BitGo surges 30% in NYSE debut, defies crypto downturn
Crypto custody firm's $212.8 million IPO marks first major digital asset listing of 2026
BitGo Holdings shares surged 29.8% in their New York Stock Exchange debut on Thursday, as the digital asset custody firm became the first major crypto-native company to go public in 2026, defying broader market uncertainty surrounding the cryptocurrency sector.
The stock opened at $22.43 per share, a 24.6% jump from its initial public offering price of $18, and continued to climb in morning trading to approximately $22.91. The strong debut valued the Palo Alto-based company at roughly $2.1 billion based on the offer price, though the opening pop pushed that valuation closer to $2.6 billion.
BitGo and existing shareholders sold 11.8 million shares in the offering, raising $212.8 million. The company had originally marketed the shares in a range of $15 to $17, but priced at the top end of expectations, reflecting robust investor demand despite recent turbulence in digital asset markets. Goldman Sachs and Citigroup served as lead underwriters.
The strong performance stands in stark contrast to the broader cryptocurrency landscape, which has faced headwinds in recent weeks. US Bitcoin spot ETFs experienced outflows of $708.71 million on January 21, the largest single-day withdrawal since mid-November 2025, according to market data. Meanwhile, the Crypto Fear and Greed Index remains in the "fear zone" at 34, up slightly from 32 but indicating continued investor caution.
"BitGo is boldly going public at a time of uncertainty for bitcoin's outlook," MarketWatch noted ahead of the trading debut.
Founded in 2013, BitGo has positioned itself as infrastructure for the digital asset economy, providing secure custody and institutional wallet solutions. The company specializes in offering technology platforms that allow institutional clients to securely manage, utilize, and create digital assets. As traditional financial institutions have increasingly entered the cryptocurrency space, demand for regulated custody solutions has grown substantially.
The successful IPO suggests investors are differentiating between pure-play cryptocurrency tokens and the infrastructure companies that support the broader ecosystem. While Bitcoin and Ethereum both posted modest gains of about 0.7% on Thursday, with Bitcoin trading around $89,853 and Ethereum at $2,986, the enthusiasm for BitGo indicates a selective appetite for crypto-related businesses.
The total cryptocurrency market capitalization increased by 1.5% over the past 24 hours to $3.13 trillion, providing some tailwind for the debut. However, analysts point out that BitGo's focus on custody and infrastructure rather than direct exposure to cryptocurrency price volatility may have insulated it from some of the sector's recent struggles.
BitGo's listing may pave the way for other digital asset companies considering public markets, potentially signaling renewed investor appetite for crypto infrastructure plays. The company's ability to price above its range and deliver a strong first-day pop could encourage similar firms to pursue IPOs in 2026, particularly those with business models tied to institutional adoption rather than retail trading speculation.
The performance will be closely watched by other private companies in the digital asset space that have been waiting for more favorable market conditions to pursue public offerings. With Goldman Sachs and Citigroup backing the deal, traditional Wall Street firms appear confident enough in the crypto custody model to underwrite offerings despite recent market volatility.
Trading volume in BitGo shares was heavy in the early session, indicating strong institutional and retail interest. The company's valuation of approximately $2.1 billion at the IPO price represents a significant premium to its private funding rounds, reflecting investor confidence in the growth potential of institutional crypto infrastructure.