Crypto custody firm BitGo Holdings priced its U.S. initial public offering above the indicated range on Wednesday, raising $212.8 million and setting the stage for the first stock market debut by a digital asset company in 2026.

The Palo Alto, California-based company sold 11.8 million shares at $18 each, exceeding its marketed range of $15 to $17 per share. The offering values BitGo at approximately $2.08 billion.

BitGo’s IPO comes at a sensitive moment for the U.S. cryptocurrency industry, as lawmakers advance a long-awaited market structure bill that would redefine the regulatory boundary between securities and commodities oversight. While the legislation aims to bring greater clarity, major industry players, including Coinbase, have warned that parts of the proposal could constrain core business activities.

Market conditions have also been challenging. A sharp selloff in cryptocurrencies in October unsettled investor sentiment, raising the bar for capital-raising efforts and complicating IPO plans across the sector.

Despite the volatility, BitGo’s successful pricing could serve as an important gauge of investor appetite for crypto-related listings in 2026. Crypto-focused asset manager Grayscale and cryptocurrency exchange Kraken are among the firms reportedly considering public offerings this year, with BitGo’s debut on Thursday seen as a key test case.

By contrast, digital asset firms Circle and Figure went public earlier in 2025 during a more buoyant market environment, benefiting from strong first-day gains amid broader optimism toward the sector.