BitGo is emerging as a rare pure play on institutional crypto custody amid a rough patch for publicly listed crypto firms.

The company priced its initial public offering at $18 per share Wednesday, giving investors direct exposure to the digital asset custody business. The IPO values BitGo at roughly $2 billion on a fully diluted basis, a relatively modest entry compared with other crypto-related firms whose valuations often swing with trading volumes. BitGo is scheduled to begin trading Thursday on the New York Stock Exchange under the ticker BTGO.

The IPO comes after a challenging stretch for crypto listings. Several 2025 entrants have underperformed sharply: Bullish, owner of CoinDesk, is down more than 40%; Owlting, a stablecoin infrastructure firm, has fallen nearly 90%; and Gemini Space Station, affiliated with the Winklevoss twins, is off roughly 70%. Over the same period, the CoinDesk 20 Index has slid about 33%, reflecting investor caution amid falling token prices and tighter risk appetite.

Matthew Sigel, head of digital assets research at VanEck, highlighted BitGo’s focus on custody and staking, which account for over 80% of revenue and provide predictable, service-driven earnings. Trading inflates top-line revenue under accounting rules, but custody and staking generate roughly $160–$170 million in real economic revenue annually. Investors are now watching whether this franchise can continue compounding, with newer business lines considered longer-term growth opportunities.