There’s a new cryptocurrency company in the stock market — and it seems to be off to a roaring start. Crypto custody startup BitGo Holdings (BTGO) is the first crypto initial public offering (IPO) of 2026, setting its opening price at $18 per share, which was above its marketed range of $15 to $17. The company was able to sell 11.8 million shares, raising $212.8 million.
On Jan. 22, shares then jumped by as much as 35% on the day before paring back most of the gains. But the strong debut indicates that interest in the crypto market remains strong, despite a drop in Bitcoin (BTCUSD) prices in the last several months.
How should investors view BTGO stock as BitGo begins its journey as a publicly traded company? Here’s what to know.
While BitGo just had its IPO, the company is more than a decade old. BitGo was founded in 2013 and claims to be the first to commercialize multi-signature digital wallets. It expanded to providing multiple solutions for digital assets, and launched BitGo Trust Company in 2018 to provide regulated, qualified cold storage — keeping crypto private keys offline — in addition to its hot wallet products that are connected to the internet.
The firm later launched BitGo Prime, a platform for trading, borrowing, and lending digital assets. Today, BitGo provides digital wallets for more than 1,000 tokens across multiple blockchains, and provides access to DeFi and NFT wallets. It is also the sole custodian for Wrapped Bitcoin (WBTCBTC), which is a token on the Ethereum (ETHUSD) blockchain pegged 1:1 to Bitcoin. BitGo operates in more than 90 countries, operating over 9.3 million wallets and holding assets of more than $104 billion on its platform.
The company’s IPO valued BitGo at $2.08 billion.
President Donald Trump’s administration has been notably supportive of the crypto industry, announcing an intention to make the U.S. a major crypto player from the outset of Trump’s second term. The federal government has loosened regulations and supports the growth of digital assets and blockchain technology. So, it’s perhaps unsurprising that there were more than 300 IPOs and blockchain-specific listings in the crypto industry in 2025, with even more likely in 2026. But how have some of the major crypto IPOs in recent memory fared?
|
Company
|
IPO Date
|
IPO Opening Price
|
Current Price
|
Percentage Change
|
|
Coinbase Global (COIN)
|
April 14, 2021
|
$381
|
$217
|
-43%
|
|
Circle Internet Group (CRCL)
|
June 5, 2025
|
$31
|
$71
|
129%
|
|
Bullish (BLSH)
|
Aug. 15, 2025
|
$37
|
$35
|
-5.4%
|
|
Gemini Space Station (GEMI)
|
Sept. 12, 2025
|
$28
|
$10
|
-64%
|
Of these companies, Coinbase is probably considered the most successful, as it has become a leading cryptocurrency exchange operating in more than 100 countries, with more than $400 billion in assets on its platform. Coinbase’s revenue has been growing fast over the last three years, with net income up by 200%.
However, even Coinbase, with a current market capitalization of $58 billion, is trading far below its IPO price. Still, it’s doing far better than Gemini, the cryptocurrency exchange and platform founded by Cameron and Tyler Winklevoss. Gemini reported a net loss of $159.5 million in the third quarter, with loan losses of more than $83 million, and is struggling to tread water.
As you can see, investing in an IPO often means taking some stock losses in the early years. So, what are the prospects for BitGo?
BitGo already has a broad customer base, working with financial institutions, tech platforms, corporations, and some governments — it operates under regulatory frameworks in the U.S., Germany, Singapore, Switzerland, the United Arab Emirates, and more.
While retail investors will likely lean toward companies like Coinbase or Robinhood (HOOD), BitGo has more of an opportunity to service institutional investors, fintech companies, and financial services firms that are looking for ways to capitalize on the growth of blockchain technology and crypto without creating the infrastructure on their own.
The challenge, at least in the short term, will be cryptocurrency prices. Bitcoin is down 24% in the last six months, and that retraction casts a shadow on the entire crypto market.
BitGo may very well be a success, but investors need to be prepared to hold BTGO stock for a long period. History shows us that IPOs, particularly as of late in the crypto market, tend to lose as much as they make as they gain traction.
On the date of publication, Patrick Sanders had a position in: ^ETHUSD. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
