New Year begins, and the crypto market welcomes a major news. The veteran digital asset custodian BitGo is planning an IPO. If this move materializes, it will become the first IPO company in the crypto industry in 2026 and will also be a landmark event in the capital markets this year.

According to the prospectus submitted to the US SEC this Monday, BitGo plans to issue 11.8 million shares with a target price between $15 and $17 per share. Of these, approximately 11 million are new shares, with the remaining coming from existing shareholders, including the current CEO. At the upper limit, the company's valuation after listing is estimated at about $1.96 billion, an increase from the $1.75 billion valuation during the 2023 funding round. The pricing and transaction are expected to take place on January 21. This fundraising effort will raise up to $201 million.

From wallet tools to infrastructure platforms, BitGo has undergone rapid transformation. Founded in 2013 by industry veteran Mike Belshe, it initially mainly provided crypto wallet services. Today, it has evolved into a comprehensive platform integrating asset custody, security protection, and liquidity solutions, becoming an important participant in the crypto infrastructure layer.

Of particular interest is that BitGo serves as the primary custodian for the stablecoin USD1. This stablecoin was launched by World Liberty Financial and involves political figures behind the scenes, making the project highly topical. The expansion of the stablecoin ecosystem and the improvement of custody mechanisms are both indicative of the crypto asset market moving toward greater regulation and maturity.