On January 22, 2026, at 8 AM UTC+8, the crypto custody company BitGo (NYSE: BTGO) listed on the New York Stock Exchange and introduced YZi Labs as a strategic placement partner, marking a significant convergence of traditional capital and crypto infrastructure on the same stage. BitGo currently manages assets worth approximately $82 billion, serving 5,100 institutional clients across over 100 countries, with a scale sufficient to influence the global flow of digital asset funds. A service provider that started with on-chain asset custody is now being priced by the mainstream equity market in the form of an IPO, bringing the contradictions to the forefront: when Wall Street's fundraising rules deeply intersect with on-chain financial infrastructure, who is leveraging whom to complete the next upgrade, and who will be forced to exit the table?

From On-Chain Custody to a Leap to Wall Street

● Scale Evolution: BitGo initially focused on crypto asset custody, addressing the pain points of institutional funds being unable to securely hold and settle on-chain assets. After years of expansion, its managed asset scale has risen to approximately $82 billion, having served 5,100 institutional clients, expanding from early crypto funds to trading platforms, market-making institutions, and some traditional financial participants, gradually evolving from a "tool provider" to an important hub of global digital asset infrastructure.

● Product Matrix: Beyond pure custody services, BitGo has gradually built a "one-stop" infrastructure that includes custody, staking, and related issuance and settlement services bound to various compliance frameworks. Custody accounts have become the underlying account system for institutions entering the on-chain market, and yield services like staking, combined with custody security, provide a packaged solution for risk-return combinations, laying the groundwork for telling the "full-chain infrastructure" story through an IPO.

● Timing of the Listing: Choosing to list on the NYSE during a downward cycle in the crypto market is itself a high-risk timing decision. On one hand, this means BitGo is anchoring its valuation in a phase of cold sentiment, testing traditional capital's confidence in the long-term track; on the other hand, actively facing public market scrutiny amid industry contraction and weakened trading activity reflects its certainty in its business model and compliance path.

Behind the $18 Issue Price: A Testing Ground for Capital and Pricing

● IPO Framework: According to a single source, BitGo's IPO issued approximately 11.8 million shares at a price of $18 per share, with a fundraising cap of about $212.8 million. This scale is not large compared to traditional large financial institution IPOs, but for a company primarily engaged in crypto custody, it is already a significant source of funding for its expansion, technology investment, and compliance costs in the coming years, providing "ammunition" in the global licensing race.

● Significance of Equity Financing: The entry of traditional equity financing mechanisms into the crypto custody space is itself a public vote on the valuation, pricing, and commercial sustainability of this sector. The $18 issue price is not only a static pricing of BitGo's current revenue and asset custody scale but also a dynamic expectation betting on the future pace of institutional entry, compliance infrastructure penetration, and the stability of the custody fee structure, establishing a reference valuation range and financing benchmark for similar companies entering the public market.

● Symbol of the "First Major IPO": Some market views consider BitGo as the "first major crypto-related IPO of 2026", a claim that still needs further validation, but the symbolic significance is already apparent: in an environment of tightening regulation and declining risk appetite, leading infrastructure companies still choose to accept scrutiny in the public market. Whether this label is ultimately widely recognized or not, BitGo's listing is building a new model bridge between crypto and mainstream capital markets.

YZi Labs' Bet: Long-Term Chips of Custody Trust Structure

● Strategic Placement Logic: According to YZi Labs' announcement, it emphasizes that "BitGo's trust structure will become a long-term pillar for the integration of digital assets and capital markets," which is also the core logic behind its participation in the strategic placement. Structurally, the trust framework provides stronger legal isolation, bankruptcy isolation, and fiduciary responsibility constraints for institutional assets, bringing the custodian closer to the traditional financial "trustee" role in a regulatory context, helping to alleviate large funds' concerns about the safety and compliance of on-chain assets.

● Hub Position of Compliant Custody: For institutions looking to enter the digital asset market, compliant custody serves as the "main entrance" for capital inflow and risk control foundation. Without compliant custody, many institutions cannot pass internal controls, audits, and compliance reviews; with a regulated custodian, asset holding, settlement, staking, and product issuance can be embedded into existing financial infrastructure. YZi Labs is betting on this "full-process key point from positions to products," and once the custodian scales up, it has the opportunity to capture foundational returns from on-chain finance.

● Information Gap and Uncertainty: It is important to emphasize that the current market has not disclosed the specific number of shares, amounts, and shareholding ratios that YZi Labs subscribed to in this strategic placement, and relevant terms are also lacking. In the absence of this key information, outsiders cannot reasonably infer its actual voice in BitGo's corporate governance or accurately assess its financial exposure, and any judgments about "dominant shareholders" or "deep control" carry significant risks.

Multi-Country Licensing Expansion: BitGo's Global Compliance Strategy

● U.S.-Anchored Layout Strategy: BitGo's core regulatory anchor point remains in the U.S., with its trust structure and compliance system deeply integrated with local regulatory frameworks. At the same time, BitGo has extended its services to over 100 countries, providing custody and related services through licenses, compliance cooperation, or localized structures in different jurisdictions. This "U.S.-based, then radiating outward" layout makes it easier to gain trust in compliance and risk control when facing cross-border institutional demands.

● Value of Multi-Jurisdiction Compliance: In the context of increasing global regulatory fragmentation, the value of multi-jurisdiction compliance layout lies not only in "covering more clients" but also in hedging single regulatory risks. If a major market tightens policies or increases compliance costs, business can partially migrate and rebalance through other licensed jurisdictions. Additionally, global layout allows BitGo to more easily meet the asset custody needs of multinational institutions, creating a network effect of "wherever you do business, assets can remain under the same custody system."

● Defensive Attributes in a Downward Cycle: In the current overall downward environment of the crypto market, data from a single source shows that the RWA sector still recorded a slight increase of about 0.67%, demonstrating relatively resilient characteristics. Although this data is not sufficient to support cross-cycle conclusions, it at least points in one direction: assets and infrastructure tracks that are linked to real assets and deeply embedded in compliance frameworks possess certain defensive attributes. By strengthening its compliance and global licensing narrative at this time, BitGo is essentially positioning itself as a "safe harbor where funds are still willing to dock during a downward cycle."

The Custody War Begins: Who Will Be Pushed Out of the Table

● Elevated Barriers from Listing: After BitGo's listing, it has gained a comprehensive first-mover advantage in brand recognition, capital strength, and regulatory approval. Its public market identity not only enhances its endorsement in front of large institutions but also means it has more abundant resources for technology investment, security facilities, and global compliance expansion. This gap will gradually translate into industry barriers, pushing small custody institutions lacking capital support and compliance capabilities toward the edge of being acquired or exiting.

● Clash of Traditional Finance and Crypto Natives: The future competition around custody services is destined to be more than just a contest between crypto-native institutions. Banks, brokerages, and traditional custodians are accelerating their entry into the digital asset space, competing with infrastructure like BitGo over clients, licenses, and collaborative voice. Once traditional finance leverages its existing client base and regulatory communication capabilities, who can become the preferred custodian for its on-chain assets and who controls the clearing and settlement nodes across products will become the core of the next phase of competition.

● Trust Structure and Full-Chain Service Chips: BitGo's trust structure and its integrated service system of custody—settlement—staking—related issuance provide it with real chips to compete for the "settlement and custody center position" during future large-scale institutional entry. For large institutions, concentrating assets with a compliant, regulated service provider that can simultaneously handle custody, clearing, and yield management can significantly reduce operational complexity and compliance costs. Once this path dependency is formed, it will greatly consolidate the market share of leading custodians.

The IPO is Just the Prologue: The Long-Term Landscape of Custody Infrastructure

BitGo's listing on the NYSE is a striking milestone in the deep integration of traditional capital and digital asset infrastructure, but it is far from the end of the story. It proves that infrastructure companies centered on custody can obtain a clear valuation and pricing framework in the public market, while also exposing many uncertainties in this sector regarding business model stability, regulatory continuity, and global expansion. Key details about the strategic placement, BitGo's true profitability, and business structure have not yet been fully disclosed, and investors need to be cautious about over-narrating this IPO or simply viewing it as the "next financial giant" in a linear narrative.

In the next decade, the long-term game surrounding compliant custody, RWA, and the global licensing race will reshape how institutions participate in the crypto market. Custodians will become the first line of defense for capital entry and risk management, RWA will connect real yields to the on-chain world along a regulatory-friendly path, and the regulatory game across multiple jurisdictions will determine which infrastructures ultimately qualify for the "global settlement layer." BitGo's bell ringing is merely the opening bell of the custody war; the real restructuring of the table has just begun.

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