BitGo’s push to list its shares in New York marks a fresh test of how much confidence US investors still place in crypto infrastructure after a volatile stretch for digital assets.

The crypto custody company aims to raise up to 201 million dollars in a US initial public offering, targeting a valuation of as much as 1.96 billion dollars as it brings a decade-old safekeeping business to public markets.

BitGo and some of its existing shareholders plan to sell about 11.8 million shares in the deal. The company set a price range of 15 to 17 dollars per share, which would yield gross proceeds of up to 201 million dollars if the offer prices at the top end.

Market Backdrop and IPO Recovery

The offering will consist of 11 million newly issued Class A common shares from BitGo Holdings and 821,595 shares sold by current stockholders. BitGo intends to list on the New York Stock Exchange under the ticker “BTGO,” following its earlier registration with the US Securities and Exchange Commission in 2025.

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The planned float comes as the US IPO market works to extend a cautious recovery that began in 2025. New issues face crosscurrents from tariff-driven market swings, the impact of a prolonged government shutdown, and a late-year selloff in artificial intelligence stocks that cooled risk appetite.

Even so, more crypto-focused firms are preparing to go public after high-profile stock market debuts last year by stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term issuer Circle and crypto exchange Bullish. Crypto exchange Kraken has also outlined plans for a listing, pointing to continued investor interest in digital asset businesses despite bouts of price volatility.

Keep reading: Kraken Files for US IPO After Securing $800M Funding

The broader sector still contends with the fallout from a sharp crypto selloff in October that pressured both tokens and related equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term. That setback has pushed investors to examine revenue quality, regulatory exposure, and diversification before backing new offerings.

BitGo’s Scale in Custody

BitGo’s decision to advance its IPO suggests it sees room for an infrastructure-focused story that leans on fee income from asset safekeeping rather than trading volumes. The final deal size and valuation multiple will offer an early signal of how public markets now price regulatory and market risk in crypto custody.

The sought-after valuation of up to 1.96 billion dollars will test how investors benchmark that scale against other financial and technology names. A successful deal would provide fresh capital for investments in technology, compliance, and expansion, while giving early shareholders an avenue to realize part of their holdings.

BitGo has assembled a large underwriting syndicate to steer the offering. Goldman Sachs will act as lead book-running manager, with Citigroup serving as a book-running manager alongside it.