"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."
"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."
BitGo listed shares at $18, raising more than $212 million and briefly trading up to nearly $24 before settling around $20, valuing the company slightly over $2 billion. Headquartered in Palo Alto, BitGo provides custody, digital asset wallets, and trading, borrowing and lending services for institutional clients and was founded in 2013 with more than 4,900 clients. The company reported estimated 2025 revenue of about $16 billion, more than five times the prior year, attributing growth to increased activity and an expanding client base. The IPO arrives while cryptocurrencies are down and follows tariff threats and stalled crypto legislation. Goldman Sachs and Citi underwrote the offering under the ticker BTGO.
Read at Fortune
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