BitGo Prices IPO Above Range, Values Firm at $2.08 Billion
- BitGo priced its IPO at $18, above the marketed $15–$17 range for its 11.8M shares.
- The IPO raised $212.8 million and valued BitGo at about $2.08 billion after final pricing.
- BitGo’s NYSE debut comes as the U.S. market structure bill debate adds fresh regulatory risk.
BitGo Holdings priced its initial public offering at $18 per share, above the marketed range of $15 to $17. The company planned to sell 11.8 million shares, according to a Reuters report. The pricing move increased the total funds raised and set a higher valuation for the crypto custody firm.
The IPO raised $212.8 million at the $18 offer price. At the top of the marketed range, BitGo would have raised about $201 million. Reuters reported that the IPO values BitGo at $2.08 billion.
BitGo Sets NYSE Debut With BTGO Ticker as IPO Prices Above Range
BitGo has pursued a stock market listing for years as it sought to benefit from growing demand for digital asset infrastructure. The Palo Alto-based firm filed for a U.S. IPO last September. It said it planned to list its Class A shares on the New York Stock Exchange under the ticker BTGO.
On January 12, BitGo said it was targeting a valuation of up to $1.96 billion in what it described as the first cryptocurrency IPO of the year. The final IPO pricing lifted that valuation outcome. The higher pricing also reflected stronger demand than the midpoint of the original range.
Goldman Sachs is serving as lead underwriter for the offering, according to the company’s announcement. Citigroup is also managing the IPO. BitGo said it will operate as a controlled company under NYSE rules after the listing.
The IPO comes at a tense moment for the U.S. crypto sector, as lawmakers advance a long-awaited market structure bill. The proposed framework would reshape how regulators classify and oversee digital assets.
Coinbase has warned that parts of the market structure effort could restrict core areas of the crypto business. The broader industry has argued for clearer rules but has also pushed back against provisions that could limit trading, staking incentives, or product design.
Related: U.S. Market Structure Reform Pulls Crypto Into Banking
Market conditions have also become more demanding. Reuters noted that a sharp selloff in cryptocurrencies in October unsettled the sector and raised the bar for investor backing. The decline increased pressure on valuations and made public market appetite harder to gauge.
BitGo IPO in Focus as Grayscale, Kraken Weigh Listings
Several crypto-linked firms are still preparing to test investor demand through IPOs this year. Crypto-focused asset manager Grayscale and cryptocurrency exchange Kraken have been cited among companies considering offerings. BitGo’s debut is being watched because custody firms sit at the infrastructure layer of the sector.
Not every major crypto firm is moving toward an IPO. Ripple Labs has said it will remain private and will not pursue a public listing in 2026. The divergence highlights how company balance sheets and liquidity options are shaping listing decisions.
In the first week of this year, Ripple President Monica Long said the company has no plan to go public in 2026. She said Ripple has a strong balance sheet and does not need public market capital. Long said companies typically list to access liquidity and expand their investor base, but Ripple already has those advantages.
Ripple raised $500 million in November 2025 at a $40 billion valuation, according to the details in the report. The fundraising round included Fortress Investment Group, Citadel Securities, and major crypto funds. Ripple also completed a $1 billion tender offer earlier in 2025 at the same valuation and said it has repurchased more than 25% of its outstanding shares.
BitGo’s listing comes after a period when crypto sentiment had improved in 2025. The digital asset sector was buoyed by President Donald Trump’s pro-crypto stance and policy momentum tied to regulatory frameworks such as the stablecoin-focused GENIUS Act.
