BitGo IPO Debuts Strong on NYSE Amid US Crypto Regulation Debate

Executives from BitGo rang the opening bell at the New York Stock Exchange on Thursday, marking the launch of the company’s long-anticipated IPO. The firm’s Class A common stock was priced at $18 per share, surpassing the expected range of $15 to $17. This premium pricing reflects robust investor appetite for established players in the digital asset infrastructure space. The company offered 111,821,595 shares, raising a potential $213 million and achieving a valuation of nearly $2 billion. This represents a significant step up from its $1.75 billion valuation during its most recent private funding round in 2023.

BitGo’s listing follows a series of high-profile crypto company IPOs over the past year, including Circle in June, Bullish in August, and Gemini in September. This pattern indicates a maturing sector where leading firms are seeking the long-term capital, enhanced transparency, and governance standards associated with public markets. Nick Coombs, managing director of MENA at BitGo, told Decrypt that the decision to pursue a U.S. listing reflects a broader trend among internationally focused firms. “Trading as a public company increases transparency and governance expectations, which resonates with MENA financial institutions that prioritize robust regulatory frameworks and accountability,” Coombs stated.

BitGo’s market debut unfolded against a backdrop of political tension in Washington, D.C., where a proposed U.S. crypto market structure bill faces significant hurdles. A key vote by the Senate Banking Committee was postponed last week, highlighting the contentious nature of the legislation. Further complicating matters, major exchange Coinbase withdrew its support for the bill in its current form. The primary point of contention centers on provisions that could restrict exchanges from offering yield on stablecoins, a feature that has become a flashpoint between the crypto industry and traditional banking groups.

Critics of stablecoin yield argue it could divert funds from traditional banking systems and potentially destabilize national finances. Despite the delay, the Senate Agricultural Committee has confirmed that a markup of the bill will proceed, keeping the legislative process alive. This regulatory uncertainty forms a critical context for BitGo’s IPO, as clarity on market structure rules is seen as vital for sustained institutional participation. Coombs emphasized that progress on U.S. frameworks supporting clear roles for custodians, exchanges, and service providers would help align crypto infrastructure with broader financial standards.

While U.S. regulation remains in flux, BitGo has proactively secured operational licenses in other key jurisdictions, a move that has already borne fruit. The company obtained regulatory approvals to operate in the EU and Dubai last year. According to Coombs, this regulatory clarity, particularly around custody, investor protection, and oversight, has been instrumental in driving institutional engagement. “Since securing VARA licenses for custody and broker-dealer services, we’ve seen increased engagement from regulated exchanges, funds, banks, institutional participants, crypto natives, and fintech platforms in the region,” he explained.

This international strategy highlights a dual-track approach: leveraging the capital and prestige of a U.S. public listing while building a robust, regulated business footprint in regions that have provided clearer digital asset frameworks. BitGo’s IPO, priced strongly above its target range, signals investor confidence in this model. It demonstrates that crypto infrastructure firms can achieve significant public market valuations by appealing to global institutions that prioritize transparency, governance, and regulatory compliance, even as the domestic U.S. regulatory landscape continues to evolve.