Crypto custody firm BitGo Holdings priced its U.S. initial public offering above expectations on Wednesday, raising $212.8 million and setting the stage for 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 each, exceeding the indicated price range of $15 to $17 per share. The offering values BitGo at approximately $2.08 billion.
IPO arrives amid regulatory uncertainty
BitGo’s listing comes at a sensitive time for the U.S. cryptocurrency industry. Lawmakers are moving forward with a long-awaited market structure bill that could redefine the boundary between securities and commodities regulation. Industry leaders, including Coinbase, have cautioned that the proposed framework could restrict key parts of the business.
Investor sentiment toward digital assets has also been tested following a sharp cryptocurrency selloff in October, raising the bar for companies seeking to access public markets.
More crypto IPOs in focus
BitGo’s debut is expected to serve as a key test of investor appetite ahead of potential listings by other crypto-focused firms. Asset manager Grayscale and cryptocurrency exchange Kraken are among those reportedly considering IPOs later this year.
Earlier in 2025, firms such as Circle and Figure went public during a more bullish period for digital asset companies, benefiting from strong first-day trading gains.
Pro-crypto backdrop supports sector
The broader digital asset market gained momentum in early 2025 amid support from U.S. President Donald Trump, whose administration backed clearer regulatory frameworks, including the stablecoin-focused GENIUS Act. This supportive environment helped Bitcoin reach record highs in the first half of the year.
Founded in 2013, BitGo has grown into one of the largest crypto custody providers in the United States, offering secure storage and protection of digital assets. Its services have become increasingly important as institutional participation in cryptocurrencies continues to expand.
The IPO is being led by Goldman Sachs and Citigroup. BitGo is set to list on the New York Stock Exchange under the ticker symbol BTGO.
