BitGo's IPO opens 2026 and tests public markets, others to follow

BitGo’s initial public offering (IPO) debut marked the first major crypto-related IPO of 2026, ending a quiet stretch for digital asset listings. 

The digital asset custody company priced its shares at $18, above the marketed range, raising approximately $212.8 million and assigning the firm a valuation of around $2.1 billion. Shares began trading on the New York Stock Exchange (NYSE) under the ticker BTGO.

The stock increased more than 20% intraday and briefly traded above $24, as early demand from IPO allocations and short-term traders drove initial momentum. Trading volumes were elevated on the first day.

From day-one pop to post-IPO cooling off

The early enthusiasm proved short-lived. In the sessions that followed, BitGo’s shares slid below the IPO price, falling into the mid-teens and erasing the debut-day gains. By late January, the stock was trading roughly 20% to 25% below its IPO level, with market capitalization declining accordingly.

The pullback unfolded despite relatively stable broader equity indices; analysts noted that this may reflect sector-specific caution rather than a market-wide selloff, while attributing it to factors common to new IPOs: profit-taking by early allocatees, fading momentum and lingering sensitivity to crypto market sentiment.

Historically, high-profile crypto IPOs have often followed a similar trajectory: an initial surge driven by novelty and scarcity, followed by a longer phase of price discovery as public investors reassess valuations against fundamentals and execution risk.

Attention turns to the next wave of crypto IPOs

Despite BitGo’s post-IPO performance, interest in future listings has not disappeared. Recent reports point to growing IPO ambitions among crypto wallet and infrastructure firms, including Ledger, CertiK, Consensys and more.

Hardware crypto wallet manufacturer Ledger has emerged as a prominent name in the near-term IPO pipeline. The company is reported to be targetting a valuation of around $4 billion, materially higher than BitGo’s roughly $2.08 billion valuation at listing. Ledger is said to be planning a listing on the New York Stock Exchange (NYSE), with Goldman Sachs and Barclays acting as lead underwriters.

Blockchain security firm CertiK has also publicly confirmed plans to pursue an IPO, although it’s still in early stages and has not set a definitive timetable. CertiK co-founder and CEO said the firm — currently valued near $2 billion — views a public listing as a goal and it’s actively working towards becoming the first publicly listed Web3 cybersecurity company. 

The company has audited code for thousands of blockchain projects and counts major investors among its backers. However, the IPO planning comes amid broader scrutiny of security and risk in digital asset markets, including questions raised publicly about audit effectiveness and controversies involving past code reviews. 

Ledger and CertiK’s potential listings join a growing pipeline of crypto and Web3 companies exploring public market access in 2026, following last year’s debuts by stablecoin issuers and BitGo’s IPO last week. Although the overall market sentiment remains in the 'fear' zone, the trend points towards a continued interest in bringing infrastructure-focused and security-oriented businesses into the realm of publicly traded equities.

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