TLDR
- BitGo set its IPO price at $18 per share on Tuesday, surpassing the $15-$17 target range and securing $212.8 million in funding
- The crypto custody platform begins NYSE trading on January 22, 2026 under ticker BTGO with a $2 billion valuation
- Over 80% of BitGo’s revenue comes from custody and staking services, creating stable income unlike trading-focused competitors
- Other crypto IPOs have crashed hard, including Bullish down 40%, Owlting down 90%, and Gemini Space Station down 70%
- The company manages $104 billion in assets and could reach $400 million in annual revenue by 2028 according to VanEck estimates
BitGo Holdings set its initial public offering price at $18 per share late Tuesday. The pricing beats the company’s marketed range of $15 to $17.
The crypto custody firm will collect roughly $212.8 million from the stock sale. The valuation reaches approximately $2 billion when fully diluted shares are included.
BitGo is selling 11,026,365 Class A common shares directly to investors. Current shareholders are offloading 795,230 additional shares.
Trading launches Wednesday on the New York Stock Exchange with ticker symbol BTGO. The sale is expected to finalize on January 23.
Goldman Sachs and Citigroup lead the group of underwriters. BitGo gave underwriters the option to purchase 1.77 million more shares within 30 days.
The higher pricing indicates robust investor appetite for crypto infrastructure plays. BitGo becomes 2026’s first major cryptocurrency company to list publicly.
The company started in 2013 and now ranks among the biggest crypto custodians in America. BitGo’s platform holds $104 billion in digital assets for clients.
Stable Revenue Stream Sets BitGo Apart
BitGo earns money differently than most crypto businesses. Custody and staking services generate over 80% of total revenue.
This creates steadier income than platforms reliant on trading volumes. Annual core revenue sits between $160 million and $170 million.
Trading brings in only a few million dollars of net revenue. The stablecoin business remains in early stages.
VanEck’s Matthew Sigel noted BitGo’s revenues climbed even when crypto markets weakened in 2025. The custody model produces consistent cash flow despite price volatility.
VanEck projects BitGo could generate $400 million in revenue by 2028. The firm estimates EBITDA will exceed $120 million that same year.
These forecasts could support a higher stock price than the IPO level. The custody focus may justify better multiples compared to trading-heavy firms like Coinbase or Galaxy Digital.
Difficult Environment for Crypto Equities
BitGo’s public debut comes after six rough months for crypto stocks. Companies that went public in 2025 have experienced steep losses.
Bullish shares fell more than 40% during this period. Owlting plunged nearly 90% from earlier levels.
Gemini Space Station dropped close to 70%. The CoinDesk 20 index declined about 33% over the same stretch.
Investors have reduced exposure to the crypto sector. Lower token prices and increased caution have pressured valuations industry-wide.
Federal Banking Approval Boosts Credibility
BitGo secured conditional approval for a U.S. banking charter last December. The authorization lets BitGo function as a federally regulated trust bank.
Ripple and Circle obtained similar permissions. This regulatory framework supports institutional client adoption.
BitGo’s accounting statements can look confusing at first glance. Certain trading activities must be recorded at gross amounts under standard rules.
This inflates top-line revenue even though BitGo keeps only a small portion. When analysts remove trading costs, the custody and staking core becomes visible.
The company offers digital wallets, staking, and settlement services beyond custody. BitGo markets itself as infrastructure for institutional crypto adoption rather than speculative trading.
The custody and staking franchise must continue growing for the investment thesis to work. Newer business lines like stablecoins represent future growth options rather than current profit drivers.
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