What’s more appealing: loads of cash or the ability to avoid the public spotlight and the scrutiny that comes with it? In 2026, more companies are choosing the former, and a crypto company is the first to the party. BitGo made its public market debut last week, serving as both a kickoff for what Wall Street expects to be a monster year for IPOs and a market taste test for digital asset public listings following crypto’s recent nosedive. Bitcoin’s price hit an all-time high of around $126,000 in October, b ...

Crypto hardware wallet manufacturer Ledger has enlisted Goldman Sachs, Jefferies, and Barclays to lead a U.S. initial public offering that could value the company at more than $4 billion as crypto custody becomes a critical infrastructure play for institutional investors. The deal could materialize as soon as this year, although plans remain subject to change, according to people familiar with the matter, as cited in a Financial Times report on Friday. The New York Stock Exchange listing plan adds Ledge ...

(Corrects January 22 story to say BitGo received approval, not conditional approval to convert its state trust bank charter to a national charter ​in paragraph 11) By Atharva Singh and Arasu Kannagi Basil Jan 22 (Reuters) - BitGo hit a $2.59 ‌billion valuation after its stock opened 24.6% higher in their New York debut on Thursday, as investors ‌snapped up shares in 2026's first crypto IPO. The crypto custody firm's stock opened at $22.43 a share, above the $18 offer price. BitGo and some of its backe ...

Shares of BitGo opened 24.6% above their offer price in their New York Stock Exchange debut on Thursday, valuing the crypto custody firm at $2.59 billion. ...

Ondo Finance is planning to make BitGo’s (BTGO) stock available on blockchain rails Thursday, the same day of its public listing on the New York Stock Exchange, giving global investors faster access to the newly public crypto custodian. The tokenized shares will be tradable on Ethereum, Solana and BNB Chain through Ondo Global Markets, the company’s platform for trading traditional financial assets onchain, shortly after it starts trading on NYSE. Ondo claimed the bragging rights of being one of the fir ...

When institutions enter the crypto space, tying billions of dollars to the market, they bring with them a demand for “extra” caution. While compliance with existing regulations is vital, the presence of a regulated custodian to secure assets is even more critical. Custody is the heart of the crypto ecosystem due to its decentralized nature. Every Bitcoin in circulation is secured by a set of private keys that prove ownership. If these keys are lost, there is no way to regain access to the underlying asse ...

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 - BitGo is planning to go public with a valuation target of up to $1.96 billion in its U.S. IPO, aiming to raise $201 million by offering 11.8 million shares priced between $15 and $17 each [2] Industry Trends - The IPO market is expected to maintain momentum into 2026, following a recovery despite challenges such as tariffs and a government shutdown [3] - High-profile IPOs in the previous year included digital asset companies like Circle and Bullish, prompting more crypto firms to pursue public offerings this year [3][4] Market Sentiment - The entry of Circle into the public market signifies a cultural and economic shift, indicating that traditional finance is becoming more receptive to digital assets [4][5] - Recent pressures on AI and tech valuations have led to a "flight to quality," favoring regulated companies over speculative crypto ventures, positioning BitGo as a more defensive option within the sector [5] Future Outlook - BitGo aims to leverage the anticipated market momentum in early 2026, where small and mid-cap index outperformance may create favorable conditions for mid-sized offerings [6] - New digital asset legislation being considered by the Senate could provide both opportunities and challenges for crypto companies, with a clear federal framework potentially unlocking significant institutional capital [6][7]

Core Insights - BitGo positions itself as the only provider offering all custody options described by the SEC, following its recent regulatory approval to operate as a bank, which enhances its institutional services [2][4]. Group 1: Custody Options - BitGo allows institutions to combine self-custody and third-party custody into a single hybrid strategy, creating custom risk profiles that are unique to its platform [3][4]. - The SEC bulletin outlines two primary models of crypto custody, but BitGo enables clients to utilize both models simultaneously, providing flexibility [4]. Group 2: Asset Storage and Security - Under BitGo's framework, 90% of client assets can be stored in BitGo Trust cold storage, ensuring regulatory compliance, insurance, and security, while the remaining 10% can be in self-custody hot wallets for operational flexibility [5]. - This hybrid approach reduces single points of failure, as assets in the trust remain safe even if self-custody keys are lost, unlike traditional exchanges that risk freezing all funds during insolvency [5]. Group 3: Regulatory Compliance and Insurance - BitGo Bank & Trust, NA, a federally chartered national bank, supports the platform's third-party custody solution and is subject to regular SOC 1 Type 2 and SOC 2 Type 2 audits [6]. - The bank supports over 1,400 coins and tokens under segregated accounts, backed by a $250 million insurance policy from Lloyd's of London syndicates [7]. - BitGo maintains strict 1:1 custody standards, ensuring that client assets are not rehypothecated, lent, or commingled [7].

Core Viewpoint - The U.S. Securities and Exchange Commission (SEC) will not pursue enforcement actions against investment advisers and registered funds using state-chartered trust companies for crypto asset custody, providing temporary clarity in a previously uncertain regulatory environment [1][6]. Group 1: Regulatory Clarity - The SEC's letter indicates that state-chartered trusts may be treated as "banks" under the Investment Advisers Act of 1940 and the Investment Company Act of 1940 for safeguarding digital assets [2]. - Investment advisers and regulated funds can now place client crypto holdings and related cash with state-chartered trusts without violating federal custody rules [3][4]. - The SEC's guidance is significant as federal law requires advisers to use a "qualified custodian," typically a national bank or trust company, to hold client assets [4]. Group 2: Conditions and Compliance - Advisers must conduct due diligence to ensure that the state-chartered trust is authorized by its state banking authority for crypto custody, maintains audited financial statements, and has internal controls verified by independent accountants [5]. - Trusts must follow strict policies to protect private keys, segregate client assets, and prohibit rehypothecation without client consent [5]. Group 3: Market Implications - The SEC's no-action position could broaden the crypto custody market, allowing greater participation from firms such as Coinbase, Ripple's Standard Custody, BitGo, and WisdomTree [6][7]. - The additional clarity from the SEC was deemed necessary to address uncertainties regarding the eligibility of state-chartered trusts [7].