Whalesbook
BitGo Eyes Public Markets
Cryptocurrency custodian BitGo revealed its intent to go public on Monday, with investment banks Goldman Sachs and Citibank leading the charge as underwriters. The digital asset security firm is targeting a valuation of $1.96 billion and aims to raise $201 million through the sale of 11.8 million shares, priced between $15 and $17 each. BitGo asserts its platform secures over $104 billion in assets and serves more than 9.3 million wallets, positioning itself as a key infrastructure provider in the digital asset space.
Crypto IPO Playbook
This public offering follows closely on the heels of rival cryptocurrency exchange Kraken's confidential filing for an IPO in November 2025. BitGo's ambitions appear to be buoyed by a significantly strong performance from cryptocurrency-related public listings in 2025. Five firms — Bullish, Circle Internet Group, eToro, Figure Technology, and Gemini — successfully listed, many experiencing substantial gains on their market debuts. For instance, eToro listed on Nasdaq, while Circle Internet Group saw its stock surge over 160 percent post-IPO.
Market Dynamics and Outlook
The surge in crypto company valuations in 2025 was reportedly influenced by regulatory shifts. The article points to decisions by the Trump administration to ease regulations around digital currencies and facilitate 401K investments into crypto assets as key drivers. Looking ahead to 2026, market analysis suggests a period of consolidation with increased merger and acquisition activity. However, crypto stocks are expected to remain highly correlated with the volatility of major cryptocurrencies like Bitcoin and Ethereum, trading on fundamentals rather than speculative rallies.