Cryptocurrency management company BitGo (BTGO) began trading on the New York Stock Exchange today, trading at $22.43 per share, after raising its IPO price to $18 late Wednesday, making it one of the first high-value crypto companies to go public this year.
The offering values the company at about $2 billion, significantly lower than recent crypto listings such as stablecoin issuer Circle (CRCL), which debuted at nearly $7 billion last year.
BitGo provides digital asset custody and security services primarily for institutional investors and has quietly become a key part of the crypto market’s backend infrastructure. The company is the custodian of several spot crypto exchange traded funds (ETFs).
The IPO is one of the first times public equity investors have direct access to crypto infrastructure, making BitGo a bridge between traditional finance and digital assets. This comes at a time when traditional finance is increasingly entering the digital asset space by offering customers secure and regulated access to infrastructure rather than trading Bitcoin.
“While it clearly appeals to long-term crypto investors who are familiar with BitGo’s quality of service and investment potential, we believe the service will also attract institutional investors who are increasingly familiar with the concierge-level solution set that has helped BitGo gain market share,” Matthew Siegel, head of research at VanEck, said in a post on X.
“In our view, BitGo stock is a clearly superior asset compared to most of the 57 digital assets with market capitalizations over $2 billion, the majority of which have never generated a single dollar of net income for their holders.”
tokenization
Unlike most other crypto IPOs, BitGo is taking a more crypto-native approach by putting its shares on-chain from day one through a partnership with Ondo Finance.
BTGO’s tokenized shares will be available on blockchain rails including Ethereum Ethereum$2,958.77Solana sol$128.34 and BNB chain BNB$886.43investors around the world will have near-instant access to newly public custodians.
This approach is also in line with the growing trend of moving traditional financial assets to blockchain to speed up and improve transaction efficiency. In fact, BlackRock recently stated that cryptocurrencies and tokenization are emerging as trends that will shape how investors access markets in 2026.
BitGo’s public debut could test investor appetite for a cryptocurrency company that focuses on infrastructure and compliance rather than price speculation. It also opens up an opportunity to learn how Wall Street values crypto companies with revenue and institutional clientele, especially as regulatory pressures and market volatility have pushed some prominent players away from the spotlight.
