Shares of crypto custodian BitGo jumped sharply in their New York Stock Exchange debut, signaling growing investor appetite for digital asset infrastructure rather than speculative trading platforms. The company priced its initial public offering at $18 per share and opened trading above $22, giving it a valuation of roughly $2 billion. While smaller than some recent crypto listings, the debut reflects a shift in how public markets are engaging with the sector. BitGo has positioned itself as a behind the scenes provider of custody, security, and settlement services for institutional clients, including asset managers and exchange traded fund issuers. Its business model centers on compliance, risk management, and operational reliability, areas that have gained importance as regulation tightens. The opening day performance suggests that investors are increasingly willing to back crypto firms focused on foundational services that mirror traditional financial infrastructure.
BitGo’s role in the market extends beyond custody alone. The firm serves as a custodian for multiple spot crypto exchange traded funds, placing it at the intersection of traditional finance and digital assets. As large institutions seek regulated exposure to crypto without directly holding tokens, demand for secure custody and settlement providers has expanded. This trend has accelerated as volatility and enforcement actions have sidelined more speculative players. Analysts view BitGo’s listing as a test case for whether public investors prefer crypto exposure through revenue generating infrastructure companies rather than token issuers or exchanges tied to trading volumes. The company’s valuation relative to peers reflects this more conservative positioning, prioritizing steady institutional demand over rapid user growth. The IPO also arrives as capital markets reassess how to price crypto firms with tangible services and recurring revenue streams.
In a move that underscores its crypto native roots, BitGo is also making its publicly listed shares available onchain through a partnership with Ondo Finance. The tokenized version of its stock will be accessible across multiple blockchain networks, including Ethereum, Solana, and BNB Chain. This approach reflects a broader push toward tokenization of traditional financial assets, a theme increasingly discussed by large asset managers. By combining a conventional stock market listing with blockchain based distribution, BitGo is positioning itself as both a regulated financial firm and a participant in the next phase of market infrastructure. Its debut offers insight into how Wall Street values crypto plumbing as digital finance matures.
