Investors are watching closely as the BitGo IPO tests sentiment toward digital assets on the New York Stock Exchange.
Summary
BitGo opens 2026 IPO calendar with $2.2 billion valuation
BitGo Holdings is set to list on the New York Stock Exchange today after pricing its initial public offering at $18 per share, above the marketed range. The deal raised $212.8 million, valuing the crypto custody specialist at $2.2 billion and marking the first major crypto IPO of 2026.
Founded in 2013, the company has built an institutional-focused business around custody, wallet security, staking, and treasury management. Moreover, BitGo now secures tens of billions of dollars in digital assets for a global roster of hedge funds, exchanges, fintech companies, and corporations.
Institutional-grade custody at the core of BitGo’s business
The firm’s core model centers on providing institutional-grade crypto custody services with a focus on security, compliance, and operational resilience. However, its offering has expanded to include staking infrastructure, trading connectivity, and treasury solutions tailored to professional investors.
BitGo positions itself as an institutional custody solution designed to meet the needs of large asset managers and corporate treasuries as they move deeper into digital assets. That said, the NYSE listing is expected to increase transparency around revenues and growth metrics in the still-evolving segment of regulated crypto infrastructure.
Key regulatory milestone with OCC trust bank approval
In early December 2025, BitGo secured conditional US OCC approval from the Office of the Comptroller of the Currency to become a national trust bank. The designation allows the company to offer federally regulated custody nationwide without having to obtain separate licenses in each state.
This national trust bank framework is viewed as a crucial regulatory milestone for custody providers handling large institutional flows. Moreover, it aligns BitGo with broader efforts in Washington to bring crypto intermediaries under familiar banking-style oversight while still allowing for innovation around blockchain infrastructure.
The OCC’s approach echoes similar conditional approvals granted to Fidelity Digital Assets, Paxos, Circle, and Ripple in late 2025. However, the timing of BitGo’s approval, just ahead of its stock market listing, underscores the importance of regulatory clarity for investors evaluating long-term business models in digital asset custody.
BitGo IPO in context of 2025 crypto listings
The BitGo IPO follows a wave of strong crypto-related listings in 2025 that helped normalize public-market access for blockchain firms. Circle, issuer of the USDC stablecoin, delivered a sharp rally on its debut, drawing significant institutional interest.
Figure, a blockchain infrastructure company, also recorded robust early gains after going public, reinforcing appetite for businesses building underlying rails for tokenization and on-chain financial services. Moreover, those listings set valuation benchmarks that investors are now using to assess BitGo’s public market profile.
Market backdrop: Bitcoin consolidation and risk sentiment
BitGo’s NYSE listing lands at a delicate moment for digital assets, with Bitcoin under persistent bitcoin price pressure. The largest cryptocurrency has struggled to sustain any break above $90,000 since slipping below that threshold in November 2025.
That said, equity investors have continued to differentiate between token prices and the long-term earnings power of infrastructure providers like custody firms. As a result, the BitGo deal is being watched as a potential crypto market barometer for how public markets value service providers during a consolidation phase in spot prices.
What BitGo’s debut means for crypto finance
Analysts say the transaction could influence how capital flows into other regulated providers of custody services crypto institutions increasingly demand. Moreover, the company’s combination of national trust bank status and public listing may become a template for peers seeking both regulatory approval and access to equity markets.
If trading holds up well after the first session, the offering may encourage additional filings from digital asset infrastructure groups in 2026. In summary, BitGo’s move onto the NYSE signals growing integration between traditional finance and on-chain markets, even as prices for major tokens remain volatile.
