Just about four weeks into 2026, and the crypto industry has its first IPO on the board. BitGo, one of the oldest brands in crypto, listed its shares at $18, raising over $212 million. Shares rose in early trading, hitting an intra-day high of nearly $24 before settling closer to $20 closer to the end of the trading day.
BitGo, headquartered in Palo Alto, provides custody and related services for big crypto investors, and its valuation at listing was slightly over $2 billion.
A flurry of crypto companies went public in 2025, as Trump embraced more favorable policies toward the sector. Stablecoin issuer Circle and the crypto exchange Gemini were among the most notable crypto IPOs last year. They went public when cryptocurrencies like Bitcoin and Ethereum were approaching their all-time highs. Then, in the final few months of the year, cryptocurrencies tumbled, and along with them fell the newly launched crypto stocks like Circle and Gemini.
While BitGo is most well known for its ability to provide digital asset wallets for institutions, it also allows clients to trade, borrow and lend crypto. The company was founded in 2013 and has more than 4,900 clients.
The IPO comes at a time when cryptocurrencies are sputtering. Bitcoin is down 7% in the last week to its current price of $89,000, and is down about 29% since early October, according to Binance. Altcoins like Ethereum and Solana are down 12% and 11%, respectively, in the last week. The most recent downturn follows President Donald Trump’s tariff threats of European nations, and the much-anticipated crypto legislation, the Clarity Act, stalling.
Goldman Sachs and Citi are the two main underwriters of the offering, and BitGo opened under the symbol BTGO on Thursday.
The company’s total revenue is estimated to be about $16 billion for 2025, up more than five times its revenue from a year prior. It attributes such a drastic increase in revenue to increased activity from an expanding base of clients, according to its filings with the U.S. Securities and Exchange Commission.
The company’s filings also lay out the risks inherent to operating as a digital assets company. It acknowledges that the company’s operating results could fluctuate due to the volatile nature of crypto.
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