Shares of crypto custodian BitGo Holdings saw a volatile debut on the New York Stock Exchange on Thursday, surging shortly after the opening bell before giving up most of those gains by the end of the session.
BitGo’s Class A shares began trading under the ticker BTGO after an initial public offering priced at $18 per share. The IPO raised approximately $212.8 million, valuing the company at just over $2 billion.
Early enthusiasm pushed the stock as high as $24.50, around 36% above its offer price, reflecting strong initial demand. However, the rally faded as the session progressed, with selling pressure pulling the shares back toward their IPO level. BTGO closed regular trading at $18.49, up roughly 2.7% on the day. In after-hours trading, the stock hovered near $18.35, only marginally above its debut price.
Market participants said the sharp intraday reversal appeared to reflect short-term positioning and profit-taking, rather than a fundamental shift in views on the company’s valuation. Such price swings are common among newly listed crypto-related firms, where sentiment can move quickly and public-market benchmarks remain limited.
Founded in 2013, BitGo is one of the largest US-based crypto custodians, reporting more than $100 billion in assets held on its platform. The company provides custody, wallet infrastructure, staking, and settlement services primarily to institutional clients, a business model less dependent on trading volumes and more focused on long-term infrastructure and trust.
BitGo’s listing marks the first major crypto-focused IPO of 2026, arriving amid signs of a more stable regulatory backdrop for digital-asset infrastructure firms in the United States. Investors will now be watching whether BTGO can establish a sustained trading range above its offer price once early volatility subsides, a potential signal for other crypto companies weighing public listings this year.
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