BitGo has officially kicked off the crypto IPO season 2026. The company is starting with a listing on the New York Stock Exchange (NYSE) as one of the first major digital asset listings of the year.
This shows that institutional investors are again showing more interest in the sector, but are proceeding very selectively.
BitGo starts with a focus on custody – first crypto IPO opportunity for 2026
The digital asset company from Palo Alto has set its IPO at $18 per share. This is above the originally targeted range of $15 to $17 and implies a valuation of about $2.1 billion.
The high offering price is a clear sign, although the market remains cautious. Trading starts on January 22 under the ticker BTGO, after the price was set the day before.
The offering raised approximately 213 million USD. Both new shares of BitGo were issued and shares from existing shareholders were sold.
Unlike previous crypto IPOs, which were mostly characterized by trading platforms and high volatility for retail investors, BitGo focuses on custody, regulation, and infrastructure for its IPO.
BitGo was founded in 2013 and operates as a regulated custodian for institutional clients. The company offers services such as digital custody, crypto wallets, lending, staking, liquidity, as well as infrastructure services for stablecoins and crypto applications.
On September 30, 2025, BitGo reported that it serves more than 4,900 customers and 1.1 million users in over 100 countries. The company also supported more than 1,550 digital assets and managed about 104 billion USD on its own platform.
Clients include financial institutions, companies, technology platforms, authorities, and wealthy individuals. These groups are increasingly valuing security, clear rules, and a stable balance sheet in the crypto sector.
This strategy aligns well with current market trends. After a difficult year in 2024 and an uneven recovery in 2025, investors are reportedly focusing on quality, preferring regulated, diversified companies over pure trading models with high risk.
The IPO of BitGo was accompanied by Goldman Sachs and Citigroup, along with a wide network of international banks. This speaks to strong institutional interest.
BitGo IPO: Will this IPO serve as a benchmark for the next crypto bull market?
From a financial perspective, the numbers from BitGo need to be analyzed carefully. Although the company reports billions in gross revenue from transactions, significantly less remains after deducting costs.
This image is typical for many crypto infrastructure firms. Nevertheless, important growth trends show good developments. For example, revenue from subscriptions and services rose by 56 percent to 120.7 million USD last year.
This IPO is also taking place at a time when many expect a slow restart of the stock markets for 2026, especially among fintech and crypto companies.
Companies like Kraken, Revolut, and others are also considered potential candidates if the markets stabilize. The success of BitGo could show how much risk investors are willing to take with crypto stocks and under what conditions this is possible.
The investment firm Pantera Capital sees 2026 as the largest year for crypto IPOs to date. The forecast is based on the fact that 2025 has already significantly strengthened the market for public crypto companies and provides momentum.
The increasing interest confirms crypto firms, with the VC firm naming several accelerating factors that indicate even more momentum in 2026.