BitGo, the giant in digital asset custody, has finally entered Wall Street.

This Tuesday, BitGo (ticker: BTGO) officially listed on the New York Stock Exchange, with an opening price of $18, breaking through the initial underwriting range of $15-$17. This price signal is very clear—the market appetite for infrastructure companies like this is much larger than expected.

In terms of fundraising, BitGo issued approximately 11.82 million Class A common shares, raising $212.8 million. Fully diluted, the company's valuation is about $2.2 billion, making it the first IPO case in the crypto industry in 2026. Goldman Sachs and Citigroup jointly served as underwriters; these two traditional financial giants are willing to put their names on the prospectus, which in itself indicates a significant shift—institutional-grade crypto asset custody has long moved from a niche demand to a mainstream trend.

Data speaks volumes. As of September 2025, BitGo's assets under custody reached $104 billion, serving over 4,900 institutional clients. This is no small number. From traditional security measures like multi-signature and cold wallets to recently obtaining federal chartered digital asset bank status, BitGo has been deepening its compliance and security measures.

This IPO actually reflects a larger trend: traditional financial institutions are truly beginning to demand crypto asset custody. From marginal services to essential needs, this shift is not only reflected in prices but also in the types of institutions entering the market.