Bitgo's Big Bang: The 1st Crypto IPO of 2026
๐๐๐Some listings whisper. BitGo$BitGo Holdings, Inc.(BTGO)$ IPO roared. Priced at USD 18, above its marketed range, Bitgo's shares opened almost 25% higher on its NYSE debut, valuing the firm at over USD 2 billion.
What Does Bitgo Do?
Bitgo was launched in 2013 by Silicon Valley entrepreneur Mike Belshe, who helped pioneer the multi signature wallet or the digital version of a joint bank account, where multiple passwords are required to move funds. Over the years, Bitgo has grown to include services in custody, prime brokerage and institutional trading.
Bitgo currently safeguards the reserves backing USD1, the stablecoin launched last year by President Trump and his family's flagship crypto venture, World Liberty Financial. Bitgo also recently received conditional approval from the Office of the Comptroller of the Currency to convert into a bank.
Is Bitgo Profitable?
Bitgo has been profitable, earning USD 156.6 million in 2024 and USD 35.3 million for the first 9 months of 2025. Bitgo also generated USD 4.19 billion in revenue during the first 6 months of 2025, up from USD 1.12 billion a year earlier.
While Bitgo has traditionally operated in the low margin custody sector, its more lucrative revenue streams which include token trading, staking and subscriptions, remain highly sensitive to the volatile nature of digital assets.
Bitcoin was trading at around USD 89,000 on Thursday, about 29% below its peak of USD 126,000 it reached last year.
Does Bitgo's Oversubscribed IPO Signal Renewed Confidence?
Absolutely and not because of hype. This is because Bitgo represents the part of crypto that institutions actually trust : regulated custody, secure wallets, settlement rails and institutional grade infrastructure.
Bitgo is the "pick and shovel" layer of digital assets - the part that grows even when markets wobble. Analysts have already highlighted that Bitgo's stable fee based revenue model contrasts sharply with the volatility seen in other crypto companies.
Bitgo vs Circle
$Circle Internet Corp.(CRCL)$ is a compliance first, transparency focused stablecoin issuer. It has strong institutional partnerships. Circle issues USDC and earn yield on its reserves. Circle is the 2nd largest stablecoin issuer globally after Tether.
Bitgo is not a stablecoin issuer and does not compete with Circle for liquidity dominance. Bitgo is the infrastructure layer. It deals with custody, wallets, settlement, staking and institutional security.
Bitgo's business model is a fee based services for institutions. It is a leading custodian for institutional crypto assets, not a player in the stablecoin supply race.
Is the Market Ready to Reprice Crypto Service Providers?
Bitgo's successful IPO suggests that the answer is a YES. Circle's stock has been volatile. Bitgo by contrast offers something the market craves in 2026: predictable revenue, regulatory alignment and institutional trust.
Concluding Thoughts
Bitgo did not ride a bull market in crypto. It is a bet on the rails, the vaults and the infrastructure of crypto that survive every cycle. Perhaps this is the spark that starts the market repricing of the entire service layer of digital assets.
As the first crypto IPO of 2026, Bitgo shows the promise and renewed belief in the foundation of crypto after all.
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