Crypto Custody Startup BitGo Files for IPO: How Cryptocurrency Public Issues Fared in 2025
Crypto custody firm BitGo has officially filed for an initial public offering, signalling renewed confidence in the public markets for crypto-focused businesses after a turbulent few years. The company is targeting a valuation of $1.96 billion, with existing investors planning to raise $201 million through the sale of 11.8 million shares.
According to the red herring prospectus, BitGo’s IPO price band has been set between $15 and $17 per share, with Goldman Sachs and Citibank acting as the lead underwriters. The filing puts BitGo in the spotlight as one of the most closely watched crypto listings of 2025, a year that has tested investor appetite for digital asset companies.
Why BitGo’s IPO Matters
BitGo is not a retail crypto exchange or a speculative token issuer. It operates in a far less glamorous but increasingly critical corner of the crypto ecosystem: custody and security. The company provides custody, wallet infrastructure, and compliance services for institutions holding digital assets.
In a post-FTX world, custody has become one of the most scrutinised segments of crypto. Institutional investors now place far greater emphasis on asset segregation, regulatory compliance, and operational transparency. BitGo’s decision to go public reflects growing confidence that regulated, infrastructure-focused crypto companies can win investor trust.
The IPO also suggests that crypto firms believe capital markets may once again be open—provided their business models are seen as stable and compliant.
BitGo’s Business Model in Simple Terms
BitGo makes money by safeguarding digital assets for institutional clients such as hedge funds, exchanges, custodians, and crypto-native companies. Rather than chasing trading volumes or token issuance, it focuses on secure storage, multi-signature wallets, insurance-backed custody, and regulatory-grade compliance.
This positioning has allowed BitGo to avoid some of the volatility that affected crypto exchanges during market downturns. While trading platforms depend heavily on market activity, custody providers benefit from long-term asset storage, regardless of short-term price fluctuations.
For public market investors, that distinction matters.
IPO Details at a Glance
| IPO Detail | Information |
|---|---|
| Company | BitGo |
| Target Valuation | $1.96 billion |
| Shares Offered | 11.8 million |
| Capital to be Raised | $201 million |
| Price Band | $15–$17 per share |
| Lead Underwriters | Goldman Sachs, Citibank |
| Business Focus | Crypto custody and infrastructure |
How Crypto IPOs Performed in 2025
BitGo’s IPO arrives at a time when crypto public offerings have produced mixed results. While enthusiasm returned in parts of 2025 amid Bitcoin’s recovery, public investors remained selective.
Some crypto-linked companies benefited from improving sentiment, especially those tied to infrastructure, compliance, and enterprise services. Others struggled, particularly consumer-facing platforms exposed to regulatory uncertainty or declining retail trading volumes.
| Crypto IPO Trend in 2025 | Outcome |
|---|---|
| Infrastructure-focused firms | Moderate to strong demand |
| Exchanges and trading platforms | Volatile post-listing performance |
| Mining companies | Mixed, tied closely to Bitcoin prices |
| Custody and compliance providers | Increasing investor interest |
The lesson from 2025 has been clear: public markets reward predictability and regulation more than hype.
Why Custody Firms Are Viewed Differently
Custody providers like BitGo sit closer to traditional financial infrastructure than speculative crypto ventures. Their role resembles that of banks, clearing houses, or asset custodians in legacy finance.
This makes them easier to evaluate using familiar metrics such as recurring revenue, institutional contracts, and regulatory standing. For conservative investors, that familiarity reduces perceived risk.
It also explains why BitGo’s valuation expectations appear more grounded compared to some earlier crypto IPOs that leaned heavily on growth narratives rather than fundamentals.
The Role of Goldman Sachs and Citibank
The involvement of Goldman Sachs and Citibank as underwriters is significant. Both banks have historically been cautious around crypto but have gradually expanded their digital asset exposure in regulated ways.
Their participation sends a signal that BitGo’s business model, compliance posture, and governance standards meet the threshold expected by major Wall Street institutions. This endorsement could help BitGo attract long-term institutional investors rather than short-term speculative interest.
Regulatory Environment Still Shapes Investor Appetite
Despite improving sentiment, regulation remains a central concern for crypto IPOs. Companies operating in jurisdictions with clearer compliance frameworks tend to receive more favourable treatment from public investors.
BitGo has consistently positioned itself as a compliance-first company, working closely with regulators and offering services tailored to institutional requirements. This approach aligns well with current market expectations and may insulate the company from sudden regulatory shocks.
However, investors remain aware that crypto regulation continues to evolve, particularly in the United States.
Market Timing: Why Now?
The timing of BitGo’s IPO is notable. Bitcoin prices have stabilised at higher levels compared to the lows of previous years, improving overall sentiment. At the same time, public markets in 2025 have shown renewed interest in fintech and infrastructure plays after a period of caution.
By filing now, BitGo appears to be betting that investors are ready to differentiate between speculative crypto businesses and foundational service providers.
What This Means for Other Crypto Companies
BitGo’s IPO could act as a bellwether. A strong debut may encourage other crypto infrastructure firms to test public markets, while a weak performance could reinforce caution.
Companies focused on custody, compliance, payments, and blockchain infrastructure are likely watching closely. The outcome may influence whether crypto IPO pipelines reopen meaningfully or remain selective.
Risks Investors Will Be Watching
Despite its strengths, BitGo’s IPO is not without risk. Revenue growth depends on institutional adoption of digital assets, which can be cyclical. Competition from both crypto-native rivals and traditional financial institutions entering custody services could pressure margins.
Market volatility also remains a factor. While custody is less sensitive to trading volumes, extreme downturns can still affect asset inflows and valuations.
A Shift in the Crypto IPO Narrative
What makes BitGo’s IPO noteworthy is what it represents: a shift away from hype-driven crypto listings toward infrastructure-led, regulation-conscious public offerings. This aligns with how crypto as an industry is maturing, particularly after years of scrutiny and high-profile failures.
Investors in 2025 are no longer asking how fast a crypto company can grow. They are asking how safely, sustainably, and compliantly it can operate.
Click Here to subscribe to our newsletters and get the latest updates directly to your inbox.