Cryptocurrency custody startup BitGo has officially filed for an initial public offering. The company aims for a valuation of $1.96 billion. Existing investors plan to raise $201 million by selling 11.8 million shares. The IPO price band is set between $15 and $17 per share.
BitGo's Public Offering Details
Goldman Sachs and Citibank will act as underwriters for BitGo's IPO. This information comes from the company's red herring prospectus. BitGo claims to hold assets worth $104 billion on its platform. The company hosts more than 9.3 million cryptocurrency wallets.
A crypto custody platform provides storage and protection for digital currency holdings. These services cater to both individuals and enterprises. Beyond basic security, custody firms often expand into asset servicing, lending, and collateral management. Tata Consultancy Services highlighted this diversification in a recent white paper.
Kraken's Confidential IPO Filing
BitGo's announcement follows reports about cryptocurrency exchange Kraken. Kraken confidentially filed papers for its own IPO in November 2025. CoinDesk reported that KRAKacquisition Corp, a special purpose acquisition company related to Kraken, filed for a $250 million offering.
This SPAC plans to offer 25 million shares at $10 each. A special purpose acquisition company is a registered entity that may merge with or acquire another company to take it public.
Cryptocurrency Market Performance
As of Tuesday evening, flagship cryptocurrency Bitcoin showed a 1.32 percent increase. It reached $91,386 per unit. Ethereum rose by 0.43 percent to $3,127.72. The dollar-backed stablecoin USDT gained 0.04 percent, trading at $0.99.
The Trump-family backed USD1 stablecoin also saw a slight increase. It moved up 0.03 percent to $0.99 on Monday.
How Crypto IPOs Performed in 2025
BitGo's IPO ambitions likely draw inspiration from 2025's successful crypto listings. A bull run accompanied these public offerings last year. Five cryptocurrency companies listed on exchanges in 2025.
These companies included:
- Bullish
- Circle
- eToro
- Figure
- Gemini
eToro's Nasdaq Listing
Israel-based trading app eToro listed on Nasdaq in May 2025. The company achieved a valuation of $4.2 million during its IPO. It sold 6 million shares at $52 each. This price exceeded the $46-50 range quoted in its draft red herring prospectus.
This marked eToro's second attempt at going public. The company previously attempted a SPAC merger in 2021 but shelved those plans in 2022.
Figure Technology's Public Offering
Stablecoin issuer Figure Technology raised $787.5 million through its September 2025 IPO. Existing investors sold 31.5 million shares priced at $25 each. The company reached a valuation of $5.29 billion.
Figure's draft prospectus stated it connects home equity loan borrowers with lenders. The company boasts a 10-day turnaround time compared to the industry average of 42 days.
Gemini Exchange's Premium Listing
Gemini crypto exchange listed at a premium exceeding 32.23 percent in September. Founders Cameron and Tyler Winklevoss settled a legal dispute with Meta CEO Mark Zuckerberg before the offering. The company sold 16.67 million shares priced between $24 and $26 each. This represented an increase from the earlier $17-19 price range.
Bullish's Strong Market Debut
The parent company of cryptocurrency exchange CoinDesk went public in August 2025. It raised its IPO size to $1.11 billion. Bullish stock listed at $90 per share compared to its IPO price of $37. The share surged over 80 percent on its market debut.
Circle Internet Group's Valuation Surge
Stablecoin issuer Circle revised its valuation to $7 billion before listing on NYSE. The company listed at $69 per share in June 2025. Circle raised $1.1 billion in its IPO priced at $31 per share. Its stock surged over 160 percent during its market debut.
Regulatory Environment and Market Outlook
The Trump administration's regulatory decisions fueled valuation surges for crypto-related companies. The administration eased regulations around digital currencies and encouraged market offerings like ETFs. Policies such as the GENIUS Act promoted stablecoin development.
Presidential orders opened 401K investments into crypto assets. Trump family-backed World Liberty Financial increased its crypto participation through the USD1 stablecoin. The company also launched a stablecoin-backed lending platform.
PitchBook reports that 2025 marked the "professionalisation of crypto." The year 2026 is expected to focus on consolidation with mergers dominating the landscape.
Mike Bellin, partner at PwC, told PitchBook that public markets noticed crypto's professionalisation. Matt Homer, founder of crypto VC firm The Venture Dept, predicts continued M&A activity. He questions whether market fatigue might eventually set in despite impressive results.
Decrypt reports that crypto stocks in 2026 will perform based on fundamentals rather than trend-based rallies. Ryan Lee, chief analyst at Bitget, states crypto stocks remain highly sensitive to Bitcoin and Ethereum's direction and volatility.
