TLDR
BitGo’s stock opened at $22.43 and spiked to $24.50 before closing at $18.49, up only 2.7% from its $18 IPO price
The crypto custody firm raised $212.8 million and achieved a $2 billion valuation on its first day trading on NYSE
YZi Labs, Changpeng Zhao’s investment firm, became a strategic investor in the IPO
BitGo manages over $100 billion in assets and maintains a decade-long hack-free security record
Competitors Anchorage Digital and Kraken are reportedly planning their own public listings this year
BitGo Holdings kicked off its public trading life with drama on Thursday. The crypto custodian’s shares soared early before crashing back to earth.
Trading began on the New York Stock Exchange under ticker BTGO. The stock opened at $22.43, well above its $18 IPO price.
Enthusiasm pushed shares even higher. BTGO hit an intraday peak of $24.50, representing a 36% gain from the offering price.
But gravity took hold. By closing bell, the stock had tumbled to $18.49.
The 2.7% gain looked weak compared to the morning’s excitement. After-hours trading saw shares drift lower to around $18.35.
The IPO itself exceeded expectations. BitGo priced 11.8 million shares at $18, above the proposed $15-$17 range.
That pricing brought in $212.8 million. The company’s valuation topped $2 billion.
CZ’s Investment Firm Backs BitGo
YZi Labs announced its strategic participation in the offering. The firm, previously called Binance Labs, is led by Changpeng Zhao.
Ella Zhang from YZi Labs praised BitGo’s security credentials. She pointed to the platform’s decade-long record without a single hack.
“BitGo has maintained a hack-free security record for over a decade,” Zhang said. She credited CEO Mike Belshe’s technical foundation.
The investment reflects confidence in regulated crypto infrastructure. BitGo holds $82 billion in assets on platform and serves institutional clients.
Founded in 2013, the company has become a major player in crypto custody. Total assets under management exceed $100 billion.
BitGo offers custody, wallet infrastructure, staking, and settlement services. The company received conditional approval for a U.S. trust bank charter in December.
Market Position and Competition
CEO Mike Belshe emphasized the company’s mission during the debut. “Our mission remains to deliver absolute trust to the digital asset ecosystem,” he stated.
Belshe framed YZi Labs’ investment as validation of compliant infrastructure. He highlighted the combination of BitGo’s security with Binance’s market reach.
The listing arrives as the first major crypto IPO of 2026. Circle went public in June 2025 but has dropped over 2% since.
That performance has sparked debate about BitGo versus Circle. Investors are comparing which custody provider will win in public markets.
Other crypto firms are watching closely. Anchorage Digital is considering an IPO later this year.
Exchanges Kraken and Bitpanda are also exploring listings. Several infrastructure companies are evaluating similar moves.
The regulatory environment has improved for crypto companies. Circle and Ripple also received trust bank charter approvals in December.
This shift has created opportunities for more firms to pursue traditional banking licenses. The stabilizing conditions could encourage additional public offerings.
BTGO stock finished its inaugural session at $18.49, barely above the IPO price after hours of volatile trading that saw gains vanish almost as quickly as they appeared.
