When companies decide to go public, they open themselves up to a wider pool of investors and stricter oversight. This process, known as an initial public offering or IPO, lets firms raise capital by selling shares on stock exchanges. Lately, the U.S. has seen a pickup in these events, especially among larger ones that grab attention for their size and ambition. BitGo Holdings, Inc., a firm focused on safeguarding digital assets, just filed to join this movement with plans that could raise up to $201 million.
Their move comes as part of a noticeable uptick in substantial IPOs, where companies aim to bring in hundreds of millions at once. Think back a few years. IPO activity slowed during periods of economic uncertainty, with many firms opting to stay private longer. Investors grew cautious, and regulatory hurdles added friction. Fast forward to today, and the landscape feels different. Multiple companies in tech and finance have tested the waters successfully in 2025, paving the way for more.
BitGo stands out here because it operates in the cryptocurrency space, a sector that has matured alongside growing institutional interest. Their filing with the U.S. Securities and Exchange Commission outlines an offering of 11.8 million shares priced between $15 and $17 each. The company plans to sell 11 million of those shares, while existing backers, including some executives, offer the rest, about 821,595 shares. This filing marks BitGo as the first crypto company in 2026 to push forward with listing plans.
What makes this noteworthy goes beyond the numbers. BitGo provides custody services for cryptocurrencies, meaning they store and protect digital wallets for institutions, exchanges, and high net worth clients. Founded in 2013 in Palo Alto, California, the company has built a reputation for secure infrastructure in a field prone to hacks and volatility. Services like cold storage, staking, and settlement help bridge traditional finance with blockchain technology. As more big players enter crypto, demand for trusted custodians rises. BitGo serves thousands of institutions worldwide, handling everything from Bitcoin to newer tokens.
The U.S. market has always been the gold standard for IPOs due to its depth and liquidity. Companies list on places like the New York Stock Exchange, where BitGo aims to trade under the ticker BTGO. Larger IPOs, those targeting $200 million or more, signal confidence. They require strong underwriters, in this case led by Goldman Sachs and Citigroup, along with others like Deutsche Bank and Mizuho. These banks help price shares, market the deal, and stabilize trading post launch.Â
BitGos story fits into a larger narrative of recovery. After a lull, 2025 saw dozens of IPOs across sectors, with tech and fintech leading. Valuations for crypto custodians have climbed as Bitcoin hit new highs and institutions allocated more to the asset class. BitGo could reach a valuation near $1.96 billion at the high end of its range, reflecting that appetite. Other large scale offerings in areas like AI and biotech have similarly drawn billions in proceeds, proving public markets remain vital for growth capital.
Right now, with President Donald Trump in office since his 2024 reelection, policies friendlier to digital assets have boosted optimism. Stablecoin legislation and clearer SEC guidance have reduced uncertainty, encouraging firms to step up. Challenges persist, of course. Crypto faces scrutiny over security and regulation. BitGo counters this with regulated entities and a track record of no major breaches. Their global presence, including a trust company licensed across all 50 states, adds layers of trust.businesswire​
Public markets offer long term benefits, like easier access to funding and stock based compensation for employees. For BitGo, going public could accelerate partnerships with traditional banks eyeing crypto exposure. This trend of sizable IPOs suggests the U.S. economy hums with opportunity for innovative firms ready to scale. BitGo embodies that readiness, blending crypto infrastructure with the rigor of public accountability.
