BitGo Prices IPO at $18, Crushing Range in $2B Institutional Signal

Custody Giant Command Premium Before NYSE Debut

Crypto custody infrastructure provider BitGo has priced its initial public offering at $18 per share, surpassing its marketed range of $15 to $17. The pricing, which values the Palo Alto-based firm at over $2 billion, signals robust institutional appetite for regulated crypto infrastructure over pure-play trading exposure. BitGo is set to begin trading today on the New York Stock Exchange under the ticker $BTGO.

The offering raised approximately $213 million through the sale of 11.8 million shares, with Goldman Sachs and Citigroup leading the underwriting. By pricing above the range, BitGo defied the sluggish sentiment often plaguing post-2025 crypto equity listings.

The Boring Premium

BitGo’s reception highlights a divergence in how Wall Street allocates capital to the sector. While exchange revenues fluctuate wildly with retail volatility, BitGo pitched itself as the regulated plumbing of the digital asset economy. Its revenue model relies on custody fees and trust administration. Predictable cash flows that institutional investors favor in uncertain regulatory climates.

“The market is no longer betting on speculative narratives but on the bedrock infrastructure securing digital assets,” noted analysts tracking the deal.

Institutional Context

This IPO serves as a litmus test for 2026’s crypto equity market. BitGo’s ability to command a premium valuation ($2B+) despite broader market caution suggests that regulated custody is viewed as a defensive moat. This success puts pressure on other infrastructure-heavy firms delaying their own public debuts to re-evaluate their timelines.