BitGo, a crypto infrastructure company, opened at $22.43 on its NYSE debut, up 25% from its $18 IPO price. The shares briefly touched $24.50 intraday before closing at $18.49, valuing the company at about $2.1 billion. The IPO was priced after strong demand from institutional investors, marking BitGo as one of the first major crypto firms to go public this year. The company was initially targeting an $15–17 range before the final price of $18 was set.
BitGo is among the few crypto firms that reported profitability, with net income of $35.3 million in the first nine months of last year. Revenue reached $4.19 billion in the same period, reflecting a substantial year-over-year increase as the company broadened its services beyond custody. Founded in 2013 by Mike Velshi, BitGo built its security framework around multi-signature wallets, which underpinned its early growth focused on institutional custody before expanding into brokerage and trading services. Beyond custody, BitGo serves as an infrastructure provider and custodian for USD1, a stablecoin linked to World Liberty Financial led by the Trump family, illustrating the firm’s expanding role in crypto liquidity infrastructure.
Leave a Reply