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Analyst doubles down on 2026's first crypto IPO debut today
Cryptocurrency custody company BitGo Holdings is set to begin trading under the ticker "BTGO" on the New York Stock Exchange (NYSE) on Jan. 22.
It is the first crypto IPO of 2026 and the trading community is glued to their screens in anticipation of how BitGo shares will perform on the charts.
BitGo IPO plan
Founded in 2013, BitGo is a crypto company that offers self-custody, regulated trust, and prime brokerage services to institutional clients. It holds $104 billion worth of assets on its platform.
2025 saw a flurry of crypto IPOs as the digital asset market boomed in the first half of the year. On Sep. 19, 2025, BitGo also filed with the Securities and Exchange Commission (SEC) to launch an IPO. Despite the market crash in October, BitGo decided to proceed with its IPO plan.
In an SEC filing last week, the company revealed that it was looking to sell 11.8 million shares with the price range of $15-$17 apiece. On Jan. 20, BitGo priced its IPO at $18 per share, higher than the marketed range. The offering is set at around $212.8 million and is expected to close on Jan. 23. BitGo also granted the underwriters a 30-day option to buy up to an additional 1,770,000 shares. The IPO values BitGo at over $2 billion.
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VanEck analyst calls BitGo equity a 'superior asset'
Matthew Sigel, head of digital assets research at the investment management firm VanEck, noted BitGo's unique position as the first public company offering investors direct exposure to the crypto custody business. Despite what he describes as a "modest" $2 billion valuation, Sigel highlighted the company's growth potential, especially during a tough year for the crypto market.
Sigel praised BitGo's security record, noting the company has not faced any hack losses to date. He estimated that BitGo is on track to generate more than $400 million in revenue and over $120 million in EBITDA by 2028, suggesting a fair market cap of $2.4 billion at $21 per share.
Sigel compared BitGo favorably against crypto giants like Coinbase and Galaxy Digital due to its focus on custody and staking services, which he believes offer more predictable and higher-quality earnings.
BitGo presently holds 2,369 Bitcoin (BTC) on its balance sheet, and Sigel noted that a 33% increase in BTC price could raise the company's market cap by $72 million. In such a case, VanEck would estimate a fair market cap of $3 billion at $26.50 per share for BitGo.
He anticipated BitGo to attract both long-term crypto investors and institutional investors, describing BitGo equity as a "superior asset" compared to many digital assets with similar market caps, most of which, according to him, have not generated net income for holders.
This article has been published in thestreet.com via Yahoo News.
Analyst doubles down on 2026's first crypto IPO debut today
Cryptocurrency custody company BitGo Holdings is set to begin trading under the ticker "BTGO" on the New York Stock Exchange (NYSE) on Jan. 22. It is the first crypto IPO of 2026 and the trading community is glued to their screens in anticipation of how BitGo shares will perform on the charts. ...
finance.yahoo.com
