Bi BitGo Loading... : Investor Sentiment and Bull/Bear Views

BitGo has grown tremendously over 13 years, has what he believes is the largest collection of institutional clients in the world, starts with a highly regulated and protected security layer around everything it does, and builds trading, staking, and other services on top for clients. This positions BitGo as a comprehensive institutional crypto platform.

The crypto IPO market is heating up in 2026, with BitGo's public debut as the first crypto IPO of 2026 priced at $18 per share, valuing the custody firm at roughly $2 billion. BitGo's model leans on custody revenue rather than volatile trading fees, making it a crypto-infrastructure name to watch as more crypto firms pursue listings.

BitGo at its ~$2B IPO trades around 6x 2026 net revenue and ~40x EBITDA. Its growth story is not BitGo-specific but depends on stablecoin and tokenization tailwinds, while it faces fee and margin compression, is third-best tech behind Anchorage and Coinbase, and pure-play custody is commoditized. The multiple should compress and relative performance should be weak.

Takes the other side on BitGo: its 100% YoY assets under custody growth, 65% revenue growth, ~$250M run-rate up 85%, 70-80% sticky revenue versus Coinbase's ~40%, and ~2,500 BTC balance sheet justify a higher multiple. If Bitcoin returns to 120-125k, it is a nice play.

BitGo is a B2B crypto infrastructure provider that powers institutions and brands, with what Belshe calls the largest collection of institutional clients in the world, a highly regulated security layer, and trading and staking services built on top, supporting a constructive view on the company as a public-market play on institutional crypto adoption.

BitGo's IPO is, in Jeff's view, a focused pure play on the institutionalization of crypto, with no real retail business (unlike Coinbase or Gemini). He breaks the business into three pieces: a large, high-margin staking operation (with Sui as its biggest staking asset and the associated altcoin risk), a SAS subscription-style prime-brokerage business that includes the World Liberty Financial stablecoin partnership where BitGo is believed to earn roughly a quarter of revenue, and together these give exposure to crypto's biggest themes. The most compelling part is valuation: BitGo is reportedly coming public at roughly $1.75-2 billion, essentially its Series C valuation from three or four years ago — an arbitrage-like setup and the first IPO where the valuation does not require perfect execution to profit from the growth story. He also argues institutional businesses are stickier with high switching costs, and that high revenue with no current profit reflects onboarding institutions cheaply now in order to monetize value-added services later, since institutional fiduciaries care more about risk and reputation than fees.