BitGo prices shares at $18, emphasizing institutional custody business over trading fluctuations

BitGo is emerging as one of the few pure plays on institutional crypto custody and long-term adoption, standing out amid a wave of underperforming recent listings.

The firm priced its initial public offering at $18 per share Wednesday, marking the first crypto-focused IPO of 2026 and giving public investors direct exposure to the digital asset custody business. The offering values BitGo at roughly $2 billion on a fully diluted basis—a relatively modest entry compared with other crypto-related firms, whose valuations are often tied to volatile trading volumes. BitGo is set to begin trading on the New York Stock Exchange Thursday under the ticker BTGO.

The IPO comes after a challenging stretch for publicly listed crypto companies. Several 2025 listings have struggled: Bullish, owner of CoinDesk, is down more than 40%; Owlting, a stablecoin infrastructure and payments firm, has fallen nearly 90%; and Gemini Space Station, the Winklevoss-linked custody and trading firm, is off roughly 70%. Over the same period, the CoinDesk 20 Index has dropped about 33%, reflecting broad investor caution amid falling token prices and tighter risk appetite.

Matthew Sigel, head of digital assets research at VanEck, highlighted BitGo’s focus on custody and staking, which generate over 80% of revenue and produce predictable, service-driven earnings. He projects the firm could exceed $400 million in revenue and $120 million in EBITDA by 2028, supporting a valuation above the IPO price and a premium multiple relative to trading-heavy peers like Coinbase or Galaxy Digital.

While certain trading activities inflate top-line revenue under accounting rules, the company’s core economic value lies in custody and staking, which produce roughly $160–$170 million annually. Trading contributes only a small portion of net revenue, and stablecoin services remain in early stages. Investors are now focused on whether BitGo’s custody and staking franchise can continue compounding, with newer business lines positioned as longer-term growth opportunities.