BitGo’s $18 IPO Ignites 2026 as Wall Street Backs Crypto Custody

TLDR

• BitGo debuts at $18, launching 2026’s first crypto IPO with a $2B valuation.
• BitGo’s NYSE listing highlights growing trust in regulated crypto custody models.
• Custody-driven revenue helps BitGo stand firm amid volatile crypto markets.
• BitGo raises $212M to expand institutional digital asset infrastructure globally.
• The IPO sets a new benchmark for crypto service firms entering public markets.

BitGo opened 2026 with a major public listing that priced its IPO at $18 per share and marked a defining moment for crypto custody. The move signaled renewed confidence in stable digital asset infrastructure, and the debut created the first crypto-focused IPO of the year. BitGo entered the market with a fully diluted valuation near $2 billion as activity accelerated.

BitGo’s Position Strengthens as Trading Begins

BitGo started trading on the New York Stock Exchange under the ticker BTGO, and the launch followed months of sector pressure. Public crypto firms recorded sharp declines through late 2025, yet BitGo advanced with a custody-led model that produced steadier revenue. Consequently, the listing shaped new expectations for crypto exposure in public markets.

The company structured the IPO to support expansion, and it raised more than $212 million through the sale of 11.8 million Class A shares. Most shares came directly from BitGo, and the structure indicated a strong push for development rather than insider liquidity. Furthermore, the opening price reflected clear demand for the firm’s custody framework.

BitGo leaned on its long history in digital asset security, and it emphasized a platform designed for institutions that require regulated control. The firm manages more than $100 billion in assets across custody and staking, and it built operations through market cycles. Therefore, the public listing created new visibility for service-based digital asset businesses.

Custody Economics Underpin BitGo’s Growth Path

BitGo generated most of its economic revenue from custody and staking, and these segments accounted for more than 80% of activity. Trading produced limited net revenue because accounting rules required gross reporting, and this obscured the core business at first glance. However, adjusted financials clarified that custody delivered stable earnings across varied market conditions.

Analysts projected that BitGo could reach more than $400 million in revenue by 2028, and they expected EBITDA above $120 million. These estimates placed the company in a stronger position than transaction-driven peers because service fees remained consistent. As a result, the firm entered the market with a model designed to withstand token volatility.

BitGo positioned newer business lines as future opportunities, and the company emphasized growth rather than near-term earnings. Stablecoin activity remained early, yet the broader custody platform attracted strong interest. Hence, the IPO created a new benchmark for digital asset infrastructure as 2026 began.

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