Crypto custodian BitGo Holdings (BTGO) saw a sharp but short-lived rally in its public market debut on Thursday, with shares jumping as much as 36% shortly after the open before retreating to near the IPO price by the close.

BitGo’s Class A shares began trading on the New York Stock Exchange at $18 per share, raising about $212.8 million and valuing the company at more than $2 billion. The stock climbed to an intraday high of $24.50 before reversing course, ending the regular session at $18.49, up roughly 2.7% on the day, and trading around $18.35 in after-hours activity.

The listing marks the first major crypto-related IPO of 2026, amid signs of stabilizing U.S. regulatory conditions. Founded in 2013, BitGo is one of the largest crypto custodians in the U.S., with over $100 billion in assets on its platform. Custody rival Anchorage Digital, along with exchanges such as Kraken and Bitpanda, are also reportedly considering IPOs later this year.