VanEck forecast a 12-month price target of $26.50 per share for BitGo, implying around 65% upside from the midpoint of the company’s IPO pricing range, as the crypto custody firm debuted as the first major U.S. crypto listing of 2026.
The call was outlined by VanEck digital assets research head Matthew Sigel, who said BitGo offers rare “pure-play” exposure to institutional crypto custody at a time when tokenization and stablecoin adoption are accelerating across financial markets.
IPO Pricing And Market Debut
BitGo priced its initial public offering at $18.00 per share, the top of its indicated $15–$17 range, raising $212.8 million by selling 11.8 million shares.
The offering values the company at approximately $2.08 billion on a fully diluted basis.
Shares are set to trade on the New York Stock Exchange under the ticker BTGO, following clearance from the U.S. Securities and Exchange Commission.
Founded in 2013, BitGo provides custody, multi-signature wallets, staking, and MPC security infrastructure for institutional clients, including hedge funds, asset managers, exchanges, and corporate treasuries.
VanEck’s Growth And Valuation Case
VanEck highlighted BitGo’s operating momentum in 2025 despite weak broader crypto markets.
As of September 2025, assets under custody rose 96% year over year to $104 billion, while trailing nine-month net revenue reached $140 million, up 65% year over year.
VanEck estimates a $240 million revenue run-rate by year-end, implying 85% growth.
In its base case, VanEck projects BitGo revenue growth of 26% annually through 2028, reaching more than $400 million in revenue and over $120 million in EBITDA.
On that basis, VanEck estimates a $2.4 billion fair value, or roughly $21 per share, representing 30% upside from the IPO midpoint.
Custody Model Supports Premium Multiple
VanEck argues BitGo merits a higher valuation multiple than transaction-driven peers because over 80% of revenue comes from recurring services such as custody and staking.
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By comparison, transaction-based revenue accounts for roughly 40% at Coinbase.
At the implied valuation, BitGo would trade at about 20x 2028 EV/EBITDA, compared with 13x for Galaxy Digital, 17x for Coinbase, 20x for Robinhood, and 23x for Interactive Brokers, according to VanEck’s analysis.
Bitcoin Exposure And Bull Case Upside
VanEck’s $26.50 target assumes a more favorable market backdrop, including Bitcoin (BTC) trading above $120,000 over the next 12 months.
BitGo holds 2,369 Bitcoin on its balance sheet, meaning a 33% move in Bitcoin’s price would add roughly $72 million to market capitalization, or about $0.62 per share.
Under that scenario, VanEck sees BitGo’s fair value exceeding $3 billion, driven by tokenization demand, institutional adoption of stablecoins, and regulatory clarity, including potential passage of the CLARITY Act.
Profitability And Institutional Appeal
BitGo reported $8.1 million in net income over the first nine months of 2025, signaling a shift toward profitability after years of investment in compliance and security.
The company disclosed a controlled-company structure, with voting power concentrated among founders and early investors.
VanEck said BitGo’s “white-glove” custody model and zero historical hacking losses position the firm to attract both crypto-native investors and traditional institutions seeking regulated exposure to digital asset infrastructure.
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