By Prakhar Srivastava
Crypto custody start-up BitGo said on Monday it was targeting a valuation of up to $1.96bn in its US initial public offering (IPO), seeking to tap into the investor appetite for crypto firms.
The Palo Alto, California-based firm and some of its existing shareholders are looking to raise as much as $201m by offering 11.8-million shares priced at $15-$17 each.
The US IPO market regained momentum in 2025, after nearly three years of sluggish activity, but expectations of a stronger rebound were curbed by tariff-driven volatility, a prolonged government shutdown and a late-year sell-off in AI stocks.
Analysts expect the IPO market to continue on its recovery path in 2026 with more crypto and fintech firms signalling plans to go public, including UK-based neobank Revolut, crypto exchange Kraken and Japan’s payments app PayPay.
In November, Kraken, one of the world’s largest cryptocurrency exchanges, confidentially filed for a US IPO while several other crypto firms, including stablecoin issuer Circle and crypto exchange Bullish, made their blowout stock market debuts last year.
However, the digital asset industry is experiencing turbulence after a steep crypto sell-off in October, which has raised the bar for companies in the sector seeking investor support.
Founded in 2013, BitGo is one of the largest crypto custody firms in the US. It stores and protects digital assets for clients, a role that has gained importance as institutional interest in crypto grows.
Goldman Sachs and Citigroup are the lead underwriters for the offering.
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