BitGo Holdings made its Wall Street debut today, and investors are clearly excited. The crypto custody firm hit a $2.59 billion valuation after its stock opened 24.6% higher in their New York debut on Thursday, as investors snapped up shares in 2026's first crypto IPO. The crypto custody firm's stock opened at $22.43 a share, above the $18 offer price. That's a major win for the company's first day of trading.
What makes BitGo's debut especially impressive is the timing. Bitcoin fell 6.4% in 2025, marking its first annual loss since 2022. Yet the offering reflects strong investor demand as public market appetite for crypto-related infrastructure shows signs of recovery. BitGo priced its upsized IPO at $18.00 per share offering an aggregate of 11,821,595 shares of Class A common stock. This price beat the original $15-$17 range, showing serious confidence from underwriters and early investors.
Founded in 2013, BitGo is one of the few profitable crypto firms, having reported a net income of $35.3 million in the first nine months of 2025. Marketing itself as a profitable and regulated "digital asset infrastructure company" instead of a pure token play, BitGo is positioned to be less prone to the day-to-day price movements of bitcoin. Last month, BitGo received conditional approval from a top U.S. banking regulator to convert its state trust bank charter to a national charter, allowing it to operate across the country. These fundamentals help explain why investors are treating this debut seriously.
The strong opening suggests crypto infrastructure firms might be on the comeback trail. Market participants view BitGo's IPO as a potential bellwether for the 2026 crypto IPO pipeline with its post-listing performance likely to influence whether other digital asset infrastructure and services firms pursue public listings in the months ahead.