BitGo’s IPO has gone live, marking the first major crypto-related initial public offering of 2026.
The digital asset custody and infrastructure firm BitGo Holdings (ticker: BTGO) priced its IPO at $18 per share on January 21, 2026—above the marketed range of $15–$17—and began trading on the New York Stock Exchange (NYSE) on January 22, 2026.
The company sold approximately 11.8 million shares, raising about $212.8 million, with a valuation of around $2.08 billion at the IPO price. On its debut day: Shares opened up significantly, jumping as much as 25–36% in early trading reaching highs near $24.50 in some reports.
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026).
Register for Tekedia AI in Business Masterclass.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab (class begins Jan 24 2026).
It closed modestly higher at around $18.49 up about 2.7% from the IPO price, with some intraday volatility. This performance signals renewed investor interest in crypto infrastructure plays, even amid broader market uncertainty including Bitcoin’s recent selloff.
BitGo, founded in 2013, is a leading provider of crypto custody, wallets, staking, trading, and other services, with over $90 billion in assets on platform as of mid-2025. It serves institutions, financial firms, and others, and acts as a custodian for various spot crypto ETFs.
The strong though tempered debut is seen as a positive sign for crypto’s integration into traditional finance, potentially paving the way for more listings. Recent X posts and news reflect excitement around this milestone, with some noting tokenized versions of the stock appearing on-chain via platforms like Ondo Finance shortly after the NYSE debut.
BitGo’s IPO, which priced at $18 per share above the $15–$17 range and raised $212.8 million on January 21, 2026, before debuting on the NYSE (ticker: BTGO) on January 22, carries several key implications for the company, the broader crypto industry, and traditional finance integration.
BitGo focuses on “plumbing” — secure custody, wallets, staking, and infrastructure services — rather than volatile trading or speculation. Over 80% of its revenue comes from recurring, sticky fees tied to custody and staking, making earnings more predictable than peers like Coinbase which relies more on transaction volumes.
Assets under custody grew ~96% year-over-year to $104 billion as of late 2025, with revenues up ~65% in a down market, showing resilience. The company turned profitable recently— net income in the low millions for 2025 after prior losses and is on track for significant scaling.
Analysts from VanEck project revenues exceeding $400 million and EBITDA over $120 million by 2028, potentially justifying a premium valuation due to its high-quality, service-driven earnings.
With federal trust status, zero hacking losses historically, and services for spot crypto ETFs, BitGo benefits from stricter disclosures as a public company, which could build trust and attract more institutional clients amid evolving rules.
As the first major crypto-related IPO of 2026 following others like Circle and Gemini in 2025, its solid debut — opening up ~25–36% intraday before closing modestly higher at ~$18.49 — signals renewed investor appetite despite Bitcoin’s recent selloff and market headwinds.
This acts as a bellwether: success could encourage more listings, while struggles might delay them. The positive reception highlights demand for regulated, compliant “picks-and-shovels” plays in crypto rather than direct token exposure.
This aligns with growing trends like real-world asset (RWA) tokenization up sharply and stablecoin adoption, where secure custody is essential. Analysts see 2026 as a possible “supercycle” for IPOs, with BitGo’s performance potentially paving the way for unicorns in AI, space, or other sectors — but especially more crypto infrastructure names.
It underscores crypto’s maturation: from 2021’s hype-driven listings to 2026’s focus on cash-flowing, profitable businesses backed by blue-chip underwriters. BitGo’s listing and quick on-chain tokenization of shares via platforms like Ondo Finance on Ethereum, Solana, etc. bridges TradFi and crypto, offering regulated exposure to digital asset services.
This could accelerate institutional inflows, as custody providers become gateways for ETFs, tokenized securities, and corporate balance sheets. Volatility in crypto prices could still impact sentiment, and competition in custody is intensifying. But the debut defied recent Bitcoin weakness, suggesting investors view BitGo as less correlated to token swings.
This milestone reinforces crypto’s shift toward institutional-grade infrastructure and mainstream acceptance — a positive sign for long-term adoption even in uncertain markets.