NEW YORK, Jan 22, 2026, 14:36 EST
- BitGo shares debuted on the NYSE at $22.43, jumping 24.6% above their $18 IPO price
- The crypto custody firm pulled in $212.8 million, pricing shares above the $15–$17 range
- The debut brings crypto IPO plans back into focus amid ongoing regulatory uncertainty and bitcoin’s price swings
BitGo’s stock jumped 24.6% at the open on Thursday in its NYSE debut, pegging the crypto custody firm’s valuation at roughly $2.59 billion. The shares started trading at $22.43, well above the $18 IPO price. 1
The company and some of its investors pulled in $212.8 million by pricing the IPO at $18 per share, above the expected $15 to $17 range. BitGo sold 11.026 million shares, while selling shareholders offloaded 795,230 shares, Bloomberg reported. 2
The deal comes as U.S. lawmakers move forward with a long-awaited “market structure” bill for crypto — aimed at clarifying which regulator will oversee key parts of the industry. Coinbase has cautioned that the proposal could tighten regulations on core aspects of its business, just as the sector struggles to recover from a sharp selloff in digital assets last autumn. 3
BitGo operates in the backbone of crypto markets. Its custody service involves securely holding digital assets for clients—usually institutions requiring strict compliance and robust operational safeguards.
IPOX research associate Lukas Muehlbauer described BitGo’s listing as “the first major bellwether” for crypto offerings this year. He noted the company has positioned itself as “less prone to the day-to-day price movements of bitcoin.” BitGo posted net income of $35.3 million in the first nine months of 2025 and last month secured conditional approval to upgrade its state trust bank charter to a national one, Reuters reported. 4
Other crypto players are on alert. Investors anticipate that asset manager Grayscale and exchange Kraken might pursue listings. Meanwhile, stablecoin issuer Circle already went public last year, when digital-asset stocks were riding a stronger wave.
The market remains volatile. On Thursday, Bitcoin dipped below $90,000, even as BitGo moves forward with its public listing. Investors are still debating if the crypto sector has truly shaken off last year’s steep losses. 5
Early trading offers no clear signal on what’s next. Stocks tied to crypto often swing wildly with token prices, and a change in the regulatory bill—or another drop in bitcoin—could quickly dampen appetite for new deals.
BitGo’s IPO price valued the company at roughly $2.08 billion. But the first trade lifted that to nearly $2.6 billion, a jump bankers and competing crypto firms will watch closely as a test of whether the market is genuinely open or just momentarily ajar.
