Crypto custody firm BitGo has successfully priced its US initial public offering above expectations, raising $212.8 million and marking the first digital asset IPO of 2026.
The Palo Alto, California-based company sold 11.8 million shares at $18 each, exceeding its marketed range of $15 to $17 per share. The offering values BitGo at approximately $2.08 billion, signaling renewed investor appetite for select crypto-focused firms despite recent market volatility.
BitGo’s debut arrives at a delicate moment for the US cryptocurrency industry. Lawmakers are advancing long-awaited market-structure legislation that could redefine the boundary between securities and commodities oversight, reshaping how digital asset businesses operate.
Several industry participants, including Coinbase, have warned that aspects of the proposed framework could constrain core business models, adding uncertainty for firms planning public listings. Against this backdrop, BitGo’s ability to price above range is being viewed as an early litmus test for crypto IPO sentiment in 2026.
The offering also follows a sharp selloff in cryptocurrencies in October, which dampened broader risk appetite and raised the bar for companies seeking to tap public markets. While investor scrutiny has intensified, BitGo’s strong pricing suggests demand remains for firms with clear institutional relevance and established revenue models.
Other crypto-focused companies are reportedly keeping a close eye on the situation. Asset manager Grayscale and cryptocurrency exchange Kraken are among those considering IPOs this year, potentially using BitGo’s performance as a benchmark.
BitGo’s listing contrasts with the notably stronger market conditions seen in early 2025, when firms such as Circle and Figure made their public debuts. Those offerings benefited from a more bullish environment for digital assets, delivering strong first-day trading gains. Since then, volatility has returned, forcing investors to be more selective and placing greater emphasis on fundamentals, governance, and regulatory positioning.
The digital asset sector was buoyed in the first half of 2025 by President Donald Trump’s pro-crypto stance and the administration’s support for clearer regulatory frameworks, including the stablecoin-focused GENIUS Act.
These developments helped drive Bitcoin to record highs earlier in the year and reinforced institutional interest in crypto infrastructure providers such as custody and settlement firms.
Founded in 2013, BitGo is one of the largest crypto custody firms in the United States, providing secure storage and protection of digital assets for institutional clients. As traditional financial institutions increase their exposure to cryptocurrencies, custody has become a critical layer of market infrastructure.
Goldman Sachs and Citigroup led the IPO. BitGo will list on the New York Stock Exchange under the ticker symbol BTGO, with trading expected to begin on Thursday.
In conclusion, BitGo’s successful $212.8 million US IPO highlights the growing maturity and institutional interest in the cryptocurrency sector. This milestone reinforces the firm’s position as a leading crypto custodian and signals increased confidence in digital assets across global markets, including the Money Middle East. Investors and industry watchers will be closely monitoring how BitGo leverages this funding to expand its services and influence in the evolving crypto world.
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