BitGo (BTGO) Prices IPO at $18, Raising Over $212M at $2.1B Valuation

Crypto custody firm BitGo Holdings priced its initial public offering (IPO) at $18 a share above the market range. It values the firm at about $2.1 billion ahead of its debut on the New York Stock Exchange under the ticker BTGO on Thursday.

BitGo Raises Over $212 Million at $18 IPO Price

Palo Alto, California-based BitGo sold 11.8 million shares in its highly anticipated US IPO at $18 per share, exceeding the previously marketed range of $15-$17, according to an official announcement.

The IPO values BitGo at nearly $2.1 billion after raising $212.8 million. It is the first crypto firm to go public in 2026, with trading set to begin on the New York Stock Exchange under the ticker BTGO on January 22.

The IPO is led by underwriters including Goldman Sachs and Citigroup. Underwriters have a 30-day option to purchase up to 1.77 million additional shares.

The higher-than-expected pricing reflects strong institutional interest in crypto infrastructure firms. Unlike trading platforms, BitGo focuses on crypto financial services such as institutional-grade custody, cold wallets, trading, and staking.

Why Is BitGo IPO Witnessing Strong Demand?

BitGo reported over $104 billion in assets under management, an almost 100% increase YoY. Recent financials show nine-month revenues up 65% YoY to almost $140 million, reflecting growth in custody services amid rising crypto adoption.

Matthew Sigel, head of digital assets research at VanEck, noted that BitGo is among the few crypto companies to grow revenues despite last year’s weak crypto market. He compared this to Coinbase, which increased assets under management by 60% and net revenues by 46%.

Sigel projects that BitGo could generate over $400 million in revenue and more than $120 million in EBITDA by 2028, supporting a valuation above the IPO price. He points to BitGo’s focus on custody and staking services, which he says account for more than 80% of revenue and produce more predictable earnings than crypto trading businesses.

We think the offering will also attract institutional investors increasingly familiar with the concierge-level solution set that has helped BitGo win market share.

VanEck estimated BitGo’s fair value market capitalization at $2.4 billion, representing a 30% upside from the midpoint of the offering range. Matthew Sigel believes the tokenization push by regulators, institutionalization of digital assets, and potential passage of the market structure bill could benefit the company.

How BTGO Stock May Perform amid Crypto Market Uncertainty?

BitGo’s IPO launches during a period of heightened volatility in the crypto market. Macro concerns, delays in the CLARITY Act bill, forced liquidations, and weak technical indicators have pushed Bitcoin’s price below $90,000.

Notably, crypto stocks such as Gemini Space Station (GEMI) and Bullish (BLSH), which debuted near the October crypto crash, have experienced significant price declines. Grayscale and Kraken are expected to go public later this year.

However, BTGO stock could see a strong debut today, considering IPO oversubscription and pricing above the marketed range at $18. BitGo securing a national trust bank charter from the OCC and its massive assets under custody also positioned the stock to surge higher. However, sustained performance will depend on Bitcoin and crypto market conditions.