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UBS Explores Crypto Investing for Select Private Banking Clients, Report Says

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Swiss banking giant UBS is exploring plans to offer cryptocurrency investment services to select private banking clients, according to a report by Bloomberg News, citing people familiar with the matter.

Under the proposal, UBS would initially allow a limited group of its private banking clients in Switzerland to buy and sell major digital assets such as bitcoin and ether. The bank is said to be in the process of selecting external partners to support the crypto offering. Bloomberg reported that the service could later be expanded to other regions, including Asia-Pacific and the United States.

UBS declined to comment directly on the report, but said it continues to assess opportunities linked to digital assets. A spokesperson told Reuters that the bank actively monitors developments in line with client demand, regulatory frameworks, market trends and risk management considerations, while acknowledging the importance of blockchain technology that underpins cryptocurrencies.

The move reflects growing interest in digital assets among wealthy clients and forms part of a broader trend of institutional adoption. Other major banks have also moved cautiously into the space, as regulatory clarity improves in some markets. Analysts say UBS’s potential entry would mark another milestone in the mainstream acceptance of crypto investing within global wealth management.

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.”

Stablecoin Firm Rain Valued at $1.95 Billion in $250 Million Fundraise

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Stablecoin company Rain said on Friday it raised $250 million in a Series C funding round led by ICONIQ, valuing the firm at $1.95 billion, as investor appetite for crypto-related businesses continues to strengthen.

Stablecoins — cryptocurrencies pegged to assets such as the U.S. dollar — have gained traction among consumers, investors and major financial institutions as digital assets move closer to the financial mainstream. The sector has also benefited from a more accommodating regulatory environment under U.S. President Donald Trump’s administration, encouraging traditional financial firms to explore crypto-based products.

Rain said the latest round brings its total funding to more than $338 million and comes just four months after its previous fundraise. The company added that its valuation has risen more than 17-fold in the past 10 months.

A spokesperson for Rain said the company’s priority is to expand its presence in key licensed markets and deepen its full-stack stablecoin payments platform, including through strategic acquisitions.

Rain provides infrastructure that allows businesses to issue and manage stablecoin-linked payment cards and digital wallets, enabling users to transact anywhere Visa is accepted.

“Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work,” said Rain CEO and co-founder Farooq Malik. He added that Rain’s active card base has grown 30-fold over the past year, while annualized payment volume increased 38%, though the company remains “in the early innings.”

Malik said the new capital will be used to enter additional markets, scale operations and support more enterprise product launches.

Other investors participating in the round included Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest and Endeavor Catalyst.