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BitGo IPO Opens 2026 Crypto Listings With Strong NYSE Debut
Crypto custody firm BitGo began trading on the New York Stock Exchange on January 22, becoming the first major crypto company to go public in 2026. The stock trades under the ticker BTGO, with this debut offering exposure to investors in crypto infrastructure through public equity, without requiring direct ownership of digital assets.
BitGo shares opened at $22.43 which represented a gain over the $18 IPO price. The stock advanced to $24.50 during early trading. The session experienced a loss of momentum as time advanced; shares closed at $18.49, representing a small increase of 2.7 percent while market capitalization reached approximately $2.2 billion.
The offering received strong demands from investors. The IPO received 13 times more subscriptions than available shares according to the deal statistics which became public after the listing. BitGo and existing shareholders sold roughly 11.8 million shares which generated total proceeds of $212.8 million.
Institutional Backing and Pricing Details
Goldman Sachs and Citigroup led the underwriting for the transaction. The offering valued BitGo at around $2 billion, placing it below several recent crypto listings that focused on consumer-facing products.
Stablecoin issuer Circle, for example, debuted last year at a valuation close to $7 billion. BitGo operates primarily as a custody and security provider for digital assets. Its client base centers on institutions rather than retail traders. The firm also serves as custodian for multiple spot crypto exchange-traded funds, embedding it within the market’s operational framework.
This positioning allows equity investors to access crypto infrastructure as traditional finance firms expand regulated digital asset services.
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Tokenized Shares and Market Context
BitGo took a different approach from past crypto IPOs by issuing tokenized versions of its shares from the first day of trading. The company has partnered with Ondo Finance for the rollout. Tokenized BTGO shares will be available on blockchain networks, including Ethereum, Solana, and BNB Chain.
This structure allows near-instant access on blockchain rails while reflecting a broader push to move traditional assets onto distributed networks. The IPO also drew participation from YZi Labs, the $10 billion investment arm formerly known as Binance Labs and now led by Changpeng Zhao.
YZi Labs head Ella Zhang pointed to BitGo’s decade-long hack-free record and regulated infrastructure as factors behind the investment. BitGo’s debut follows earlier public listings from Gemini Space Station and Bullish. Firms such as Grayscale and Kraken continue to be cited as potential future candidates.
Conclusion:
BitGo’s NYSE debut marks the first major crypto IPO of 2026, raising $212.8 million and valuing the firm at nearly $2.2 billion. The listing provides investors with equity access to regulated crypto custody infrastructure and introduces tokenized shares across major blockchains, reflecting the evolving capital market structures.
