BitGo's first day on NYSE rises 20%, with a valuation of up to $2.6 billion, a strong start for the leading crypto custody provider

BitGo’s first day of trading performed surprisingly strong. Founded in 2013, this crypto custody company opened at $18 on the NYSE, and the stock price rose about 20% at one point, with an intraday valuation reaching as high as $2.6 billion. This not only surpasses the pre-IPO valuation of $2.08 billion but also marks the successful launch of the first crypto IPO in 2026. Behind this performance are BitGo’s impressive fundamentals and the market’s continued optimism about crypto infrastructure.

BitGo’s First Day of Trading Performance

Pricing and Fundraising Details

BitGo’s IPO was priced at $18, above the previous suggested range of $15 to $17. The company and existing shareholders sold a total of 11.8 million shares, raising approximately $213 million. This pricing reflects strong market demand for this custody firm. From the initial pricing to the first-day increase, market recognition has been steadily warming.

First Day Trading Performance

The stock rose about 20% on the first day, with an intraday valuation reaching up to $2.6 billion. Compared to the pre-IPO valuation, this indicates that the market further increased its valuation expectations for BitGo after the opening. Such strong first-day performance is uncommon in crypto industry IPOs and reflects genuine investor confidence in companies like BitGo that build crypto infrastructure.

Three Dimensions Supporting Valuation Fundamentals

Rapid Growth in Financial Performance

According to the latest disclosed data, BitGo achieved a profit of $35 million in the first three quarters of 2025. More notably, its revenue side: revenue for the first nine months was about $10 billion, compared to $1.9 billion in the same period last year, a growth of over 400%. The company expects full-year 2025 revenue to be between $16.02 billion and $16.09 billion. Such growth is rare in the crypto industry.

Industry Position in Custody Assets

As of September 30, 2025, BitGo’s platform custody assets totaled approximately $104 billion, supporting over 1,550 digital assets. This figure demonstrates BitGo’s leading position in the crypto custody field. Such a massive asset scale indicates that BitGo has become a crucial infrastructure for institutional investors entering the crypto market.

Stability of Control

CEO Mike Belshe maintains 56% of voting rights post-IPO, ensuring continuity in company decision-making and founder control over the company’s direction. This is an important stability signal for long-term investors.

Market Response and Industry Significance

Mainstream Recognition of Crypto Infrastructure

BitGo’s successful IPO marks that crypto infrastructure companies have gained formal recognition on Wall Street. As the first crypto IPO in 2026, BitGo has demonstrated through actual performance the business viability and market value of such companies. This is a significant milestone for the entire industry.

Emergence of Derivative Opportunities

Just hours after BitGo’s listing, Ondo Finance announced plans to launch tokenized BitGo shares on Solana, Ethereum, and BNB Chain. This reflects the market’s quick response to emerging financial products. Ondo Global Markets, the largest tokenized securities platform by assets under management, has a total locked value of about $466 million and over $6.4 billion in total trading volume, indicating that the tokenized securities market is rapidly growing.

Summary

BitGo’s first day of trading was strong, signaling three important messages: first, the market genuinely recognizes the business prospects of crypto infrastructure companies rather than just speculation; second, BitGo’s own financial performance and asset scale are sufficient to support its valuation, with growth far exceeding industry expectations; third, this event is opening new market opportunities, such as tokenized securities and other innovative products. For the entire crypto industry, BitGo’s successful IPO signifies a shift from wild growth to institutionalization and mainstream acceptance. The next key point to watch is whether the company’s long-term stock performance can live up to the market expectations set on its first day.