BitGo Pares Back First-Day Trading Gains, Closes at $2.6B Market Cap

BitGo BTGO stock closed its first day of trading at $18.68 per share, just above its IPO price of $18.00. After numerous crypto companies went public in 2025, this is a first taste of what is expected to be an equally active year.

BitGo, a crypto custodial and infrastructure company, priced its offering above its targeted range of $15-$17 per share, giving it a fully diluted valuation of $2.1 billion. It was valued at $1.75 billion when it last raised private capital in 2023.

The company and its investors raked in $212.8 million from the offering’s sale of 11.8 million shares. Only 6.7% of the IPO’s shares were sold by existing stockholders. The shares, trading under the ticker “BTGO” on the New York Stock Exchange, opened at $22.43, with the price reaching as high as $23.76 during the day.

The company’s largest shareholders prior to the listings included Redpoint Ventures, Valor Equity Partners, and Craft Ventures.

The IPO indicates continued investor appetite for the sector despite crypto markets’ recent muted levels. The price of bitcoin is down by more than 20% over the last six months and up about 2% since the beginning of 2026. The listing comes as US lawmakers continue to debate key crypto legislation, including the Clarity Act, which aims to set clear rules for the industry and its markets. More recent updates to the bill have been met with pushback from Coinbase and other industry participants.

Last year saw a surge of crypto companies going public. Longtime venture-backed startups, including stablecoin issuer Circle and exchange Gemini, made the leap. Investors expect the pipeline for 2026 to remain robust.

In 2020, BitGo was in talks to be acquired by PayPal, but the deal never came to fruition. The company brought in total revenue of $4.2 billion for the first six months of 2025, up from $3.1 billion for all of 2024. It reported net income of $156.6 million in 2024, compared with a loss of $2.1 billion in 2023.