BitGo has officially opened the crypto IPO calendar for 2026, with a debut on the New York Stock Exchange (NYSE) as one of the year’s first major digital asset listings.
It signals a renewed, though selective, return of institutional appetite for the sector.
The Palo Alto–based digital asset infrastructure firm priced its initial public offering at $18 per share. This is above the marketed range of $15 to $17, implying a valuation of roughly $2.1 billion.
The above-range pricing is a notable signal in a still-cautious market environment. Trading begins on January 22 under the ticker BTGO, following pricing a day earlier.
The offering raised approximately $213 million, with a mix of primary shares issued by the company and secondary shares sold by existing shareholders.
Unlike previous crypto listings dominated by trading platforms and retail-driven volatility, BitGo’s pitch to public market investors is centered on custody, compliance, and infrastructure.
Founded in 2013, the company operates as a qualified custodian serving institutional clients. It offers services that span digital asset custody, wallets, lending, staking, liquidity, and infrastructure-as-a-service for stablecoins and crypto applications.
As of September 30, 2025, BitGo reported serving more than 4,900 clients and 1.1 million users across over 100 countries. It also reported supporting more than 1,550 digital assets and managing roughly $104 billion in assets on the platform.
Its client base includes financial institutions, corporations, technology platforms, government agencies, and high-net-worth individuals. This is an audience increasingly prioritizing security, regulatory clarity, and balance-sheet resilience.
That positioning appears well aligned with current market forces. After a turbulent 2024 and uneven recovery in 2025, investors have gravitated toward what analysts describe as a “flight to quality” within crypto. This means favoring regulated, revenue-diversified firms over speculative trading-led models.
BitGo’s IPO was led by Goldman Sachs and Citigroup, alongside a broad syndicate of global banks, suggesting institutional backing.
Why BitGo’s IPO Is Being Read as a Test for Crypto’s Next Public-Market Cycle
Financially, BitGo’s topline figures require careful interpretation. While the company reported billions in gross revenue driven by transaction volumes, net revenue after costs is far slimmer.
This is a common accounting feature among crypto infrastructure firms. Still, investors have pointed to encouraging trends beneath the surface. This includes 56% year-on-year growth in subscriptions and services revenue, which rose to $120.7 million last year.