BitGo made history on January 22, becoming 2026's first crypto IPO. The company listed its shares at $18, raising over $212 million. Trading under the ticker BTGO, the South Dakota-based crypto company offers self-custody, regulated trust, and prime brokerage services to institutional clients.
The opening was nothing short of explosive. Shares rose in early trading, hitting an intra-day high of nearly $24 before settling closer to $20 closer to the end of the trading day. By the final close, shares had surged 24.6%, valuing the company at $2.59 billion, though subsequent volatility saw shares retrace to a closing price of $18.49—a 2.7% gain. For context, BitGo increased the price of its IPO to $18 per share, from the marketed range of $15 to $17.
The enthusiasm is rooted in real growth. The company's total revenue is estimated to be about $16 billion for 2025, up more than five times its revenue from a year prior. More importantly, 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. That matters—especially in a sector notorious for unprofitable startups. Goldman Sachs and Citi are the two main underwriters of the offering.
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. The timing is significant—BitGo attributes its drastic increase in revenue to increased activity from an expanding base of clients, according to its filings with the U.S. Securities and Exchange Commission. Read more on Fortune.