BitGo raises $213 million in first crypto IPO of 2026 amid challenging market conditions

A California firm that handles digital currency storage has completed its stock market launch, bringing in more money than expected and becoming the year’s first cryptocurrency business to go public.

BitGo, based in Palo Alto, sold shares Wednesday at $18 each, above the company’s planned price of $15 to $17. The company moved 11.8 million shares and collected $212.8 million from investors. The sale puts BitGo’s total worth at $2.08 billion.

Industry faces challenging market conditions

The offering arrives during a rough patch for American cryptocurrency businesses. Congress is working on a bill that would change how digital assets are regulated, splitting oversight between different government agencies. Large players like Coinbase have raised concerns that the proposed rules could damage key operations.

The industry also took a hit from falling cryptocurrency prices in October. That drop has made investors more cautious and created hurdles for companies hoping to raise money through public stock sales.

Several other cryptocurrency firms are watching BitGo’s Thursday trading debut closely. Asset manager Grayscale and exchange platform Kraken are reportedly planning their own public offerings this year. Earlier in 2025, Circle and Figure went public when market conditions were much stronger, seeing big gains on their first day of trading.

Digital currency businesses got a lift when President Donald Trump took office with friendly policies toward the sector. His administration backed regulations like the GENIUS Act, which focuses on stablecoins. Bitcoin, the biggest cryptocurrency, reached all-time highs during the first half of 2025.

But conditions have worsened recently. Bitcoin is experiencing its longest price decline in 12 months, hurt by two main concerns: uncertainty about Washington’s regulation bill and global political tensions.

Trump’s recent talk of imposing tariffs connected to Greenland acquisition plans shook markets worldwide this week. Stock prices recovered Wednesday after Trump spoke at the World Economic Forum in Davos, Switzerland, saying he would not use military force to take control of the territory.

BitGo made money in 2024 and through the first nine months of last year. The company earns income from digital asset trades, staking rewards from blockchain transaction verification, and various service charges.

Broader implications for upcoming offerings

The company’s performance matters beyond its own success. If BitGo struggles, other startups might delay public offerings planned for this year. Companies watching the situation include artificial intelligence firms Anthropic and OpenAI, Elon Musk’s SpaceX, and cloud data company Databricks.

Another large private company, EquipmentShare, plans to go public this week as well. The construction equipment rental business expects to set its share price Thursday night and begin trading Friday on the Nasdaq exchange under the symbol EQPT. EquipmentShare aims to raise $747 million by selling 30.5 million shares priced between $23.50 and $25.50. At the higher price, the company would be valued at roughly $6.8 billion.