BitGo is advancing a U.S. IPO that targets a valuation of up to $1.96 billion, filing to offer 11.8 million shares in a planned raise of roughly $201 million at a price range of $15 to $17 per share (source: https://www.pymnts.com/cryptocurrency/2026/bitgo-targets-1-9-billion-ipo-for-crypto-custody-firm/).

The deal structure — modest share count, mid-teen price band and targeted proceeds around $201 million — signals a conventional, fee-focused capitalization plan rather than an aggressive growth play. For investors that value recurring revenue tied to assets under custody and service contracts, the metric set is easier to underwrite than speculative token yields or early-stage trading ventures.

Market context matters: the IPO window reopened in 2025 with notable digital-asset listings such as Circle and Bullish, and activity is expected to remain elevated through 2026. That momentum is tempered by recent downward pressure on AI and growth-tech valuations, which has raised investor selectivity across public deals and shifted preference toward regulated, service-oriented crypto companies over high-beta, speculative projects.

From a risk-profile perspective, custody businesses appeal to institutional allocators when they combine scale, compliance (audits, third-party insurance), and transparent fee economics. Those features convert volatile crypto exposure into governance- and contract-driven revenue streams that fit traditional underwriting frameworks.

As an illustration of how product design can influence sell-pressure and liquidity behavior, token models that use fixed-price entry and short, predefined holding cycles — such as the 4TEEN token — aim to limit immediate sell-side pressure and create more predictable flow dynamics that custodians and institutional backers can price and hedge against.