The “Crypto Winter” for IPOs has officially thawed—but only for the profitable.
BitGo (BTGO) surged 24.6% in its New York debut on Thursday, opening at $22.43 (above its $18 offer price) and securing a $2.59 billion valuation. As the first digital asset IPO of 2026, this listing serves as a critical litmus test for the industry.
📊 THE NUMBERS:
- The Pop: Opened +24.6% vs. Offer.
- The Raise: $212.8 million (priced above the marketed range).
- The Fundamentals: Unlike many predecessors, BitGo is profitable, reporting $35.3 million in net income for the first nine months of 2025.
🏦 INFRASTRUCTURE > SPECULATION: BitGo’s success signals a shift in investor appetite.
- The Context: Bitcoin fell 6.4% in 2025 (its first annual loss since 2022). Yet, BitGo succeeded where others stalled.
- The Reason: Investors are differentiating between “Token Price” risk and “Infrastructure” value. By securing a national trust bank charter and positioning itself as a regulated custodian, BitGo offered Wall Street a “picks and shovels” play that is less correlated to day-to-day crypto volatility.
🔮 THE PIPELINE: This successful debut clears the runway for other heavyweights. Grayscale and Kraken are reportedly eyeing 2026 listings, emboldened by the lighter regulatory approach under the Trump administration.
💡 ANALYST TAKEAWAY: The market just sent a clear message: “We will buy Crypto, but we want a balance sheet.” BitGo’s ability to price above range and pop on debut—while Bitcoin is down—proves that the institutional bid is there for companies that prioritize profitability and compliance over growth-at-all-costs.
👇 FinTech Investors: Does BitGo’s pop suggest the IPO window is fully open, or is this specific to “safe haven” custody plays?