BitGo is testing the waters where others have recently drowned.
The crypto custody firm has moved forward with plans for a US initial public offering (IPO), seeking to raise up to $201mn at a valuation of nearly $2bn. The company filed updated offering documents with the SEC on 12 Jan.
The filing proposes the sale of roughly 11.8mn shares at a price range of $15 to $17 per share. If successful, the listing would value the Palo Alto-based firm at approximately $1.96bn. This is a modest step up from its last private funding round in 2023, yet it marks a significant psychological test for the sector.
The infrastructure pitch
BitGo is positioning itself as the "adult in the room."
Unlike exchanges whose revenues fluctuate wildly with retail trading sentiment, BitGo pitches itself as boring infrastructure. It provides custody, wallet security, and settlement services to institutions. The filing reveals the firm held roughly $104bn in assets as of September and posted positive net income for the first nine months of 2025.
This narrative is bolstered by a significant regulatory win. In December, the firm received approval from the Office of the Comptroller of the Currency (OCC) to convert its South Dakota trust charter into a national bank.
This status allows BitGo Bank & Trust N.A. to offer custody services under federal fiduciary authorities. It effectively places them on the same regulatory footing as traditional heavyweights like BNY Mellon or State Street.
A fragile backdrop
The move makes BitGo the first crypto company to actively pursue a US listing in 2026. However, it faces a skeptical public market.
The "Class of 2025" has struggled to hold gains. Gemini trades below its September IPO price, while stablecoin issuer Circle, which raised $1.1bn in a blockbuster debut, and exchange platform Bullish have both pulled back materially from their post-listing highs. Investors have grown wary of digital asset equities as spot trading volumes have cooled.
BitGo also occupies a politically sensitive position. It serves as the custodian for USD1, the stablecoin issued by World Liberty Financial. While the project is linked to the Trump family, recent data shows USD1 adoption is growing even as the broader stablecoin market contracts. This places BitGo at the intersection of institutional adoption and political scrutiny.
Regulatory tailwind?
The timing of the IPO may be calculated to coincide with legislative debates.
Washington is currently weighing the CLARITY Act, legislation that would formally define regulatory boundaries for digital assets. However, observers warn that the market structure bill faces political drift pushing potential implementation into 2027.
Despite the legislative uncertainty, several firms appear to be positioning for a shift. Kraken confidentially filed for an IPO in late 2025, and other fintech-crypto hybrids have signalled listing ambitions. BitGo is betting that federal bank status and a profitable balance sheet will be enough to decouple its stock from the volatility of the tokens it safeguards.
