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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.”

Discord Files Confidentially for U.S. IPO, Bloomberg News Reports

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Online chat platform Discord has filed confidentially for an initial public offering in the United States, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The move comes as the U.S. IPO market showed signs of recovery in 2025 following nearly three years of subdued activity. However, expectations of a sustained rebound have been tempered by tariff-related market volatility, a prolonged government shutdown, and a late-year selloff in artificial intelligence stocks.

According to the report, discussions are still ongoing and Discord could ultimately decide not to proceed with a public listing. A Discord spokesperson told Bloomberg that the company remains focused on “delivering the best possible experience for users and building a strong, sustainable business.”

Discord did not immediately respond to a request for comment from Reuters.

Founded in 2015, Discord provides voice, video, and text communication services, initially targeting gamers and streamers but later expanding to broader online communities. The company said in a statement on its website in December that it had more than 200 million monthly active users.

Investors weigh risks that could derail Wall Street’s AI-driven rally

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Artificial intelligence has fueled a powerful stock market rally since 2022, but investors are increasingly alert to the potential risks that could threaten the “AI trade” underpinning record market highs. Citigroup estimates nearly half of the S&P 500’s $57 trillion market capitalization now has “high” or “medium” exposure to AI, making the technology a defining force on Wall Street.

The S&P 500 is up 13% this year, while the Nasdaq Composite has gained 17%, driven largely by tech and AI-linked companies. Yet analysts warn that the sector’s strength also makes it vulnerable to shocks. Concerns have surfaced before — from China’s launch of the low-cost AI model Deepseek to fears about runaway spending on data centers — though markets have repeatedly rebounded.

“There’s a lot of growth priced in,” said Steve Lowe of Thrivent Financial. “That’s the concern — whether the expectations can really hold up.”

Massive capital spending remains a central focus. Barclays projects that annual AI-related infrastructure investment by major “hyperscalers” — including Microsoft, Amazon, Alphabet, Meta, and Oracle — will double to $500 billion by 2027. While these companies generate vast cash reserves, analysts caution that overspending could pressure margins or lead to greater leverage.

Others highlight systemic risks from the close financial ties within the AI ecosystem, such as Nvidia’s recent $100 billion commitment to OpenAI. Energy infrastructure is another growing concern, with power supply seen as a potential bottleneck for new data centers.

Some investors remain bullish over the next 12 to 18 months, but warn that any slowdown in AI spending or signs that investments aren’t yielding expected returns could shake market confidence. “If it starts to look like the payoff isn’t coming,” said Patrick Ryan of Madison Investments, “that could be what finally trips the trade.”