BitGo hit the New York Stock Exchange on Thursday, marking the first major crypto IPO of 2026. Hours later, YZi Labs confirmed it had taken a strategic stake in the offering.
YZi Labs, the $10 billion investment arm run by Binance co-founder Changpeng Zhao, did not reveal how much it invested. But the fund made its position clear: regulated crypto infrastructure in the U.S. will be “inevitably vital” as more institutional money enters digital assets.
BitGo shares opened at $18, above the $15-$17 range the company had marketed. Early trading saw BTGO jump 36% to $24.50 before pulling back sharply. The stock closed at $18.49, up just 2.72% from the IPO price.
The offering raised roughly $212.8 million and valued BitGo at $2 billion. Goldman Sachs and Citigroup served as lead underwriters.
Ella Zhang, head of YZi Labs, pointed to BitGo’s security track record as the key factor behind the investment.
“BitGo has maintained a hack-free security record for over a decade, a testament to the technical foundation laid by its inventor and CEO, Mike Belshe – not only a Bitcoin OG but a pioneer architect of the modern web through his early work at Netscape and Google Chrome,” Zhang said.
BitGo currently holds $82 billion in assets for over 5,100 institutional clients across 100 countries. The company offers custody, staking, and stablecoin issuance services.
CEO Mike Belshe said the investment goes beyond funding.
“YZi Labs’ strategic investment is not just a backing; it is a shared commitment to a future built on compliant, institutional-grade infrastructure,” Belshe said.
BitGo is not the only crypto firm looking at public markets. Ledger is reportedly planning a NYSE listing that could value the company at $4 billion by late 2026. Kraken is also weighing an IPO for early 2026.
Gemini, Bullish, and Circle all went public last year.
Goldman Sachs, Galaxy Digital, Craft Ventures, and DRW are among BitGo’s other major backers.
BitGo is a leading crypto custody firm holding $82 billion in assets for institutions worldwide. It went public on the NYSE (ticker: BTGO) to raise capital for growth in regulated infrastructure, raising $212.8 million at a $2 billion valuation.
A successful listing may reassure pensions, banks, and asset managers that regulated crypto custody is maturing. This could accelerate institutional participation in digital assets.
Public scrutiny increases pressure on earnings, governance, and risk management. Any security or regulatory issues could now have immediate market consequences.
Institutional clients may gain confidence in BitGo’s long-term stability, while competitors face pressure to improve transparency and security standards.
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