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Crypto Custody Firm BitGo Targets Up to $1.96 Billion Valuation in U.S. IPO

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BitGo said on Monday it is seeking a valuation of up to $1.96 billion in its planned U.S. initial public offering, aiming to capitalize on renewed investor appetite for cryptocurrency-related companies. The Palo Alto, California-based firm and some existing shareholders plan to raise as much as $201 million by offering 11.8 million shares priced between $15 and $17 each.

The IPO market is expected to continue its gradual recovery in 2026, extending momentum that began in 2025, despite headwinds such as tariff-related volatility, a prolonged U.S. government shutdown, and a late-year selloff in AI stocks. Within this environment, crypto firms are cautiously returning to public markets after a turbulent period marked by sharp price swings across digital assets.

Several crypto companies are preparing for listings, including exchange Kraken, following high-profile market debuts last year by stablecoin issuer Circle and crypto exchange Bullish. However, the sector faced renewed pressure after a sharp crypto selloff in October, raising the bar for companies seeking strong investor backing.

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Analysts say recent pressure on AI and broader tech valuations has intensified scrutiny of risk assets, prompting investors to favor more regulated and infrastructure-focused firms. Lukas Muehlbauer, an IPO research analyst at IPOX, said this “flight to quality” positions BitGo as a more defensive play within the crypto sector compared with more speculative ventures. He added that the company is looking to take advantage of early 2026 market momentum, when small- and mid-cap index outperformance has created a favorable window for mid-sized offerings.

Founded in 2013, BitGo has grown into one of the largest crypto custody providers in the United States, storing and safeguarding digital assets for institutional and corporate clients. Its role has become increasingly critical as institutional participation in cryptocurrency markets expands.

The IPO is being underwritten by Goldman Sachs and Citigroup. BitGo plans to list its shares on the New York Stock Exchange under the ticker symbol “BTGO.”

BitGo revenue surges nearly 4x ahead of U.S. IPO filing

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Crypto custody startup BitGo revealed in its U.S. IPO filing that its revenue nearly quadrupled in the first half of 2025, underscoring the booming demand for digital asset infrastructure as the sector cements itself in mainstream finance.

BitGo reported $4.19 billion in revenue and $12.6 million in profit for the six months ending June 30, compared with $1.12 billion revenue and $30.9 million profit in the same period last year. Founded in 2013, the company has grown into one of the largest U.S. providers of secure storage for cryptocurrencies, a role that has become increasingly critical as institutional adoption accelerates.

The filing comes during one of the busiest IPO seasons since 2021, with crypto firms leading the charge. Recent blockbuster debuts by stablecoin giant Circle, crypto exchange Bullish, and blockchain lender Figure have reinforced investor appetite for the sector. Regulatory wins, ETF inflows, and a friendlier stance from Washington are also helping digital assets shed their reputation as purely speculative.

BitGo, valued at $1.75 billion in a 2023 funding round, now plans to list on the New York Stock Exchange under the ticker BTGO. Goldman Sachs and Citigroup are leading the underwriting.

Analysts say BitGo’s strong growth highlights the maturation of crypto as an asset class in its own right, with custody providers positioned as essential infrastructure in the digital economy.

Citigroup Explores Stablecoin Custody and Crypto ETF Services Amid Regulatory Shift

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Citigroup (C.N) is evaluating the provision of stablecoin custody and related services, signaling growing interest from traditional financial institutions in the cryptocurrency sector, a senior executive told Reuters. The move comes as recent U.S. legislation paves the way for stablecoins—digital tokens pegged to fiat currencies like the U.S. dollar—to be used more broadly for payments, settlements, and other financial services.

Under the new law, stablecoin issuers must hold safe assets, such as U.S. Treasuries or cash, to back their digital coins. This creates potential opportunities for custody banks to provide safekeeping and administration. “Providing custody services for those high-quality assets backing stablecoins is the first option we are looking at,” said Biswarup Chatterjee, global head of partnerships and innovation for Citigroup’s services division. Citi’s services business, covering treasury, cash management, payments, and corporate services, remains a central unit amid ongoing restructuring.

Currently, roughly $250 billion in stablecoins have been issued, primarily for settling cryptocurrency trades, according to a McKinsey study. Citigroup is also considering custody services for digital assets linked to crypto investment products, such as bitcoin ETFs. For instance, BlackRock’s iShares Bitcoin Trust—the largest bitcoin ETF—has around $90 billion in market capitalization, requiring custody of an equivalent amount of digital currency. Coinbase currently dominates this business, serving as custodian for more than 80% of crypto ETF issuers.

In addition to custody, Citigroup is exploring the use of stablecoins to accelerate payments, which in traditional banking can take several days. Citi already offers “tokenized” U.S. dollar transfers via blockchain across New York, London, and Hong Kong 24/7 and is developing services that allow clients to send stablecoins or convert them to dollars for instant payments.

The regulatory environment under the Trump administration has become more accommodating to crypto expansion, though Citi and other firms must still adhere to anti-money laundering, currency control, and other compliance requirements. Chatterjee emphasized that crypto custody must ensure assets are legitimately sourced and maintain robust cybersecurity and operational safeguards. The issuance of a Citi-backed stablecoin is also under consideration.