2026 Crypto IPO Debut. BitGo Surges 36% on First Day, Crypto Market Gloom Hard to Hide

TradingKey - BitGo experienced a roller-coaster ride on its trading debut; the crypto market remains sluggish and urgently needs substantial positive catalysts, otherwise it may hit new lows.

On Thursday local time, crypto asset custodian BitGo Holdings ( BTGO) rang the bell at the New York Stock Exchange (NYSE) to go public, becoming the first cryptocurrency IPO of 2026, though its performance proved to be merely a facade of prosperity.

BitGo staged a 'roller-coaster' ride on its first day of trading, opening at $18 and quickly surging 36% to a high of $24.5 before steadily declining back toward its opening price, nearly erasing all gains for the day. This reflects significant market divergence and investor skepticism regarding its future.

[BitGo Holdings Stock Price Chart, Source: Google]

BitGo is a U.S.-based digital asset infrastructure and financial services company that primarily provides custody, staking, and stablecoin issuance services. According to BitGo's disclosures, the company holds $82 billion in assets under custody, serves over 5,000 institutions, and covers 100 countries. Notably, Wrapped Bitcoin (WBTC) is one of BitGo's more prominent custodial businesses.

In 2025, Circle ( CRCL) debuted as the first major crypto IPO, soaring over 160% on its first day and ushering in the inaugural year of crypto IPOs. By comparison, BitGo's performance has fallen significantly short, indicating that the crypto market remains in the doldrums.

After the Greenland tariff crisis was resolved, Bitcoin ( BTC )'s upward momentum has been weak, remaining below the $90,000 mark with a current price of $89,390. Fortunately, the price of Bitcoin has not broken below its bullish technical structure and remains within its rebound channel.

[Bitcoin Price Chart, Source: TradingView]

Currently, Bitcoin bulls and bears are in a stalemate, with prices oscillating near $90,000. However, if no substantial positive drivers emerge in the first quarter to empower bulls for a counterattack, bears may breach the bullish structure. In that scenario, the $80,000 support level could be difficult to hold, potentially signaling an entry into a bear market within the four-year cycle.