US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bitgo-inc" target="_blank" data-smartkarma-citation="entities:45805:1" rel="noopener">BitGo (BTGO US)</a> went public on 22 January 2026 on the NYSE and has a current market cap of $1.2bn following a 40% price drop since IPO.</li>
<li>Inclusion in a major US index is forecasted for December 2026 following lock-up expiry which increases public voting rights above threshold.</li>
<li>Exclusion from Global indices is expected due to insufficient market cap and float cap.</li>
</ul>



BitGo (BTGO US) went public on 22 January 2026 on the NYSE and has a current market cap of $1.2bn following a 40% price drop since IPO.
Inclusion in a major US index is forecasted for December 2026 following lock-up expiry which increases public voting rights above threshold.
Exclusion from Global indices is expected due to insufficient market cap and float cap.


Bitgo (BTGO US): Post-IPO US Index Inclusion Despite 40% Price Drop

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>BitGo priced $1 above range at $18.00, opened up 24.6%, reflecting solid investor appetite for a tightly sized, institutional-focused IPO.</li>
<li>Shares hit $24.50 early but faded to close at $18.49 as regulatory overhangs weighed on broader digital asset sentiment.</li>
<li>Differentiated infrastructure model, disciplined valuation, and manageable float support potential upside as sector visibility and regulation improve.</li>
</ul>


BitGo priced $1 above range at $18.00, opened up 24.6%, reflecting solid investor appetite for a tightly sized, institutional-focused IPO.
Shares hit $24.50 early but faded to close at $18.49 as regulatory overhangs weighed on broader digital asset sentiment.
Differentiated infrastructure model, disciplined valuation, and manageable float support potential upside as sector visibility and regulation improve.


BitGo Holdings, Inc. (BTGO): Investors Sell Down First Digital Asset IPO of 2026

<ul>
<li>BitGo is a profitable, regulation-forward digital asset infrastructure provider powering custody, liquidity, and infrastructure services for institutions, governments, and builders globally.</li>
<li>Strong recurring revenue growth, improving operating leverage, and IPO valuation aligned with public comps and prior private funding rounds.</li>
<li>Disciplined offering size, and differentiated non-competitive platform position BitGo as a core backbone of digital finance.</li>
</ul>


BitGo is a profitable, regulation-forward digital asset infrastructure provider powering custody, liquidity, and infrastructure services for institutions, governments, and builders globally.
Strong recurring revenue growth, improving operating leverage, and IPO valuation aligned with public comps and prior private funding rounds.
Disciplined offering size, and differentiated non-competitive platform position BitGo as a core backbone of digital finance.


BitGo Holdings, Inc. (BTGO) – Powering the Institutional Backbone of Digital Finance

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

<ul><li>BitGo IPO has launched and will trade on the New York Stock Exchange with a size of roughly 11.82 million shares priced with a range of $15 to $17 per share, targeting proceeds of around $189 million if priced at the mid-point.</li><li>As a longstanding digital asset custody and infrastructure provider — serving thousands of institutional clients, managing tens of billions in assets, and operating one of the industry’s deepest custody platforms — BitGo sits at the intersection of crypto technology and institutional finance.</li><li>The company has seen strong topline growth, with reported revenue surging as digital assets expanded in adoption, yet it also faces persistent margin pressure and industry cyclicality.</li></ul>

BitGo IPO has launched and will trade on the New York Stock Exchange with a size of roughly 11.82 million shares priced with a range of $15 to $17 per share, targeting proceeds of around $189 million if priced at the mid-point.As a longstanding digital asset custody and infrastructure provider — serving thousands of institutional clients, managing tens of billions in assets, and operating one of the industry’s deepest custody platforms — BitGo sits at the intersection of crypto technology and institutional finance.The company has seen strong topline growth, with reported revenue surging as digital assets expanded in adoption, yet it also faces persistent margin pressure and industry cyclicality.

<ul><li>BitGo Holdings, Inc. has filed publicly for an initial public offering, positioning itself as one of the most established institutional crypto infrastructure providers to access the public markets in early 2026.</li><li>The company plans to list its Class A common stock on the New York Stock Exchange under the ticker BTGO , offering 11.82 million shares at an expected price range of $15.00 to $17.00 per share .</li><li>At the midpoint price of $16.00, the offering implies a gross deal size of approximately $189 million, excluding any overallotment.</li></ul>

BitGo Holdings, Inc. has filed publicly for an initial public offering, positioning itself as one of the most established institutional crypto infrastructure providers to access the public markets in early 2026.The company plans to list its Class A common stock on the New York Stock Exchange under the ticker BTGO , offering 11.82 million shares at an expected price range of $15.00 to $17.00 per share .At the midpoint price of $16.00, the offering implies a gross deal size of approximately $189 million, excluding any overallotment.

BitGo Files for NYSE IPO as Institutional Crypto Infrastructure Moves Into the Spotlight

United States

BitGo, Inc. operates as a digital asset infrastructure company. The Company provides solutions for the digital asset economy, offering regulated custody, borrowing and lending, and core infrastructure to investors and builders. BitGo serves clients globally.

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BitGo (BTGO US)

Bitgo (BTGO US): Post-IPO US Index Inclusion Despite 40% Price Drop

BTGO has tumbled 40% since its IPO on 22 Jan but it is expected to experience significant demand in December 2026 upon US index inclusion following...

Dimitris Ioannidis

BitGo Holdings, Inc. (BTGO): Investors Sell Down First Digital Asset IPO of 2026

BitGo's IPO priced above range at $18.00, opened up 24.6%. Regulatory concerns weighed on shares, but differentiated model and manageable float...

IPO Boutique

BitGo Holdings, Inc. (BTGO) – Powering the Institutional Backbone of Digital Finance

BitGo is a profitable digital asset infrastructure provider with strong growth and IPO potential, positioning itself as a key player in digital...

IPO Boutique

IPO Rating: BitGo Holdings, Inc.

✅ IPO PROPHET RATING: 7/10. 🏦 Deal Quality & Underwriters: 7.8/10. BitGo IPO has launched and will trade on the New York Stock Exchange with a...

IPO Prophet

BitGo Files for NYSE IPO as Institutional Crypto Infrastructure Moves Into the Spotlight

Digital asset custody pioneer BitGo seeks public listing amid growing institutional adoption, regulated custody demand, and the evolution of...

IPO Prophet

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bitgo (BTGO US): Post-IPO US Index Inclusion Despite 40% Price Drop

BTGO has tumbled 40% since its IPO on 22 Jan but it is expected to experience significant demand in December 2026 upon US index inclusion following...

Dimitris Ioannidis

BitGo Holdings, Inc. (BTGO): Investors Sell Down First Digital Asset IPO of 2026

​BitGo's IPO priced above range at $18.00, opened up 24.6%. Regulatory concerns weighed on shares, but differentiated model and manageable float...

IPO Boutique

BitGo Holdings, Inc. (BTGO) – Powering the Institutional Backbone of Digital Finance

​BitGo is a profitable digital asset infrastructure provider with strong growth and IPO potential, positioning itself as a key player in digital...

IPO Boutique

IPO Rating: BitGo Holdings, Inc.

✅ IPO PROPHET RATING: 7/10. 🏦 Deal Quality & Underwriters: 7.8/10. BitGo IPO has launched and will trade on the New York Stock Exchange with a...

IPO Prophet

BitGo Files for NYSE IPO as Institutional Crypto Infrastructure Moves Into the Spotlight

Digital asset custody pioneer BitGo seeks public listing amid growing institutional adoption, regulated custody demand, and the evolution of...

IPO Prophet

BitGo's IPO priced above range at $18.00, opened up 24.6%. Regulatory concerns weighed on shares, but differentiated model and manageable float...

BitGo is a profitable digital asset infrastructure provider with strong growth and IPO potential, positioning itself as a key player in digital...