Why BitGo’s $2 Billion IPO Could Outperform Other Crypto Stocks

TLDR

• BitGo priced its IPO at $18 per share, above the marketed range of $15-$17, raising $212.8 million and valuing the company at roughly $2 billion
• The crypto custody firm will begin trading on the New York Stock Exchange on January 22, 2026 under ticker BTGO
• BitGo manages $104 billion in assets and generates over 80% of its revenue from custody and staking services rather than volatile trading activities
• The IPO comes after a difficult period for crypto stocks, with recent listings like Bullish down 40%, Owlting down 90%, and Gemini Space Station down 70%
• Analysts estimate BitGo could generate over $400 million in revenue and $120 million in EBITDA by 2028 due to its predictable, service-driven business model

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BitGo Holdings priced its initial public offering at $18 per share on Tuesday evening. The pricing came in above the company’s marketed range of $15 to $17.

The offering will raise approximately $212.8 million for the crypto custody firm. BitGo is valued at roughly $2 billion on a fully diluted basis.

The company is selling 11,026,365 Class A common shares directly. Existing stockholders are selling an additional 795,230 shares.

Trading begins Wednesday on the New York Stock Exchange under ticker BTGO. The offering is expected to close on January 23.

Goldman Sachs and Citigroup serve as lead book-running managers. BitGo also granted underwriters a 30-day option to purchase up to 1.77 million additional shares.

The pricing reflects strong institutional interest in crypto infrastructure companies. This marks the first major crypto-related IPO of 2026.

BitGo was founded in 2013 and has become one of the largest crypto custodians in the United States. The platform manages $104 billion in assets.

Custody Focus Sets BitGo Apart

The company’s services include custody, wallets, staking, and settlement. Custody and staking account for more than 80% of BitGo’s revenue.

This business model generates more predictable earnings than trading-focused competitors. Matthew Sigel, head of digital assets research at VanEck, said BitGo’s service-driven revenues continued to grow even during weak crypto markets in 2025.

BitGo’s core economic revenue is estimated at $160 million to $170 million annually. Trading contributes only a few million dollars in net revenue.

The custody and staking business produces sticky revenues that are less dependent on crypto price swings. Stablecoin services remain largely nascent for the company.

Challenging Market for Crypto Stocks

BitGo’s listing arrives after a difficult six-month period for publicly traded crypto companies. Several firms that went public in 2025 have sharply underperformed.

Bullish, the owner of CoinDesk, is down more than 40% over that period. Owlting, a stablecoin infrastructure and payments company, has fallen nearly 90%.

Gemini Space Station is down close to 70%. The CoinDesk 20 index has declined about 33% over the same timeframe.

Sigel estimates BitGo could generate more than $400 million in revenue by 2028. He projects over $120 million in EBITDA during the same period.

These projections could justify a valuation above the IPO price. The custody focus may support a premium multiple compared to trading-heavy peers like Coinbase or Galaxy Digital.

BitGo received conditional approval for a U.S. banking charter in December 2025. Ripple and Circle received similar approvals, allowing them to operate as federally regulated trust banks.

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