BitGo set its initial public offering at $18 per share late Wednesday, giving the crypto custodian a fully diluted valuation of roughly $2 billion. The stock is set to begin trading on the New York Stock Exchange Thursday under the ticker BTGO, marking the first crypto-focused IPO of 2026.
The pricing arrives during a rough patch for listed crypto firms. Over the past six months, Bullish (owner of CoinDesk) has dropped more than 40%, stablecoin infrastructure firm Owlting is down nearly 90%, and Gemini Space Station — the Winklevoss-affiliated custody and trading company — has fallen close to 70%. The CoinDesk 20 index slid about 33% over the same period, reflecting broad de-rating as token prices slumped and risk appetite tightened.
Custody and staking drive over 80% of revenue
Matthew Sigel, head of digital assets research at VanEck, said BitGo stands apart from trading-reliant firms like Coinbase or Galaxy Digital. “More than 80% of revenue comes from custody and staking, producing more predictable earnings than transaction-based businesses.” He estimates BitGo could generate over $400 million in revenue and north of $120 million in EBITDA by 2028, supporting a valuation above the IPO price and a premium multiple.
BitGo's financials can appear confusing at first glance. Accounting rules require certain trading activities to be reported on a gross basis, inflating top-line revenue while the economic value retained is small. Stripping out trading costs, core economic revenue stands at roughly $160 million to $170 million annually, with trading contributing only a few million dollars in net revenue. Stablecoin services remain nascent.
The key question for investors: can the custody and staking franchise keep compounding? New business lines are viewed as long-term growth options rather than near-term earnings drivers.