(Corrects January 22 story to say BitGo received approval, not conditional approval to convert its state trust bank charter to a national ⁠charter in paragraph 11)

By Atharva Singh and Arasu Kannagi Basil

Jan 22 (Reuters) – BitGo hit a $2.59 billion valuation after its stock ⁠opened 24.6% higher in their New York debut on Thursday, as investors snapped up shares in 2026’s first crypto IPO.

The crypto custody firm’s stock opened at $22.43 a share, above the $18 offer price.

BitGo and ⁠some of its backers sold 11.8 million shares above the marketed range of $15 and $17 ‍to raise $212.8 million.

The listing comes as the crypto IPO window reopens following tepid activity after ‌the U.S. government shutdown late last year. No major crypto-linked issuer went public in the U.S. in the fourth quarter.

“BitGo’s IPO is the first major bellwether of the market’s appetite for crypto ​listings in 2026. While Gemini listed near the peak of ⁠the ‌crypto market last year, BitGo is going public into the headwinds of the recent selloff,” IPOX research associate Lukas Muehlbauer said.

A lighter regulatory ‌approach under the Trump administration has boosted sentiment and encouraged several ⁠crypto-linked businesses to tap capital markets.

Crypto asset manager Grayscale and exchange Kraken are among the industry players seen as near-term IPO candidates.

The sector, however, remains volatile after a sharp selloff in the fourth quarter, raising the bar for companies looking to go public. Bitcoin fell ⁠6.4% in 2025, marking its first annual loss since 2022.

“Marketing ‍itself as a profitable and regulated “digital asset infrastructure company” instead of a pure token play, BitGo is positioned to be less prone to the day-to-day price movements of bitcoin,” Muehlbauer said.

Founded in 2013, BitGo is one of the few profitable ‌crypto ‌firms, having reported a net income of $35.3 ​million in the first nine months of 2025.

Last month, BitGo received approval from a top U.S. banking regulator to convert its state trust bank charter to a national charter, allowing it ‌to operate across the country.

(Reporting by Atharva Singh and Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid and Alan Barona)

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