BitGo has officially stepped into the public markets—and it did so with momentum.
The Palo Alto–based crypto infrastructure firm priced its long-awaited initial public offering at $18 per share, above its marketed range of $15 to $17, signaling stronger-than-expected investor demand. By the closing bell, BitGo raised $212.8 million, exceeding earlier projections and cementing a $2.08 billion valuation.
For an industry still shaking off years of volatility, BitGo’s debut sends a clear message: investor appetite for crypto infrastructure is back.
BitGo’s Long Road to Wall Street
BitGo has been eyeing an IPO for years, positioning itself as a critical backbone of the digital asset economy. Known for its custody, security, and infrastructure services, the company finally filed for a U.S. listing last September, announcing plans to trade its Class A shares on the New York Stock Exchange under the ticker BTGO.
Earlier this month, BitGo said it was targeting a valuation of up to $1.96 billion, aiming to become the first major crypto IPO of the year. The final pricing surpassed that goal.
At the top of the original range, BitGo would have raised roughly $201 million. Instead, investor demand pushed the deal higher—both in price and proceeds.
Goldman Sachs led the offering, with Citigroup also managing the IPO. Under NYSE rules, BitGo will operate as a “controlled company,” giving its founders and early stakeholders continued influence post-listing.
A Signal for Crypto Infrastructure, Not Speculation
Unlike past crypto IPOs driven by trading hype, BitGo’s public debut reflects growing confidence in the less flashy—but essential—side of crypto: infrastructure.
As institutions increasingly demand regulated custody, compliance, and security solutions, companies like BitGo are becoming foundational rather than speculative. The IPO’s strong pricing suggests Wall Street sees long-term value in that role.
Ripple Takes the Opposite Path
While BitGo embraces the public markets, Ripple Labs is doing the opposite—by choice.
In early January, Ripple President Monica Long confirmed the blockchain payments firm has no plans to go public in 2026. The reason? Ripple doesn’t need the money.
According to Long, companies typically pursue IPOs to access liquidity and expand their investor base—two things Ripple already has in abundance.
Private, Profitable, and Well-Funded
Ripple raised $500 million in November 2025 at a $40 billion valuation, attracting heavyweight backers such as Fortress Investment Group, Citadel Securities, and leading crypto funds. Earlier in 2025, it also completed a $1 billion tender offer at the same valuation.
The company has since repurchased more than 25% of its outstanding shares, reinforcing its confidence and reducing pressure to seek public capital.
In short, Ripple is choosing independence over exposure.
Two Strategies, One Maturing Market
BitGo’s IPO and Ripple’s refusal to list highlight a broader shift in crypto.
Some firms see public markets as a launchpad for growth, validation, and scale. Others, flush with cash and confidence, prefer to stay private and flexible.
Together, these contrasting moves point to a maturing industry—one where going public is no longer a necessity, but a strategic choice.
And with BitGo’s successful debut, crypto’s IPO window may finally be reopening.