BitGo sets IPO price at $18, highlighting custody growth despite crypto market volatility

BitGo is positioning itself as one of the few pure plays on institutional crypto custody and long-term adoption, following a period of underperformance among recent crypto listings.

The firm priced its initial public offering at $18 per share late Wednesday, marking the first crypto-focused IPO of 2026 and offering public investors direct exposure to the digital asset custody business. The pricing 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 volatile trading volumes. BitGo is set to begin trading on the New York Stock Exchange on Thursday under the ticker BTGO.

The IPO comes amid a challenging stretch for publicly listed crypto companies, as market volatility has weighed on returns. Several 2025 listings have underperformed sharply: Bullish, owner of CoinDesk, is down over 40%, Owlting, a stablecoin infrastructure and payments firm, has fallen nearly 90%, and Gemini Space Station, the Winklevoss-linked custody and trading company, is off about 70%. Over the same period, the CoinDesk 20 Index has slid roughly 33%, reflecting broad investor caution in the sector amid falling token prices and tighter risk appetite.

Matthew Sigel, head of digital assets research at VanEck, noted that BitGo stands out for its focus on custody, with service-driven revenues that continued to grow even through 2025’s weak market conditions. He projects BitGo could generate more than $400 million in revenue and over $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.

Custody and staking services account for over 80% of BitGo’s revenue, producing more predictable earnings than transaction-based businesses. While certain trading activities inflate top-line revenue under accounting rules, the company’s core economic value is concentrated in custody and staking, which generate an estimated $160–$170 million annually. Trading contributes only a small net revenue, and stablecoin services remain largely in early stages.

Investors are now focused on whether BitGo’s custody and staking business can continue to compound over time, with newer initiatives viewed as long-term growth opportunities rather than immediate earnings drivers.