BitGo Holdings priced its initial public offering at $18 per share and began trading on the New York Stock Exchange, securing market value north of $2 billion. The listing combined a traditional IPO with an on-chain distribution, a move that highlighted investor appetite for crypto infrastructure and introduced a new route for global access to shares.
BitGo set an initial retail range of $15–$17 per share but priced the offering at $18, raising about $212.8 million, according to the filing details included in market coverage. Pre-IPO valuation targets near $1.96 billion were eclipsed by post-IPO market caps reported between $2.1 billion and $2.6 billion, with some outlets citing a $2.59 billion figure.
The debut matters because it tested institutional demand for a custody and infrastructure firm amid recent crypto market volatility. Early trading, the firm’s projections and its tokenized listing method all shaped how market participants interpreted the broader pipeline for crypto equity issuance.
The stock (ticker BTGO) opened at $22.43, roughly a 24.6%–25% jump from the offer price, and reached intra-day highs near $24.50 — a move of as much as 35% on early demand, market data showed. The shares later pared gains and closed in the $18.49–$18.68 range. Secondary-market indications from platforms such as Hiive showed lower prices earlier, near $15.42, underscoring divergence between pre-IPO secondary interest and the NYSE debut.
Financial outlook, strategic moves and market reception
BitGo presented aggressive growth forecasts in its offering documents. The company projected Fiscal Year 2025 revenue between $16.02 billion and $16.10 billion and forecast a swing to net profit of roughly $3.16 million–$3.52 million, against a reported $7 million loss in 2024. Those projections were central to the bullish case investors bought into on the debut.
Beyond topline guidance, BitGo emphasized a crypto-native distribution for some shares through a partnership with Ondo Finance. That tokenized element was cited as a differentiator that broadened access and signaled an experiment in bridging traditional market mechanics with blockchain settlement.
Analysts and market commentators flagged timing and volatility as open risks. While the debut illustrated institutional interest in custody and infrastructure providers, commentators noted that sustaining valuation will depend on execution against the large revenue targets and on how broader crypto market conditions evolve.
For investors and market participants, BitGo’s listing served two functions: it validated demand for infrastructure plays and it acted as an exploratory proof-of-concept for on-chain share distribution. The mixed first-day price action—strong open, muted close—illustrated both enthusiasm and immediate re-pricing as the market digested supply and secondary-market signals.
Looking ahead, investors will watch whether BitGo meets the revenue and profitability targets laid out for FY2025 and how the on-chain distribution performs as a channel for global investors. Those results and subsequent earnings releases will be the clearest test of whether the market’s early optimism can be sustained amid the sector’s volatility.
