Group 1 - BitGo is going public with an IPO that priced above the expected range [1] - The valuation of BitGo is set at $2.1 billion [1]

Core Insights - The entry of institutions into the crypto market necessitates heightened caution, particularly regarding compliance and the need for regulated custodians to secure assets [1] - BitGo's public investment listing has generated excitement in both retail and institutional communities, marking it as the first major crypto company to list on a US exchange in 2026 [3][6] - Despite the positive reception of BitGo's IPO, Bitcoin's price remained stable at around $90,000, indicating a cautious market response [4] Company Overview - BitGo is a crypto custodian that manages over $100 billion in assets under custody, providing high-security storage solutions for hedge funds, exchanges, and ETFs [5] - The company raised over $212 million through its IPO by selling 11.8 million Class A shares, with shares debuting at $18, indicating strong demand [7][6] - The IPO was led by major financial institutions including Goldman Sachs and Citigroup, with additional support from Deutsche Bank and Mizuho [8] Market Implications - BitGo's successful IPO serves as a litmus test for other crypto firms, with major players like Grayscale and Kraken closely monitoring its market reception as they consider their own public listings [6] - The strong demand for BitGo shares reflects Wall Street's appetite for crypto infrastructure, even amid a changing regulatory environment [7]

Group 1 - BitGo, a crypto custody firm, priced its U.S. initial public offering (IPO) above its indicated range [1] - The IPO raised a total of $212.8 million [1] - This event marks the first stock market debut by a digital asset company anticipated in 2026 [1]

Core Insights - Figure Technology Solutions emphasizes the need for a critical evaluation of blockchain's advantages over traditional systems, focusing on tangible benefits rather than vague promises [1] - The On-chain Public Equity Network (OPEN) is designed to challenge centralized exchanges, promoting user empowerment and operational efficiency in equity markets [2] User Empowerment and Operational Efficiency - OPEN allows individuals to trade directly using compatible crypto wallets, eliminating the need for intermediaries like brokers [2] - This platform enables self-custody of assets and independent settlement through a limit-order book, fostering a wallet-driven financial ecosystem [3] Enhanced Trading Capabilities - OPEN integrates Figure's DeFi protocol, allowing users to pool diverse digital assets for borrowing, thus expanding possibilities in leveraged trading [3] - The platform introduces transparency in stock lending by creating a public order book for loans, linking parties directly for efficient transactions [4] Settlement Efficiency - OPEN revolutionizes settlement processes by facilitating real-time netting, which reduces costs and capital demands associated with traditional systems [5] - This streamlining of operations allows for high trading volumes while maintaining capital savings [5] Broader Blockchain Impact - Reports from KPMG highlight blockchain's potential to reduce costs and enhance efficiency in financial services, particularly in digital asset trading and risk management [6] - Accenture and PwC emphasize the transformative potential of blockchain in automating processes, enhancing transparency, and digitizing assets [6][7] - Current applications of blockchain include crypto-native services and potential future uses in autonomous transactions and tokenized real-world assets [8]

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. BitGo Is the Year's First Big IPO. SpaceX, OpenAI, and Other Unicorns Could Be Lining Up. By Paul R. La Monica In this article CRCL BitGo is set to begin trading Thursday on the Nasdaq. (Dreamstime) This new year's first bi ...

People walk on a street in downtown Sioux Falls, S.D. (Emily Spartz Weerheim / For The Times) California cryptocurrency startup BitGo has moved to South Dakota ahead of its initial public offering and amid a heated debate about a proposed ballot measure to tax billionaires. Read more: Explaining California's billionaire tax: The proposals, the backlash and the exodus The company that had been based in Palo Alto is now based in Sioux Falls, S.D., according to a December filing to the U.S. Securities and E ...

Core Insights - The financial industry is transitioning from traditional custody, execution, and settlement models to custody-native settlement, with institutions now focusing on which architectural model best fits their operational needs [1][32] Market Developments - Tokenized US Treasuries reached $9.11 billion in November 2025, a significant increase from approximately $1 billion in January 2024, with BlackRock's BUIDL fund holding $2.5 billion across eight blockchains [2][21] - Deutsche Börse Group launched AnchorNote, a custody-native pledging solution, allowing institutional clients to trade across exchanges while keeping assets in regulated custody, marking a significant shift in the market [3][31] - Major acquisitions in the market include Coinbase's acquisition of Deribit for $2.9 billion and Ripple's acquisition of Hidden Road for $1.25 billion, indicating a trend towards vertical integration in the crypto space [4][27] Regulatory Changes - The implementation of MiCA in December 2024 established a comprehensive regulatory framework in Europe, requiring asset segregation and creating a clearer pathway for institutional participation [5][23] - In the US, the SEC rescinded SAB 121 in January 2025, allowing national banks to provide crypto custody without prior approval, further facilitating institutional engagement [5][25] Infrastructure and Technology - Off-exchange settlement infrastructure is emerging to allow assets to remain in custody while facilitating trading across multiple venues, addressing the operational challenges of pre-funding [6][7] - Three primary models for custody-native settlement have emerged: Copper ClearLoop, Fireblocks Off Exchange, and BitGo Go Network, each with distinct advantages and trade-offs [8][32] - Deutsche Börse's AnchorNote utilizes neutral middleware to connect custodians and exchanges, allowing for efficient trading without the need for proprietary custody solutions [15][32] Market Trends and Projections - The institutional crypto custody market is projected to grow from $3.2 billion in 2024 to $27.8 billion by 2033, reflecting a compound annual growth rate (CAGR) of 26.7% [28] - The broader real-world asset (RWA) market, including tokenized Treasuries, is expected to expand significantly, with projections of reaching $2 trillion to $4 trillion by 2030 [22]

Figure stock will be the first public equity trading native on public blockchain; BitGo, Jump Trading Group sign on to supportNEW YORK, Jan. 14, 2026 (GLOBE NEWSWIRE) -- Building on the success of over $20 billion in loans originated on public blockchain, Figure has launched the On-Chain Public Equity Network (OPEN), allowing companies to list their equity native on blockchain. Unlike other tokenization efforts, OPEN equities are blockchain registered, not a tokenized version of Depository Trust and Clearin ...

Company Overview - Bitpanda is one of Europe's leading retail crypto platforms, founded in 2014, with over seven million users [2] - The company accounts for 59.6% of Austria's domestic crypto trading market, according to consultancy firm EY [2] IPO Plans - Bitpanda is reportedly planning an initial public offering (IPO) in the first half of 2026, with a potential valuation between €4 billion ($4.7 billion) and €5 billion ($5.83 billion) [1] - The IPO is planned for Frankfurt's stock exchange, following the decision to rule out a London listing due to lower liquidity [4] Financial Partnerships - The exchange has engaged Goldman Sachs, Citigroup, and Deutsche Bank to assist with the IPO process [3] Market Context - 2025 was noted as a significant year for crypto IPOs, with major debuts from firms like Circle, Bullish, and eToro [5] - Competitors such as Kraken, FalconX, Grayscale, and Blockchain.com are also preparing for public offerings, indicating a trend in the crypto industry towards IPOs [6]

Group 1: Company Overview - KRAKacquisition Corp. is a newly formed SPAC proposing a $250 million public offering [1] - The firm is based in the Cayman Islands and sponsored by an affiliate of crypto exchange Kraken, offering 25 million units at $10 each [2] - The SPAC aims to list shares on Nasdaq under the ticker symbol "KRAQU" and may pursue a merger with any business or industry [3] Group 2: Financial Details - The offering comprises one Class A share and a fraction of a warrant for additional stock purchases [2] - Santander is the sole book-running manager for KRAKacquisition's securities offering [4] Group 3: Market Context - Kraken raised $800 million at a $20 billion valuation in November, with backing from Tribe Capital and other major investors [4] - The filing highlights the role of hard assets as hedges against inflation, emphasizing Bitcoin's emerging status as a decentralized store of value [6]