Article 1 of 3 Crypto company BitGo signage and logos during the company’s IPO outside the New York Stock Exchange (NYSE) in New York, U.S., January 22, 2026. REUTERS/Brendan McDermid
Jan. 22 (Reuters) – (This Jan. 22 story has been corrected to reflect that BitGo received approval, not conditional approval, to convert its state trust bank charter to a national charter in paragraph 11)
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The cryptocurrency custody company’s stock opened at $22.43 per share, above the offering price of $18.
The listing comes as the cryptocurrency IPO window reopens after lukewarm activity following the U.S. government shutdown late last year. No major crypto-related issuers went public in the United States in the fourth quarter.
“BitGo’s IPO is the first major indicator of the market’s appetite for crypto listings in 2026. While Gemini was listed near the top of the crypto market last year, BitGo is going public on the headwinds of the recent sell-off,” said Lukas Muehlbauer, research associate at IPOX.
A lighter regulatory approach under the Trump administration has boosted sentiment and encouraged several crypto-related companies to tap the capital markets.
Crypto asset manager Grayscale and exchange Kraken are among the industry players seen as IPO candidates in the near term.
However, the sector remains volatile after a sharp decline in the fourth quarter, raising the bar for companies wishing to go public. Bitcoin fell 6.4% in 2025, marking its first annual loss since 2022.
“Promoting itself as a profitable and regulated ‘digital asset infrastructure company’ instead of a pure token play, BitGo is positioned to be less subject to daily Bitcoin price movements,” Muehlbauer said.
Founded in 2013, BitGo is one of the few profitable crypto companies, having reported a net profit of $35.3 million in the first nine months of 2025.
Reporting by Atharva Singh and Arasu Kannagi Basil in Bangalore; Editing by Tasim Zahid and Alan Barona
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