BitGo's Big Step into the Stock Market

BitGo Holdings, a major player in the crypto custody world, is about to make its debut on the New York Stock Exchange (NYSE) under the ticker "BTGO. " This event, happening on Jan. 22, marks the first crypto IPO of 2026. People in the trading world are watching closely to see how BitGo's shares will perform. BitGo, established in 2013, offers services like self-custody and prime brokerage to big clients. It manages a whopping $104 billion in assets. The crypto market saw a lot of IPO activity in 2025, with companies like Bullish, Gemini, and Circle going public. BitGo filed its IPO plans with the SEC on Sep. 19, 2025. However, the market took a tumble in October 2025, causing a setback for the crypto industry. Despite this, BitGo pushed forward with its IPO plans. Recently, the company announced it would sell 11. 8 million shares priced between $15 and $17 each. Surprisingly, on Jan. 20, BitGo set its IPO price at $18 per share, higher than expected. The total offering is around $212. 8 million and is expected to close on Jan. 23.BitGo also gave underwriters a 30-day option to buy up to an additional 1, 770, 000 shares. This IPO values BitGo at over $2 billion. Matthew Sigel, head of digital assets research at VanEck, believes BitGo is a unique opportunity. He thinks the company's $2 billion valuation is modest but impressive given the tough market conditions last year. Sigel praised BitGo for its strong security record, noting that the company has never experienced hack losses. He estimates that BitGo will generate over $400 million in revenue and more than $120 million in EBITDA by 2028. Sigel also highlighted that BitGo's custody and staking services provide more stable and higher-quality earnings compared to transaction-oriented businesses. BitGo currently holds 2, 369 Bitcoin (BTC). If the price of BTC goes up by 33%, BitGo's market cap could increase by $72 million. In this scenario, VanEck estimates a fair value market cap of $3 billion at $26. 50 per share for BitGo. This makes BitGo an attractive option for both long-term crypto investors and institutional investors.