BitGo sets IPO at $18, valuing the company around $2 billion, becoming the first crypto firm listed in 2026 in a wary stock market.
BitGo Goes Public
BitGo enters the market with a clear message. The company has set the price of its IPO at $18 per share, valuing the digital asset specialist at around $2 billion. This deliberate positioning goes against a crypto market listed on the stock exchange battered by volatility and trading volume declines.
The company is set to start trading today in New York under the ticker BTGO. This is the first crypto IPO of 2026, in a context where public investors are much more selective than during the peak bull years.
A Delicate Timing for Crypto-listed Companies
The operation comes after a tough period for crypto companies already on the stock markets. Several 2025 listings have shown severe underperformance. Some stocks have lost between 40% and 90% in six months, while the sector’s benchmark has dropped more than 30% over the same period.
This widespread slump reflects a double phenomenon: the decline in cryptocurrency prices and the diminishing appetite for risk. In this context, business models heavily reliant on trading appear fragile, with cyclical and unpredictable revenues.
A Bold Bet on Recurring Revenue
Unlike trading-oriented platforms, BitGo positions itself as a pure institutional custody provider. Digital asset custody and staking services account for over 80% of its revenues, according to analysts’ estimates. This segment is deemed more resilient as it is less exposed to daily volume fluctuations.
Some analysts believe this structure could allow BitGo to generate over $400 million in annual revenue by 2028, with an EBITDA exceeding $120 million. If these projections materialize, it would justify a valuation higher than the IPO price.
Proceed with Caution
BitGo’s financial statements, however, may be misleading. Due to accounting rules, some trading activities must be recorded gross, which artificially inflates revenue without reflecting the true economic value captured.
Once these effects are neutralized, the core model becomes clearer. Custody and staking generate around $160 to $170 million in annual economic revenue. Trading, on the other hand, contributes marginally, while services related to stablecoins are still in their early stages.
For the market, the focus is not on explosive growth in new product lines, but on BitGo’s ability to continue expanding its institutional client base and increasing assets under custody.
A Defensive IPO in a Cautious Market
With a price set at $18, BitGo takes a defensive stance. The company is not looking to maximize its short-term valuation but to attract investors seeking a more predictable and less speculative crypto exposure.
In an environment where most listed crypto values behave like market options, BitGo presents itself as infrastructure. A bet on long-term adoption rather than trading cycles. It remains to be seen if this promise of stability will be enough to convince a market still wary of the sector’s volatility.
