BitGo vs Circle: Which 2026 public listing offers the safer crypto bet?

Source: Cryptonews Original Title: BitGo vs Circle: Which 2026 public listing offers the safer crypto bet? Original Link: BitGo became the first crypto firm to go public in 2026 with its NYSE listing under the ticker BTGO on January 22, pricing the IPO at $18 per share and raising nearly $213 million at a valuation of roughly $2.08 billion. The stock opened strongly, jumping about 25% in early trading, underscoring market confidence in the company’s growth plans. The listing lands in a market where Bitcoin is trading around $89,800, with 24-hour volume above $34 billion.

BitGo’s Institutional Pitch

Founded in 2013 in Palo Alto, BitGo has built its business around institutional-grade custody, spanning more than 1,550 supported digital assets and over $104 billion in assets under custody. Its revenue engine is service-driven, anchored in wallet solutions, staking, and regulated infrastructure, with the firm emphasizing a fee-based model rather than balance-sheet bets on token prices. The company argues this allows it to “lessen its dependence on the fluctuating asset prices” and pursue a more “stable and safe growth path” as institutions seek compliant crypto rails.

Circle’s Volatility Problem

Circle Internet Group, issuer of USDC, tells a different story in public markets. Over the past 24 hours, Circle’s stock slipped about 2% to $71.20, even after gaining roughly 10% in the last week and nearly 20% over the past month. Over a three-month window, however, Circle shares are still down about 30%, a drawdown tied to heavy “dependency on the economy of its stablecoin issuance,” and therefore on broader market conditions.

Can BitGo Actually Outperform?

Whether BitGo ultimately outperforms Circle will hinge on how investors price this contrast: Circle “makes almost all its profit based on interest on USDC deposits,” while BitGo leans on recurring service fees from institutional clients. In a market where Ethereum has slipped about 4% over 24 hours to roughly €2,650 on some venues, and Solana, XRP and other majors show similar short-term volatility, the appeal of a less price-sensitive, infrastructure-style model is obvious. If institutions continue to migrate into digital assets, BitGo’s historic public offering could mark the starting point for a new class of listed crypto infrastructure plays.