BitGo Holdings priced its IPO at $18 per share, above the earlier range, with trading set to begin on the NYSE under the ticker BTGO.

The IPO values BitGo at roughly $2.1 billion on a market basis.

The upsized offering drew positive investor response, signaling appetite for new crypto-related listings amid market headwinds.

The offering includes about 795,230 shares from existing BitGo stockholders, with the remainder from new Class A shares issued by BitGo itself.

Custody services are becoming increasingly important in crypto as banks and asset managers broaden exposure to digital assets.

BitGo serves institutions, corporations, technology platforms, government agencies and high-net-worth individuals, emphasizing security, regulatory clarity and balance-sheet resilience.

The market context remains mixed: regulatory hurdles in Washington weigh on Coinbase and Circle, while later crypto listings like Kraken could lift sentiment.

Analysts note topline revenue is boosted by transaction volumes, but net revenue after costs remains tighter; subscriptions and services revenue grew 56% year over year to $120.7 million.

BitGo, a California-based custody specialist founded 13 years ago, derives most revenue from custody, staking and related services rather than trading volume, which is less volatile.

The debut signals renewed investor interest in crypto-related companies amid market stabilization and rising institutional adoption, despite ongoing market uncertainties.

The IPO comes as U.S. crypto regulation stabilizes, following December 2025 conditional approval for a U.S. banking charter alongside Ripple and Circle.

Investor interest is driven by assets under management above $104 billion, nine-month revenue near $140 million (up ~65% YoY) and custody/staking accounting for over 80% of revenue.