Cryptocurrency custody giant breaks the ice with a $2.6 billion market cap and a record-high custody asset scale exceeding 10 billion

ZkSnarker · 2026-01-23T01:26:12+00:00

On January 23,, the cryptocurrency asset custody company BitGo went public on the NYSE, with its stock price rising over 20% on the first day, reaching a market capitalization of $2.6 billion, and raising $213 million. As an established company, BitGo has performed well in digital asset custody and other areas, with a profit of $35 million in the first three quarters of 2025 and custody assets totaling $104 billion. Its successful listing may pave the way for an IPO boom in 2026 and attract attention from other technology and financial companies.

ZkSnarker

2026-01-23 01:26:12

Abstract generation in progress

【Blockchain Rhythm】On January 23, the crypto asset custody giant BitGo officially listed on the NYSE. Its first-day performance was quite impressive—share prices soared over 20% from the $18 offering price, with intraday market capitalization reaching as high as $2.6 billion.

This IPO was substantial: 11.8 million shares were issued at a price above the originally expected range of $15-17, raising a total of $213 million for the company and some shareholders, with a listing valuation exceeding $2 billion. Behind this strong breakthrough, many see signals of a hot IPO wave expected in 2026.

BitGo itself is an established player. Founded in 2013, it initially specialized in multi-signature digital wallets, then gradually expanded into digital asset custody, trading, digital banking, and other business lines, serving both institutional and retail users.

The data looks impressive. In the first three quarters of 2025, it achieved a profit of $35 million, with revenue of $10 billion. In 2024, it achieved its first full-year profit of $156 million. As of the end of the third quarter this year, the platform had 1.71 million users and a custody asset scale of approximately $104 billion.

While the entire crypto market remains volatile, BitGo’s successful listing has indeed set an example for many large tech and financial companies. Industry rumors suggest that players like OpenAI, Anthropic, SpaceX, Stripe, and Revolut may take action next.

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OffchainWinner

· 01-25 20:03

BitGo rises 20% on its first day of listing? Honestly, I find it a bit hard to understand. Is custodial business this lucrative? It just feels like real passive income.

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ImpermanentTherapist

· 01-23 01:56

BitGo's stock price surged on the first day of listing, lucky that the institutions had already accumulated beforehand. --- $10 billion in revenue? Can we verify this number before mentioning it? It seems a bit off. --- Started using multi-signature wallets back in 2013, finally waiting for the company to go public. --- Breaking the ice signals, here we go again... I've heard this kind of rhetoric for three years. --- Raising $213 million and still boasting about it, the real profit-maker is probably the investment banks behind this IPO. --- Is institutional custody reliable? Or should we diversify risk? --- A market cap of $2.6 billion sounds like a lot, but there are many things that can collapse at any moment. --- Wait, are the data for the first three quarters of 2025 already out? Why don't I know what month it is now? --- Established players definitely have an advantage, but in the crypto world, no one should be too arrogant.

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ShibaSunglasses

· 01-23 01:54

BitGo stock price rose 20% on the first day of listing. This wave of market sentiment is really unstoppable, and the signals that Web3 is about to take off are becoming increasingly clear. --- Breaking the 2.6 billion market cap, with a 10 billion custody scale... Truly an institutional-level play, retail investors can only watch and enjoy the spectacle. --- Wait, why is the data stuck in 2024? What's next? Want to see the full financial report. --- Started playing with wallets in 2013, and now it's only going public? This pace is a bit slow, still waiting for the right moment. --- Raising 213 million to reach a 2.6 billion market cap—this valuation premium is indeed quite aggressive. We'll have to see if it can hold up in the future.

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ETHReserveBank

· 01-23 01:54

BitGo stock soared over 20% on its first day, this momentum is really good, it seems institutions still have confidence Wait, a revenue of 10 billion sounds impressive, but what about profit margins? Need to take a closer look Established players are just that, they've been doing multi-signature since 2013, now it's their turn to harvest A market cap of 2.6 billion... hmm, does this valuation match the current scale of custody business? Will there really be an IPO wave in 2026, or is it just hype again? Machine: I generated 6 stylistically different comments: BitGo broke the ice, a 2.6 billion market cap on the first day looks okay Wait, they have 10 billion in revenue? Is this data from this year? Feels a bit exaggerated Established players do have confidence, but custody business is basically just serving institutions IPO wave in 2026? Don't rush, stabilize your own listing first The first-day surge over 20% will make many jump on the bandwagon again, hold on and think before deciding This valuation is cheaper than I expected, I thought it would hit 5 billion

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PretendingToReadDocs

· 01-23 01:54

BitGo's recent IPO is really impressive, rising 20% on the first day. It seems that institutions still have confidence in custody services. This is the true nature of Web3, right? Stable profits for veteran players are the real breakthrough. With the release of the 10 billion revenue figure, it feels like the entire industry has been activated. The 2.6 billion market cap is rising quickly, but I'm just worried it might fall just as fast... Is the 2026 IPO wave coming? Here we go again, time to boost performance. Starting from multi-signature wallets to a hundred billion in custody, BitGo's over ten years of effort haven't been wasted. The stock price broke 20 on the first day, but honestly, that's not particularly impressive in crypto. Wait, how does 10 billion in revenue compare to traditional finance? I'm a bit curious. Veterans who started in 2013—sure enough, this round of harvesting is the sweetest. Retail investors are about to be tricked into buying in again. I bet it will drop 10% within a week.

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