The first crypto IPO of 2026: BitGo goes public and surges 36% before falling back, having raised over $200 million previously

Crypto custodian BitGo (Stock ticker: BTGO) is listed on the New York Stock Exchange, becoming the first crypto company to go public in 2026. Its first-day stock price surged by 36% at one point, and through a partnership with Ondo, it tokenized its shares, with a market value of approximately $2 billion.

BitGo’s first-day trading was highly volatile, with the stock price soaring 36% after opening, reaching a high of $24.50 during the session, but the gains quickly tapered off, ending the day at $18.49, a daily increase of about 2.7%.

Crypto Custodian BitGo Lists on NYSE with Tokenization Tech

Founded in 2013, BitGo primarily provides digital asset custody and security services, mainly serving institutional investors. The platform’s assets under management exceed $100 billion.

According to CoinDesk analysis, BitGo has become a key part of the infrastructure behind the crypto market and is the custodian for several Bitcoin spot ETFs.

Matthew Sigel, Head of Research at VanEck, noted that compared to many digital assets that have never generated net income, BitGo’s equity is clearly a higher-quality asset. Such services attract institutional investors familiar with high-quality solutions.

BitGo’s listing strategy differs from traditional IPOs. They partnered with tokenized asset protocol Ondo Finance to “tokenize” their shares, allowing investors to trade tokenized BTGO shares on blockchains like Ethereum, Solana, and BNB Chain.

This move aligns with the trend previously predicted by BlackRock, where cryptocurrencies and tokenization are expected to become significant forces shaping investor entry into the market.

BitGo Becomes a 2026 Crypto IPO Indicator

With the U.S. regulatory stance on the crypto industry shifting dramatically, BitGo received conditional approval for a trust bank license in December last year.

BitGo’s listing is also seen as an important indicator of market acceptance of crypto infrastructure companies. This IPO, taking place amid a relatively lenient regulatory environment under the Trump administration, will serve as a litmus test for the 2026 crypto IPO market.

The market is closely watching BitGo’s post-listing performance, which will influence other crypto companies considering going public. Currently, competitors like custody provider Anchorage Digital, as well as exchanges such as Kraken and Bitpanda, are evaluating the possibility of IPOs within this year.

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This content is compiled by Crypto Agent from various sources, reviewed and edited by “Crypto City.” It is still in the training phase and may contain logical biases or inaccuracies. The content is for reference only and should not be considered investment advice.