Crypto custody startup BitGo Holdings BTGO.N priced its U.S. initial public offering above its indicated range on Wednesday, raising $212.8 million and paving the way for the first stock market debut by a digital asset company in 2026.

The Palo Alto, California-based company sold 11.8 million shares at $18 apiece, compared with the marketed range of $15 to $17 per share. The IPO values BitGo at $2.08 billion.

The IPO comes at a fraught moment for the U.S. crypto industry, as lawmakers push ahead with a long-awaited market structure bill that would redraw the lines between securities and commodities oversight, even as major players such as Coinbase warn that it could choke core parts of the business.

The sector has been unsettled by a sharp selloff in cryptocurrencies in October, raising the threshold for investor backing and complicating efforts by companies seeking to tap capital markets.

Crypto-focused asset manager Grayscale and reportedly cryptocurrency exchange Kraken are among the companies looking to test investor appetite through IPOs this year, after BitGo offers the market a litmus test with its debut on Thursday.

In comparison, Circle CRCL.N and Figure FIGR.O made their market debuts earlier in 2025 in a notably bullish environment for digital asset firms, which gave them a massive boost on their first trading session.

The digital asset sector was buoyed by President Donald Trump’s pro‑crypto stance and his administration’s support for regulatory frameworks like the stablecoin‑focused GENIUS Act, which saw Bitcoin — the world's largest cryptocurrency — scale record highs in the first half of 2025.

Founded in 2013, BitGo is one of the largest crypto custody firms in the United States. It stores and protects digital assets for clients, a role that has gained importance as institutional interest in cryptocurrencies rises.

Goldman Sachs GS.N and Citigroup C.N are ‍the lead underwriters for the offering.

BitGo will list on the New York Stock Exchange ​under the symbol "BTGO".

-Bipasha Dey, Pritam Biswas and Pragyan Kalita/Reuters