BitGo Opens 2026 IPO Window: Shares Pop, Fade, and Secure CZ Backing
BitGo (BTGO) debuts on NYSE with a $2.2B valuation and backing from CZ’s YZi Labs, though opening gains faded to a 2.7% close.
Crypto custody firm BitGo became the first industry unicorn to test public markets in 2026, debuting on the New York Stock Exchange Thursday under the ticker BTGO. The listing serves as a critical bellwether for digital asset infrastructure, pricing at the top of its range before volatility took hold.
The Trade
BitGo priced its 11.8 million share offering at $18.00, exceeding the projected $15-$17 bracket. Demand was immediate. The stock opened at $22.43 (+24.6%) and surged to an intraday high of $24.50, valuing the custodian at approximately $2.6 billion. Momentum stalled by mid-afternoon.
Selling pressure forced a retreat to a closing price of $18.49, a modest 2.7% gain on the offer price. While the "pop-and-fade" dynamic suggests retail caution, the firm successfully raised $212.8 million, cementing a valuation north of $2.2 billion.
The Institutional Receipt
The headline backer is YZi Labs, the investment vehicle of Binance co-founders Changpeng Zhao (CZ) and Yi He. The firm, formerly Binance Labs, identified BitGo as a "cornerstone asset" for the cycle. In a disclosure surrounding the IPO, YZi Labs Head Ella Zhang cited BitGo’s "hack-free security record" as the primary driver for the capital allocation.
"BitGo’s impeccable reputation in security, maintained for over a decade without a single breach, is direct evidence of the strong technical foundation laid by its founder and CEO Mike Belshe."
Profitability as a Moat
Unlike many crypto entrants that rely on projected growth, BitGo sold investors on current cash flow. The company’s S-1 filing revealed a net income of $156.6 million for 2024. This contrasts sharply with the cash-burn models of previous cycles. The firm holds over $100 billion in assets under custody (AUC), positioning it as a regulated counterweight to offshore exchanges.
The IPO’s tepid close signals that while institutional appetite exists for profitable infrastructure, the market remains selective. Goldman Sachs and Citigroup led the book-running, indicating that Wall Street is reopening the lane for crypto equities, provided the balance sheet, like BitGo’s, is undeniably black.
