offers a different story. Custody firms typically position themselves as service providers to the ecosystem rather than direct price bets, which can be appealing during choppy market periods.

That difference has become central to the way analysts describe BitGo's IPO prospects. IPOX research analyst Lukas Muehlbauer said heightened scrutiny across risk assets has encouraged a 'flight to quality', favouring regulated companies over more speculative crypto ventures.

Who Is Backing The Offering

BitGo was founded in 2013 and has grown into one of the largest crypto custody firms in the United States. Its role has expanded as asset managers, funds and institutions seek more secure ways to hold digital assets.

Goldman Sachs and Citigroup are leading the offering. According to the IPO announcement, Goldman is the lead book-running manager, while Citigroup is also acting as a book-running manager.

Several other banks are involved as book-runners, including Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Keefe Bruyette & Woods, Canaccord Genuity and Cantor. Additional co-managers include Clear Street, Compass Point, Craig-Hallum, Rosenblatt, Wedbush Securities and SoFi.

What Comes Next For Investors Watching BTGO

BitGo's registration statement has been filed with the US Securities and Exchange Commission, though it has not yet become effective. That means shares cannot be sold until approval is granted.

For investors, the deal represents another test of how far the crypto IPO recovery can extend in 2026. More importantly, it signals that public market demand is shifting toward firms that underpin the industry, especially those viewed as more regulated and operationally resilient.

If BitGo succeeds, it may strengthen the case for more crypto infrastructure names to join the public markets this year, adding another chapter to the sector's push for mainstream legitimacy.