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The crypto custody startup said Monday (Jan. 12) that it was seeking a valuation of up to $1.96 billion in its U.S. initial public offering (IPO).
The company and some of its shareholders hope to raise $201 million by offering 11.8 million shares priced between $15 and $17 a piece, per a regulatory filing.
BitGo’s plans were flagged in a report by Reuters, which notes that the IPO market’s momentum was expected to continue in 2026, after a year that saw it recover in spite of challenges from tariffs, a government shutdown and a downturn in AI stocks.
Among last year’s high-profile IPOs were two digital asset companies — stablecoin issuer Circle and cryptocurrency exchange Bullish — leading more crypto firms to try to go public this year, the report added.
As PYMNTS wrote last year, Circle’s market debut “represents more than a successful fundraising event. It marks a broader cultural and economic shift.”
“For years, cryptocurrencies have lived at the margins of institutional finance, oscillating between hype cycles and regulatory crackdowns,” the report added.
“With Circle’s entry into the public market, a new chapter looks set to begin. With blue-chip banks underwriting the deal and retail investors clamoring for shares, the traditional finance world appears more open than ever to embracing digital assets.”
However, recent pressure on AI and tech valuations has made investors more wary, Reuters said, leading to a “flight to quality” that favors regulated companies over more speculative crypto ventures. This sets up BitGo as a more defensive play within the sector, Lukas Muehlbauer, IPOX research analyst, told the news outlet.
Still, “the company aims to capitalize on the early 2026 market momentum, where small and mid-cap index outperformance has created a favorable window for mid-sized offerings like BitGo,” Muehlbauer added.
In other crypto news, PYMNTS wrote recently about new digital asset legislation due to be picked up by the Senate this week, and how these bills could offer “both peril and promise” for crypto companies.
“A clear federal framework could unlock vast flows of institutional capital and legitimized market infrastructure,” that report said. “But heavy regulatory burdens could also impose compliance costs that favor larger incumbents over nimble startups.”
