Cryptocurrency custody company BitGo Holdings is set to begin trading under the ticker "BTGO" on the New York Stock Exchange (NYSE) on Jan. 22.
It is the first crypto IPO of 2026 and the trading community is glued to their screens in anticipation of how BitGo shares will perform on the charts.
Related: Investor spots opportunity in IPO not 'priced for perfection'
BitGo IPO plan
Founded in 2013, BitGo is a crypto company that offers self-custody, regulated trust, and prime brokerage services to institutional clients. It holds $104 billion worth of assets on its platform.
2025 saw a flurry of crypto IPOs as the digital asset market boomed in the first half of the year:
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Bullish crypto trading exchange (NYSE: BLSH)
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Gemini crypto exchange (Nasdaq: GEMI)
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Stablecoin company Circle (NYSE: CRCL)
On Sep. 19, 2025, BitGo also filed with the Securities and Exchange Commission (SEC) to launch an IPO.
Come October and the market crash dashed the hopes of the crypto industry, from which it is still struggling to recover.
But BitGo didn't retreat and decided to go ahead with its IPO plan.
In an SEC filing last week, the company revealed that it was looking to sell 11.8 million shares with the price range of $15-$17 apiece.
On Jan. 21, BitGo priced its IPO at $18 per share, higher than the marketed range of $15-$17 per share.
The offering is set at around $212.8 million and is expected to close on Jan. 23.
BitGo also granted the underwriters a 30-day option to buy up to an additional 1,770,000 shares.
The IPO values BitGo at over $2 billion.
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VanEck analyst calls BitGo equity a 'superior asset'
Matthew Sigel, head of digital assets research at the investment management firm VanEck, said not only is BitGo the first crypto IPO of 2026, but it will also be the first public company to offer investors direct exposure to the crypto custody business.
Though the $2 billion valuation is "modest," it will be one of the few public crypto companies that likely grew revenues greater than 50% during a "disappointing" crypto market last year, he added.
The analyst said VanEck sees significant upside for BitGo from tokenization and crypto institutionalization amid new SEC rule-making and the possible passage of the CLARITY Act .
Sigel praised BitGo for its "unblemished" record on the security front, as the custody provider has not witnessed any hack losses so far.
The company is on track to generate more than $400 million in revenue and more than $120 million in EBITDA by 2028, he estimated. He also estimated a fair value market cap of $2.4 billion at $21 apiece for BitGo.
Sigel attributed the premium valuation multiple relative to crypto giants like Coinbase (Nasdaq: COIN) or Galaxy Digital (Nasdaq: GLXY) to BitGo's custody and staking services, generating more predictable and higher-quality earnings than transaction-oriented businesses.
BitGo currently holds 2,369 Bitcoin (BTC) on the balance sheet and a BTC price uptick of 33% would raise the company's market cap up by $72 million, he added.
In such a scenario, VanEck would estimate a fair value market cap of $3 billion at $26.50 apiece for the company.
BitGo will appeal to both long-term crypto investors and institutional investors, Sigel said.
He further remarked that BitGo equity is a "superior asset" relative to most of the 57 digital assets with a market cap of more than $2 billion, the vast majority of which have never generated a dollar of net income for holders.
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This story was originally published by TheStreet on Jan 22, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
