BitGo Debuts on NYSE With $18 Shares, $2B Valuation

Executives from BitGo rang the opening bell at the New York Stock Exchange on Thursday morning, marking the launch of the digital asset infrastructure company’s initial public offering.

The firm’s Class A common stock was priced at $18 per share, above the expected range of $15 to $17. BitGo offered 111,821,595 shares, raising a potential $213 million at a nearly $2 billion valuation. The company was valued at $1.75 billion during its most recent funding round in 2023.

The listing follows IPOs from other prominent crypto companies over the past year, including Circle in June, Bullish in August and Gemini in September.

“BitGo’s decision to pursue a U.S. listing reflects a broader trend among internationally focused firms seeking long-term capital access and credibility with global institutions,” Nick Coombs, managing director of MENA at BitGo, told Decrypt, adding that the launch would strengthen confidence among partners and institutions outside the U.S., including on his turf.

“Trading as a public company increases transparency and governance expectations, which resonates with MENA financial institutions that prioritize robust regulatory frameworks and accountability.”

The IPO arrived amid political tension in Washington over a proposed U.S. crypto market structure bill. A vote by the Senate Banking Committee was postponed last week, while Coinbase withdrew its support for the bill in its current form due to concerns over whether it would restrict exchanges from offering yield on stablecoins. Stablecoin yield has emerged as a point of contention between banking and crypto industry groups, with critics arguing it could divert funds from traditional banking systems and destabilize national finances.

Despite the delay, the Senate Agricultural Committee has confirmed that a markup of the bill will proceed next Tuesday.

BitGo itself obtained licenses to operate in the EU and Dubai last year, and Coombs said clarity in market structure, particularly around custody, investor protection, and regulatory oversight, was important for long-term institutional participation.

“Since securing VARA licenses for custody and broker-dealer services, we’ve seen increased engagement from regulated exchanges, funds, banks, institutional participants, crypto natives, and fintech platforms in the region,” he said.

He added that progress on U.S. regulatory frameworks that support clear roles for custodians, exchanges, and service providers would help align crypto infrastructure with broader financial standards.