US crypto custody firm BitGo targets $2b valuation in IPO plan

BitGo, a cryptocurrency custody firm based in Palo Alto, is seeking a valuation of up to US$2 billion in its planned US IPO.

The company and some existing shareholders plan to raise as much as US$201 million by offering 11.8 million shares at US$15 to US$17 each.

BitGo stores and secures digital assets for institutions and is among the largest cryptocurrency custody providers in the US.

The IPO comes as more cryptocurrency firms, including exchange Kraken, consider public listings after recent debuts by Circle and Bullish.

BitGo plans to list on the New York Stock Exchange under the symbol “BTGO,” with Goldman Sachs and Citigroup as lead underwriters.

The IPO market has been recovering, although the cryptocurrency sector has faced volatility since a major selloff in October 2025.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

BitGo’s S-1 filing says about US$11.14 billion in revenue for the 12 months ended Sept. 30, 2025 1. Most of this came from principal digital asset sales (buying and selling crypto assets on the company’s own account) rather than custody fees (charges for safeguarding client assets) 2.
It manages about US$104 billion across more than 4,900 clients 1. IPO buyers will look at fee mix, client concentration, and Assets on Platform growth (client balances held across custody and wallet services) to judge how likely clients will stay and add usage.
Staking fees (fees from locking up tokens to help secure blockchains in exchange for yield) fell by about US$82 million, while subscription income (recurring software and service fees) rose by more than US$60 million 3. The mix still swings with crypto markets despite a push toward recurring streams.
Net income was about US$164.65 million over the same 12 months 1 on roughly US$11 billion in sales. That implies low single digit margins and puts the ~US$2 billion valuation under pressure in a crowded custody market.

Circle and Bullish went public in 2025, with BitGo eyeing a Q1 2026 NYSE debut, and crypto exchange Kraken outlining a listing plan 4.
Governance, Risk, and Compliance (GRC) software vendors can pursue a 200 to 230 company 2026 IPO queue 5. Buyers want Know Your Customer (KYC)/Anti‑Money Laundering (AML) automation, regulatory reporting, and cybersecurity frameworks required under stablecoin regulations (rules governing dollar‑pegged digital tokens) that start in January 2027 6.
Investor relations and public affairs firms have near term work, since crypto IPOs face compressed narrative cycles from innovation to ethics and regulation 5. Teams need long runway on trust building and media management before an IPO filing.
Cloud security vendors can serve Decentralized Physical Infrastructure Networks (DePIN). Infrastructure providers can support tokenization as it moves from pilots to production 6. These workloads need enterprise grade setups for institutional custody and real‑world asset tokenization (issuing blockchain representations of physical or financial assets).