- BitGo priced its IPO at $18, raising $212.8M, valuing the company near $2B.
- Matthew Sigel sees BitGo as the first pure-play crypto custody stock with steady revenue growth.
- Custody and staking drive over 80% of revenue, keeping earnings stable during weak crypto markets.
BitGo priced its initial public offering (IPO) at $18 per share, above the marketed range of $15-$17, valuing the company at around $2B and raising $212.8 million through the sale of 11.8 million shares under the ticker BTGO.
This marks the first crypto-focused IPO of 2026, and the first public equity tied directly to the digital asset custody business. Unlike exchanges, BitGo revenue does not depend on trading volumes.
VanEck Sees Mispriced Growth
VanEck digital assets head Matthew Sigel views BitGo as a rare pure-play custody business with strong growth amid weak crypto conditions. During 2025, BitGo expanded assets under custody by 96% year over year to $104 billion. Trailing nine-month net revenue reached $140 million, up 65% year over year.
At the current pace, revenue could reach a $240 million annual run rate by year’s end. On the other hand, Coinbase asset growth during the same period stood near 60%, with revenue growth closer to 46%.
Sigel expects BitGo revenue to exceed $400 million by 2028, with EBITDA above $120 million. His base case assumes annual revenue growth of roughly 26% through 2028, slower than recent results but still significant.
More than 80% of BitGo revenue comes from custody and staking services. These lines produce steady fees and repeat institutional clients. Trading activity exists but adds only a few million dollars in net revenue once costs are removed.
Valuation Math and Upside Case
VanEck estimates fair value near $2.4 billion, or about $21 per share. That implies roughly 30% upside from the midpoint of the original offering range. In 2028 estimates, this equals about 20 times enterprise value to EBITDA, above most listed crypto firms.
If Bitcoin trades back above $120,000 within the next year, VanEck places fair value above $3 billion, with a 12‑month target near $26.50 per share. BitGo holds 2,369 Bitcoin on its balance sheet. A 33% move in BTC price would add roughly $72 million in market value, equal to about $0.62 per share.
Related: VeChain’s New BitGo Partnership Enables Regulated Custody for Institutions
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