Catenaa, Friday, January 29, 2026- US-based crypto custody firm BitGo opened its stock at $22.43 last week, giving the company a $2.59 billion valuation and marking the first major crypto IPO of 2026. The stock opened 24.6% above its $18 offer price as investors rushed to buy shares in the New York debut.
BitGo and its backers sold 11.8 million shares, raising $212.8 million above the marketed range of $15 to $17.
The IPO comes after a slowdown in crypto listings during the US government shutdown late last year, which paused major public offerings in the sector.
The listing highlights renewed investor interest as lighter regulatory guidance under the Trump administration encourages crypto firms to tap capital markets.
Industry observers said BitGo, positioning itself as a profitable, regulated digital asset infrastructure company, is less exposed to daily cryptocurrency price swings than token-focused businesses.
Founded in 2013, BitGo reported $35.3 million in net income during the first nine months of 2025. The company also recently secured conditional approval to convert its state trust bank charter into a national charter, allowing operations across the U.S.
Despite a volatile crypto market and a 6.4% decline in Bitcoin last year, the IPO signals a rebound for digital asset companies seeking public funding. Other industry players, including Grayscale and Kraken, are expected to explore IPOs in the near term.
