Crypto custodian BitGo (BTGO) began trading on the New York Stock Exchange today, opening at $22.43 per share after pricing its IPO at $18 late Wednesday, marking one of the first big-ticket crypto firms to go public this year.
The offering valued the company at around $2 billion — well below other recent crypto listings, such as stablecoin issuer Circle (CRCL), which debuted at nearly $7 billion last year.
BitGo provides custody and security services for digital assets, primarily catering to institutional clients and has quietly become a key part of the crypto market’s back-end infrastructure. The firm is the custodian for several spot crypto exchange-traded funds (ETFs).
The IPO marks one of the first times public equity investors can get direct exposure to crypto infrastructure, making BitGo the bridge between traditional finance and digital assets. This comes at a time when traditional finance is increasingly dipping into the digital asset space — not by trading bitcoin, but by offering clients secure, regulated access to the infrastructure.
“While BitGo will obviously appeal to long-term crypto investors familiar with its service quality and investment potential, we think the offering will also attract institutional investors increasingly familiar with the concierge-level solution set that has helped BitGo win market share,” said Matthew Sigel, head of research at VanEck, in a post on X.
“In our view, BitGo equity is clearly a superior asset relative to most of the 57 digital assets with a market cap >$2B, the vast majority of which have never generated a dollar of net income for holders.”
Tokenization
Unlike most other crypto IPOs, BitGo is taking a more crypto-native approach by putting its shares onchain from day one through a partnership with Ondo Finance.
The tokenized shares of BTGO will be available in blockchain rails, including Ethereum ETH$2,958.77, Solana SOL$128.34 and $BNB Chain $BNB$886.43, giving global investors near-instant access to the newly public custodian.
This approach also aligns with growing trends of moving traditional financial assets onto the blockchain to speed up and improve transaction efficiency. In fact, BlackRock recently said that crypto and tokenization are emerging as trends shaping how investors access markets in 2026.
BitGo’s public debut may test investor appetite for crypto companies that focus on infrastructure and compliance, rather than price speculation. It also opens a window into how Wall Street values crypto firms with revenue and institutional clients, especially as regulatory pressure and market volatility have pushed some high-profile players out of the spotlight.
