BitGo Eyes $2 Billion Valuation in Upcoming US IPO - Crypto Custodian Goes Public

Wall Street's about to get a crypto custodian.

BitGo—the institutional-grade vault for digital assets—is marching toward a public listing stateside. The target? A valuation knocking on the door of $2 billion. It's the kind of move that signals crypto's not just for the fringe anymore; it's boardroom material.

From Niche to Necessity

Remember when holding Bitcoin meant scribbling a seed phrase on a napkin? Those days are gone. As institutional money floods in, the demand for fortress-like security and regulatory compliance has exploded. BitGo built its business on being the armored car for this new asset class, and now it's cashing in on that trust.

The IPO Playbook

Going public isn't just about raising capital—it's a legitimacy stamp. A successful IPO at this valuation would send a clear message to traditional finance: crypto infrastructure is a serious, scalable business. It forces analysts and fund managers who've dismissed the sector to finally put a number on it, even if that number makes some old-guard bankers clutch their pearls.

Why This Timing?

The market's hungry for mature crypto plays. After the hype of memecoins and the drama of blow-ups, investors are looking for the picks and shovels—the boring, profitable companies enabling the whole ecosystem. Custody is about as pick-and-shovel as it gets. No flashy trading algorithms, just cold storage and insurance policies. It's the kind of 'utility' story Wall Street loves to overpay for.

A nearly $2 billion price tag would put BitGo in rarified air, making it one of the largest pure-play crypto companies on a major exchange. It's a bet that the future of finance requires a new kind of bank—one that secures code, not just cash.

Get ready for the roadshow. The suits are coming, and they're bringing their own cold wallets. (Finally, an IPO where the 'security' isn't just a legal disclaimer.)

Investing Climate Remains Shaky

Established in 2013, BitGo has emerged as one of the largest crypto custody firms in the United States, specializing in the secure storage and protection of digital assets. This role has become increasingly important amid rising institutional interest in cryptocurrencies.

Following a strong showing for other major crypto firms in 2025, including successful market debuts from stablecoin issuer Circle (CRCL) and cryptocurrency exchange Bullish (BLSH), BitGo is entering a competitive landscape. Crypto exchange Kraken is also looking to go public. 

However, recent market volatility, particularly the sharp selloff in October of last year, whipping out nearly $20 billion in long positions, has created challenges for companies looking to attract investors. Additionally, ongoing pressure on technology and artificial intelligence (AI) valuations has heightened scrutiny across risk assets. 

According to Lukas Muehlbauer, an IPOX research analyst, this shift has led to a “flight to quality,” favoring established and regulated companies like BitGo over more speculative ventures.

BitGo Targets IPO Success 

Despite the challenges, BitGo aims to leverage positive market momentum in early 2026, when outperformance by small and mid-cap indices could provide a favorable environment for mid-sized offerings.

The firm has enlisted Goldman Sachs as the lead book-running manager for the IPO, with Citigroup also serving as a book-running manager. Other financial institutions in the offering include Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Keefe, Bruyette & Woods, Canaccord Genuity, and Cantor. 

Clear Street, Compass Point, Craig-Hallum, Rosenblatt, Wedbush Securities, and SoFi will act as co-managers. BitGo plans to list its shares on the New York Stock Exchange under the ticker symbol “BTGO.” 

Notably, the company is one of five crypto firms, alongside Ripple, Circle, Fidelity Digital Assets, and Paxos Trust Company, to receive national trust charter applications approved by the US Office of the Comptroller of the Currency (OCC) in December of last year.

This national trust bank charter WOULD empower BitGo to manage and hold assets for its customers, enabling faster payment settlements—a move that could bolster the firm’s competitive edge in the evolving landscape of cryptocurrency and digital finance.

Featured image from DALL-E, chart from TradingView.com