BitGo is positioning itself as one of the few pure plays on institutional crypto custody amid a challenging period for recent crypto listings.
The company priced its initial public offering at $18 per share Wednesday, giving investors their first direct exposure to the digital asset custody business. The IPO 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 trading volumes. BitGo is set to begin trading on the New York Stock Exchange Thursday under the ticker BTGO.
The IPO follows a difficult stretch for publicly listed crypto companies. Several 2025 listings have sharply underperformed: Bullish, owner of CoinDesk, is down more than 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 roughly 70%. Over the same period, the CoinDesk 20 Index has declined about 33%, reflecting broad investor caution amid falling token prices and tighter risk appetite.
Matthew Sigel, head of digital assets research at VanEck, said BitGo stands out for its focus on custody and staking, which generate over 80% of revenue and provide predictable, service-driven earnings. He projects the company could surpass $400 million in revenue and $120 million in EBITDA by 2028, supporting a valuation above the IPO price.
While trading activities inflate top-line revenue under accounting rules, BitGo’s core economic value comes from custody and staking, producing roughly $160–$170 million annually. Investors are now focused on whether this franchise can continue to compound, with newer lines seen as long-term growth opportunities.
