BitGo officially listed on the New York Stock Exchange, marking a new stage in the development of crypto asset infrastructure

Source: TokocryptoBlog Original Title: IPO BitGo Officially Listed on NYSE, Shares Soared Then Fell Original Link: The asset custody company BitGo has officially gone public on the New York Stock Exchange (NYSE) under the ticker symbol BTGO. This move makes BitGo the first major crypto asset company to conduct an IPO in 2026, opening a new door for retail investors to gain exposure to the crypto industry without directly holding digital assets.

According to reports, BitGo’s stock opened at $22.43, up 24.6% from the IPO price of $18. During the initial trading period, the stock even reached $24.50, an increase of about 36%. However, this optimism did not last.

BTGO closed at $18.49, only 2.7% above the offering price, reflecting cautious investor sentiment amid a roughly 29% decline in Bitcoin’s price from its all-time high. Based on this trend, BitGo’s valuation is estimated at approximately $2.2 billion.

Strong IPO Demand

There was very high interest in this IPO. BitGo’s shares were oversubscribed by about 13 times. The company issued approximately 11.8 million shares, raising $212.8 million, with a leading investment bank and Citigroup serving as the main underwriters. Analysts believe that BitGo’s debut signals the beginning of a reopening of the crypto asset IPO market in the United States, especially after the slowdown caused by a partial government shutdown in the fourth quarter.

Founded in 2013, BitGo is known as a pioneer in multi-signature wallet technology. It has now evolved into an institutional custody service provider, major broker, and trading service provider, operating in over 100 countries. The company also acts as the custodian for a certain stablecoin, which is linked to a crypto asset project associated with a former U.S. president. Its regulated custody role is considered crucial for connecting traditional finance with digital assets, especially for institutional investors.

In December last year, BitGo received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to convert into a national bank. This status could enable the company to operate nationwide as a bank and strengthen the infrastructure for institutional capital inflows into the crypto market. The expansion of regulated custody services is seen as lowering entry barriers for institutions and, in the long term, enhancing market liquidity and stability.

Financial Performance and Market Outlook

In terms of performance, BitGo is one of the profitable crypto companies. The company reported a net profit of $156.6 million in 2024, with a net profit of $35.3 million in the first nine months of 2025. Revenue also grew significantly, from $1.9 billion to $10 billion (annualized). Nevertheless, BitGo admits that its main revenue sources remain highly dependent on the volatility of the digital asset market, including trading activities, staking, and subscription income.

Regulatory risk remains a concern for market participants. The U.S. Senate Banking Committee’s vote on the “Cryptocurrency Bill” was delayed due to a compliance platform withdrawing support, citing differing views among banks and crypto companies on stablecoin yield products. Despite this, BitGo CEO Mike Belshe expressed optimism, stating that regulatory changes over the past year have opened the door for all financial institutions to participate, significantly expanding the company’s market potential.