Which 2026 public listing offers the safer crypto bet?

BitGo’s 2026 NYSE IPO tests its fee-based custody model against Circle’s USDC interest-revenue engine as investors pick between infrastructure stability and stablecoin volatility.

Summary

BitGo became 2026’s first listed crypto firm with NYSE ticker BTGO, raising about $213 million at roughly a $2.08 billion valuation as shares jumped over 20% intraday.

The custodian leans on institutional wallet, staking, and infrastructure fees across 1,550+ assets and over $100 billion in assets under custody to reduce direct dependence on token prices.

Circle’s CRCL stock, heavily tied to USDC reserve interest, remains volatile despite USDC growth, leaving investors to weigh stablecoin-driven earnings against BitGo’s service-fee model.

BitGo’s debut on the New York Stock Exchange has immediately sharpened the market’s focus on whether the institutional custodian can outpace stablecoin giant Circle in public markets through 2026 and beyond.

Landmark IPO in a hot market

BitGo became the first crypto firm to go public in 2026 with its NYSE listing under the ticker BTGO on January 22, pricing the IPO at 18 dollars per share and raising nearly 213 million dollars at a valuation of roughly 2.08 billion dollars. The stock opened strongly, jumping about 25 percent in early trading, underscoring what the NYSE itself framed as “fresh growth plans” and “why now is the perfect moment to list on the NYSE” in a promotional segment featuring BitGo leadership. The listing lands in a market where Bitcoin is trading around 89,800 dollars, down roughly 0.05 percent over the last 24 hours, with 24‑hour volume above 34 billion dollars.

BitGo’s institutional pitch

Founded in 2013 in Palo Alto, BitGo has built its business around institutional‑grade custody, spanning more than 1,550 supported digital assets and over 104 billion dollars in assets under custody. Its revenue engine is service‑driven, anchored in wallet solutions, staking, and regulated infrastructure, with the firm emphasizing a fee‑based model rather than balance‑sheet bets on token prices. The company argues this allows it to “lessen its dependence on the fluctuating asset prices” and pursue a more “stable and safe growth path” as institutions seek compliant crypto rails.