BitGo's first day of listing on NYSE surges over 25%, signaling a revival in the cryptocurrency IPO market

Source: BlockMedia Original Title: BitGo’s First Day Listing Shares Jump 25%… Crypto IPO Revival Expectations Resurface Original Link: https://www.blockmedia.co.kr/archives/1035174 The cryptocurrency infrastructure company BitGo, listed on the New York Stock Exchange(NYSE), saw its stock price rise nearly 25% on its first day of trading, signaling a recovery in the sluggish crypto IPO market. The investment enthusiasm suppressed by last year’s digital asset price adjustments is being reignited.

According to reports, BitGo opened at $22.43 on the NYSE, above the $18 IPO price. The IPO price exceeded the initial range, and the company’s valuation surpassed $2 billion. The company and existing shareholders sold approximately 11.8 million shares, raising $212.8 million. Stock ticker: BTGO.

This listing has attracted significant market attention as it is an important milestone for digital asset companies’ IPOs since the downturn in the second half of last year. Following successful listings of stablecoin issuers on compliant platforms and cryptocurrency exchanges, BitGo delivered a strong first-day performance, raising expectations for the entire crypto IPO market.

Founded in 2013 by Silicon Valley entrepreneur Mike Belshe, BitGo leads the industry with multi-signature wallet technology. Its business has expanded to custody, major brokerage services, and institutional trading services. Belshe, the CEO, is one of the well-known figures in the crypto industry publicly supporting digital asset candidates in the 2024 US elections.

BitGo holds reserves for stablecoins issued by a certain political figure’s family crypto project and recently received conditional bank conversion approval from the Office of the Comptroller of the Currency(OCC). Amid accelerating integration of traditional finance and digital assets, the company is advancing within a regulatory framework.

Financial performance has also attracted investor attention. In 2024, BitGo achieved a net profit of $156.6 million, maintaining profitability; in the first nine months of 2025, it earned $35.3 million. Revenue in the first half of 2025 reached $4.19 billion, a significant increase from $1.12 billion in the same period last year. After listing, CEO Belshe will retain over 50% of voting rights.

The company also pointed out risk factors: a large proportion of low-margin custody business, and high-yield activities such as token trading, staking, and subscriptions are sensitive to digital asset price fluctuations. In fact, Bitcoin traded around $89,000 on the day, down about 29% from the peak of $126,000 reached last year.

BitGo’s listing occurred amid ongoing uncertainty in digital asset regulation. The relevant bill vote in the US Senate Banking Committee has been delayed, and conflicts between the banking industry and the crypto sector over stablecoin compensation structures continue. Nevertheless, CEO Belshe stated that regulatory changes last year expanded market participation by financial institutions, and BitGo’s potential market is expected to grow significantly.

Market analysts believe that with plans for several large companies to go public around 2026, BitGo’s first-day performance will serve as an important indicator of the overall future IPO market sentiment.