Crypto Company BitGo Eyes $2 Billion Valuation After Raising $213 Million in IPO

By Amanda Lee

BitGo is set to become the first crypto company to list in the U.S. this year, setting an initial public offering price that implies a roughly $2 billion valuation.

BitGo, one of the largest crypto custody firms in the U.S., said Wednesday that it raised $212.8 million in an offering after pricing shares at $18 each, above its marketed price range of $15-$17.

Shares are expected to begin trading Thursday on the New York Stock Exchange.

BitGo's IPO comes amid rising tensions between crypto firms, banks and regulators.

An expected vote by the Senate Banking Committee to advance crypto market-structure legislation last week was postponed, souring market sentiment after a bull run spurred in part by the Trump administration's pro-crypto stance.

Brian Armstrong, the chief executive of Coinbase, the largest U.S. crypto exchange by trading volume, said in a recent social media post that the company could not support the bill as written, citing issues such as "draft amendments that would kill rewards on stablecoins."

Coinbase pulling its support of the bill could put its future in jeopardy, although other crypto firms said they will support it, analysts say.

After a sharp selloff late last year wiped more than $19 billion in leveraged positions, cryptocurrencies have started 2026 on a weak note, weighed down by broad risk-off sentiment.

Relief spurred by a dialing back of fresh tensions between the U.S. and the EU over Greenland has soothed the crypto market, but volatility could persist.

"The next test for markets will now be the outcome of the Supreme Court's ruling on Trump's tariff blitz," said Emir Ibrahim, analyst at Zerocap.

The U.S. Supreme Court has yet to issue a ruling on whether the president exceeded his authority in his use of tariffs.

Markets seem less affected by the threat of tougher tariffs against U.S. allies than they were last year, but a court decision one way or the other could radically shift sentiment, Ibrahim said in a note.

BitGo, which generates its revenue from digital asset trading, staking and service fees, posted a net profit of $35.3 million in the first nine months of 2025.

Goldman Sachs & Co. LLC, Citigroup and Deutsche Bank Securities are among those advising on the IPO.

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

January 22, 2026 01:11 ET (06:11 GMT)