BitGo is positioning itself as one of the few pure plays on institutional crypto custody amid a challenging period for public crypto listings.
The company priced its IPO at $18 per share Wednesday, offering investors direct exposure to digital asset custody. The deal values BitGo at roughly $2 billion on a fully diluted basis, a relatively modest entry compared with other crypto-related firms, whose valuations often fluctuate with trading volumes. BitGo is set to begin trading Thursday on the New York Stock Exchange under the ticker BTGO.
The IPO comes after several 2025 crypto listings underperformed sharply. Bullish, owner of CoinDesk, is down more than 40%; Owlting, a stablecoin infrastructure firm, has fallen nearly 90%; and Gemini Space Station, affiliated with the Winklevoss twins, is off about 70%. Over the same period, the CoinDesk 20 Index slid roughly 33%, reflecting broad investor caution amid falling token prices.
Matthew Sigel, head of digital assets research at VanEck, noted that BitGo’s focus on custody and staking—accounting for over 80% of revenue—provides predictable, service-driven earnings. While trading inflates top-line revenue, custody and staking generate an estimated $160–$170 million annually. Investors are watching whether this franchise can continue compounding, with newer business lines viewed as longer-term growth opportunities.
