Crypto custody provider BitGo has submitted its IPO registration with the U.S. Securities and Exchange Commission, aiming to raise $200 million and list on the New York Stock Exchange. According to the filing, Goldman Sachs and Citigroup are acting as joint lead underwriters for the offering.
The Palo Alto, California-based firm, founded in 2013, specializes in digital asset storage and security for institutional clients. As traditional banks and asset managers deepen their exposure to crypto, BitGo has seen growing demand for its regulated custody infrastructure. The IPO marks another milestone in the sector's push toward public markets.
Wave of Crypto Listings: Circle, Bullish Already Public, Kraken Next
BitGo joins a growing list of crypto companies pursuing public listings. Stablecoin issuer Circle and exchange Bullish completed their IPOs in 2025, while exchange operator Kraken has announced plans to go public. The trend reflects a broader shift from crypto-native ventures to regulated, publicly accountable firms.
Still, the current IPO market remains cautious. After a market downturn in October 2025, investors have been wary of overvaluation in tech and AI stocks, shifting capital toward established regulated operations. Market observers note that while the IPO market is recovering from a subdued 2024, tariff uncertainty, policy changes, and tech stock weakness continue to cloud the outlook.
Institutional Custody Demand: Banks and Asset Managers Hurry In
BitGo's custody model addresses institutional needs for secure digital asset storage. Banks, hedge funds, and large asset managers are increasingly allocating to blockchain and crypto assets, making compliant custody a prerequisite for entry. BitGo has built a leading position in this niche through years of security track record and regulatory licenses.
The filing comes shortly after another sharp crypto market move, with bitcoin briefly breaching a key support level — a reminder of macro sensitivity. Yet for custody itself, institutional demand has proven resilient to short-term price swings.
BitGo's IPO is seen as a litmus test for investor confidence in crypto infrastructure. If successful, it would reinforce the NYSE's role as a listing destination for digital asset companies.