Crypto custody firm BitGo debuted on the New York market with a valuation of $2.59 billion after its shares jumped 24.6% at the open, marking the first major crypto-linked initial public offering of 2026.
BitGo’s stock opened at $22.43 per share, well above its $18 offer price. The company and certain existing shareholders sold 11.8 million shares, pricing the deal above the marketed range of $15 to $17, and raising $212.8 million. The strong debut signals renewed investor appetite for crypto listings following a quiet period after last year’s U.S. government shutdown, when no major crypto firms went public in the fourth quarter.
Analysts said the listing is a key test of market sentiment toward digital asset companies. IPOX research associate Lukas Muehlbauer described BitGo’s IPO as a bellwether for 2026, noting it comes amid lingering volatility after a sharp crypto selloff late last year.
A lighter regulatory stance under U.S. President Donald Trump has helped revive confidence, encouraging other crypto firms such as Grayscale and Kraken to consider public listings. Founded in 2013, BitGo stands out as one of the few profitable crypto firms, reporting net income of $35.3 million in the first nine months of 2025. The company also recently secured approval to convert its trust bank charter into a national one, expanding its U.S. footprint.
