Crypto market sentiment indicator! BitGo surged as much as 25% on its first day of listing

Cryptocurrency infrastructure company BitGo surged as much as 24.6% on its first day on the New York Stock Exchange. On January 22, BitGo opened sharply higher at $22.43, closing up a modest 2.72% at $18.49. Based on the closing price, BitGo's market value reached $2.1 billion. Earlier, on Wednesday, January 21, the company priced its IPO at $18, raising $212.8 million by selling about 11.8 million shares. BitGo was founded in 2013 by Silicon Valley entrepreneur Belshe, who pioneered the multi-signature wallet—a digital version of a joint bank account that requires multiple passwords to move funds. Over the years, the company has continued to expand, with its business now covering custody, prime brokerage services, and institutional trading. Currently, the company is also responsible for safeguarding the reserves backing USD1, the stablecoin launched by World Liberty Financial in support of President Trump and his family’s cryptocurrency project. The company recently received conditional approval from the U.S. Office of the Comptroller of the Currency to become a bank. The IPO comes at a critical moment for the regulatory environment of the cryptocurrency industry, as the U.S. Senate Banking Committee postponed a key vote on the Clarity Act. Bitcoin was trading at around $89,000 on Thursday, down 15% over the past year and about 29% below last December’s high of $126,000. Profitability Recognized by Investors BitGo’s financial data disclosed last week showed the company has turned a profit. The company earned $156.6 million in 2024, and $35.3 million in the first nine months of 2025. Revenue for the first half of 2025 reached $4.19 billion, a sharp increase from $1.12 billion in the same period last year. BitGo operates in the traditionally low-margin custody sector, but stated in filings that its more profitable revenue streams—including token trading, staking, and subscription services—are highly dependent on the volatility of digital assets. BitGo’s IPO performance follows the successful debuts of stablecoin company Circle Internet Group and the cryptocurrency exchange Bullish, although the overall market enthusiasm is relatively low. Tom Bruni, Head of Market and Retail Investor Insights at StockTwits, said: “People who are deeply focused on the integration of traditional finance and crypto are very excited about this, but beyond that, attention has been somewhat lacking.” Cryptocurrency companies including Bullish and Gemini have reserved a larger proportion of IPO shares for retail investors. Robinhood has offered traders the option to apply for shares of proposed IPOs, including BitGo, saying demand for IPO access has increased significantly over the past year. According to Moomoo U.S. CEO Neil McDonald, that trading platform received a BitGo share allocation of just under 10%. Regulatory Environment at a Critical Juncture After last year's plunge in cryptocurrency prices dampened investor enthusiasm, BitGo’s IPO is seen as an important indicator for the recovery of the cryptocurrency industry. Unfortunately, the U.S. Senate Banking Committee last week postponed a key vote on the crypto market structure bill after Coinbase Global abruptly withdrew its support. The issue of stablecoin yield payments has become the most contentious point in the bill. Banking industry lobby groups argue that while last summer’s Genius Act prohibits stablecoin issuers from paying yields directly to users, it leaves loopholes for incentives provided to partners and third parties. Despite this, Belshe stated: “I think this year will be incredible. Last year’s regulatory changes allowed every financial institution to start participating, which directly doubled our potential market size.” Risk Notice and Disclaimer Markets are risky; investments should be made cautiously. This article does not constitute personal investment advice and does not account for individual users’ unique investment goals, financial circumstances, or needs. Users should consider whether any opinions, views, or conclusions herein suit their particular circumstances. Investing based on this article is done at your own risk.