BitGo is poised to become the first cryptocurrency company to list in the United States this year after pricing its initial public offering above expectations, in a milestone debut for the digital asset industry amid ongoing regulatory and market uncertainty.
The Palo Alto-based firm, one of the largest crypto custody providers in the US, said on Wednesday it raised $212.8 million after pricing shares at $18 apiece.
The offer price exceeded the marketed range of $15 to $17, implying a valuation of roughly $2 billion.
Shares are expected to begin trading on the New York Stock Exchange on Thursday under the ticker BTGO.
A rare pure-play crypto custody listing
BitGo’s listing stands out in a sector dominated by exchanges, miners, and software firms.
The company focuses on safeguarding digital assets for institutional clients, generating revenue from custody services, trading, staking, and related fees.
Matthew Sigel, head of digital assets research at VanEck, said the IPO offers investors rare exposure to the crypto custody business at a relatively modest valuation.
$BTGO BitGo is the first crypto IPO of 2026 and will be the first publicly traded company to offer investors pure-play exposure to the crypto custody business. At a relatively modest $2B market capitalization, it is also one of the few publicly traded crypto-related businesses
He added that BitGo was among the few crypto-related companies that likely achieved revenue growth of more than 50% during 2025, despite what he described as disappointing conditions across crypto markets.
Sigel said BitGo could benefit from the rapid expansion of tokenised real-world assets and the increasing institutional adoption of digital assets, trends he expects to be reinforced by regulatory changes and possible new legislation.
“While BitGo will obviously appeal to long-term crypto investors familiar with its service quality and investment potential, we think the offering will also attract institutional investors increasingly familiar with the concierge-level solution set that has helped BitGo win market share. In our view, BitGo equity is clearly a superior asset relative to most of the 57 digital assets with a market cap >$2B, the vast majority of which have never generated a dollar of net income for holders,” he said.
Regulatory headwinds cloud broader sector
The IPO comes at a delicate moment for the crypto industry, which remains caught between rising institutional interest and unresolved regulatory tensions in Washington.
Hopes for clearer market rules were dented last week after a Senate Banking Committee vote on crypto market-structure legislation was postponed.
Sentiment was further hit after Coinbase chief executive Brian Armstrong said the exchange could not support the bill in its current form, warning that proposed amendments could undermine stablecoin rewards.
While other crypto firms have backed the legislation, analysts say Coinbase’s opposition could complicate its path through Congress.
Crypto markets entered 2026 on a weak footing following a sharp selloff late last year that erased more than $19 billion in leveraged positions.
Prices have stabilised somewhat after easing tensions between the US and the EU over Greenland, though volatility remains elevated.
Tariffs and courts add to uncertainty
Market attention is now shifting to the US Supreme Court, which has yet to rule on whether President Donald Trump exceeded his authority in imposing sweeping tariffs.
Emir Ibrahim, an analyst at Zerocap, said the decision could have a significant impact on risk sentiment across markets, including crypto.
While investors appear less sensitive to tariff threats against US allies than they were last year, Ibrahim said a clear ruling could still trigger sharp moves.
Profitability and heavyweight advisers
BitGo reported a net profit of $35.3 million in the first nine months of 2025, setting it apart from many crypto firms that continue to burn cash.
Goldman Sachs, Citigroup, and Deutsche Bank Securities are advising on the offering.
As public markets reopen cautiously to crypto listings, BitGo’s performance could shape investor appetite for future deals in the sector.
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