BitGo Holdings, a crypto custody startup, successfully priced its U.S. initial public offering above the initially indicated range, raising $212.8 million. This move potentially marks the first stock market debut by a digital asset company in 2026. The Palo Alto, California-based company sold 11.8 million shares at $18 apiece, exceeding the marketed range of $15 to $17 per share. The IPO values BitGo at $2.08 billion.
The IPO emerges during a complex period for the U.S. crypto industry. Lawmakers are progressing with a market structure bill that aims to clarify the lines between securities and commodities oversight. However, major players like Coinbase have expressed concerns that the bill could stifle core aspects of the business. A sharp selloff in cryptocurrencies in October further unsettled the sector, making it more challenging for companies to secure investor backing and access capital markets.
BitGo, founded in 2013, is one of the largest crypto custody firms in the United States. The company stores and protects digital assets for clients, a service that has become increasingly important as institutional interest in cryptocurrencies grows. Other crypto-focused entities, including asset manager Grayscale and cryptocurrency exchange Kraken, are reportedly considering IPOs this year, following BitGo’s market debut on Thursday as a potential litmus test.
Goldman Sachs and Citigroup acted as the lead underwriters for the offering. In comparison, Circle and Figure made their market debuts earlier in 2025 amidst a more bullish environment, receiving a boost in their initial trading sessions. BitGo will be listed on the New York Stock Exchange under the ticker symbol ‘BTGO’.
