The crypto asset custodian company BitGo officially listed on the New York Stock Exchange on January 22, marking the first major crypto asset IPO in 2026. The stock is traded under the ticker symbol BTGO.
This listing signifies an increasing opening for institutional capital to enter the crypto asset market, while also providing retail investors with a new way to gain exposure to industry growth without having to hold tokens directly.
Shares surged 25% at the opening, only rising 2.7% at the closing.
BitGo shares opened at US$22.43, or 24.6% above the IPO price of US$18, and briefly rose to US$24.50 or a premium of 36%. However, the stock then fell back and closed at US$18.49, just 2.7% above the offering price. The company's market capitalization is estimated to reach around US$2.2 billion.
This IPO was oversubscribed by about 13 times, indicating very strong investor interest. BitGo and existing shareholders offered about 11.8 million shares, successfully raising US$212.8 million. Goldman Sachs and Citigroup acted as the lead underwriters.
Directional Indicator for Crypto IPO in 2026
BitGo's listing is seen as a signal that the crypto asset IPO market is beginning to reopen after previously stalling in the fourth quarter following the US government shutdown. Analysts predict that BitGo's IPO will be a key indicator of market appetite for crypto asset listings in 2026.
Last year, Circle, Gemini Space Station, and Bullish also successfully debuted in the market. With Grayscale and Kraken rumored to be the next IPO candidates, BitGo's performance could influence prices and sentiment in the upcoming listing process.
What Does Institutional Infrastructure Expansion Mean for the Market?
Founded in 2013, BitGo became a pioneer in multi-signature wallet technology and has now expanded to institutional-grade custody services, prime brokerage, and trading services. The company operates in more than 100 countries.
BitGo is also the custodian of USD1, a stablecoin launched by World Liberty Financial, which is a crypto asset project involving the Trump family. The custodian's role is to securely store and manage clients' assets— for crypto assets, this means protecting the private key from being hacked or stolen. Regulated and trusted custodians are crucial for institutional investors looking to enter the crypto asset space and become an important infrastructure bridge between traditional finance and digital assets.
Specifically, BitGo received conditional approval last month from the Office of the Comptroller of the Currency to change its status to a national bank, potentially allowing it to operate as a bank nationwide. This further strengthens the infrastructure for institutional capital transition to the crypto asset market.
The expansion of regulated custody solutions further reduces barriers for institutional investors, thereby potentially increasing market liquidity and price stability in the long term.
Profitability Proven, but Volatility Risk Still Exists
BitGo has become one of the crypto asset companies that can demonstrate profitability. The company reported a net profit of US$156.6 million in 2024 and US$35.3 million for the first nine months of 2025. Revenue surged from US$1.9 billion to US$10 billion year-on-year during the same period.
Nevertheless, BitGo stated in its filing with the SEC that the main sources of income—including token trading, staking, and subscriptions—are still very sensitive to the volatility of digital assets. Currently, Bitcoin is trading at around US$89,000, down 29% from the record high of over US$126,000 reached last year.
Regulatory Uncertainty Adds Another Variable
Regulatory challenges are still looming. A crucial vote in the Senate Banking Committee on the Clarity Act was postponed last week after Coinbase suddenly withdrew its support due to disputes between banks and crypto asset companies related to yield stablecoin products.
Despite this, BitGo CEO Mike Belshe remains optimistic. He told the Wall Street Journal that last year's regulatory changes allowed all financial institutions to participate in the market, thus immediately doubling the company's potential market size.
