Crypto custody firm BitGo has raised $212.8 million in its initial public offering, marking the first such debut by a digital asset company this year. The company priced shares at $18 each, above its initial range, and saw its stock rise on the New York Stock Exchange. This IPO arrives amid challenges in the crypto sector, serving as a test for future listings.
BitGo, a crypto custody company, completed its initial public offering on January 22, 2026, raising $212.8 million and achieving a valuation of $2.08 billion. This figure exceeded the $1.96 billion the firm had targeted earlier in the month. Shares were priced at $18 per share late on Wednesday, surpassing the marketed range of $15 to $17, and the stock opened higher in its NYSE debut, reflecting investor interest in the infrastructure supporting the crypto ecosystem.
The IPO is the first by a digital asset firm in 2026, a year expected to see a supercycle of public offerings. Investors appear to be betting on BitGo's role in the 'plumbing' of the crypto world, providing secure custody services as digital assets integrate into mainstream finance. As Reuters noted, the debut comes at a fraught time for the sector: U.S. lawmakers are drafting a market structure bill to define boundaries between securities and commodities oversight, with crypto firms warning it could impede operations. Additionally, a steep selloff in October has raised the bar for investor support and access to capital markets.
BitGo's listing offers a litmus test for other crypto companies eyeing public markets this year, such as asset manager Grayscale and exchange Kraken. In contrast, firms like Circle and Figure, which listed last year in a more favorable environment, enjoyed significant gains in their initial trading sessions.
The importance of crypto custody underscores the event's context. As one report explained, 'Before blockchain, the act of trusting in the digital world always relied on intermediaries... Blockchain inverted that logic,' yet institutions still require custodians to hold digital asset keys, bridging decentralized technology with traditional finance.
