Chinny168
09:02

Great article, would you like to share it?

@vivace101：Bullish bitgo BitGo and Coinbase represent two major crypto infrastructure players that have gone public, but their IPOs occurred in markedly different market environments and with distinct business emphases. Coinbase’s 2021 debut was a landmark for the industry during a bull run, while BitGo’s 2026 listing marks the first significant crypto IPO of the year amid more tempered sentiment. Below is a side-by-side comparison across key dimensions. IPO Structure and Fundraising • Date and Method: Coinbase went public via a direct listing on Nasdaq (ticker: COIN) on April 14, 2021, allowing existing shareholders to sell shares without issuing new ones. BitGo opted for a traditional IPO on the NYSE (ticker: BTGO) on January 22, 2026, issuing new shares to raise fresh capital. 2 3 15 16 • Pricing and Raise: Coinbase had a reference price of $250 per share, with no capital raised for the company itself. BitGo priced at $18 per share (above the $15-17 range), selling 11.8 million shares to raise $212.8-213 million, primarily from new issuance rather than insider sales. 0 2 3 15 17 18 • Valuation: Coinbase achieved a closing valuation of about $86 billion (peaking intraday at ~$100 billion). BitGo’s IPO implies a $2.08-2.1 billion valuation, significantly smaller but reflective of its niche focus and the maturing market. 3 11 15 16 19 23 First-Day Trading Performance • Coinbase: Shares opened at $381 (52% above reference), hit a high of $429.54, dipped to a low of $310, and closed at $328.28 (31% gain). Trading volume was massive at over 81 million shares, reflecting hype around the first major crypto exchange listing. • BitGo: As of early trading on debut day (January 22, 2026), limited real-time data is available, but one report indicates shares were trading at $16 (-11% from IPO price), suggesting an underwhelming start possibly due to broader market weakness. No confirmed open, high, low, or volume figures yet, but expect volatility tied to crypto sentiment. 21 In contrast to Coinbase’s explosive pop, BitGo’s performance appears muted so far, aligning with a risk-off environment rather than the 2021 bull frenzy. Market Conditions and Timing • Coinbase: Debuted during a crypto boom, with Bitcoin near all-time highs (~$63,000) and surging institutional interest (e.g., Tesla’s BTC purchase). The S&P 500 was also rallying, boosting appetite for high-growth tech. • BitGo: Launched amid crypto uncertainty, with Bitcoin around $88,000-89,000 but down 1-2% on debut day due to geopolitical tensions and global sell-offs. This follows 2025’s strong crypto IPOs (e.g., Circle’s 168% first-day gain), but 2026 starts cooler, potentially capping upside. 3 5 8 16 33 Business Models and Positioning • Focus: Coinbase is a full-service platform emphasizing retail trading, exchanges, and diversified services (e.g., staking, NFTs), with custody as a segment. BitGo is infrastructure-centric, specializing in institutional custody, wallets, staking, and settlements, avoiding retail trading to focus on “picks and shovels” for crypto adoption. 1 4 5 6 10 • Financials and Growth: Coinbase reported explosive 2020-2021 growth (net revenue +46%, AUM +60% YoY around IPO), but faced volatility post-listing. BitGo’s 2025 unaudited revenue hit $16 billion (mostly gross from asset sales), with adjusted EBITDA positive at $20 million for the first nine months; assets on platform grew to $104 billion mid-year but dipped to $82 billion by year-end due to price swings. 0 5 6 BitGo’s custody revenue is more stable but still correlated to crypto prices (80% tied to BTC/ETH). • Market Share and Competition: Both compete in custody, but BitGo claims 20-30% share with superior regulatory licenses (e.g., OCC trust bank, global approvals), edging out Coinbase Custody and Fidelity in compliance and tech (e.g., MPC wallets). 5 6 10 Coinbase’s broader ecosystem gives it scale advantages. • Governance: Coinbase has standard public structure; BitGo is a “controlled company” with CEO holding 56% voting power via dual-class shares. 4 Overall, Coinbase’s IPO symbolized crypto’s mainstream breakthrough in a euphoric market, leading to a high-valuation splash but subsequent volatility (shares down ~80% from peak by 2023 before recovering). BitGo’s more modest debut emphasizes resilient infrastructure in a maturing sector, potentially offering steadier long-term upside if institutional adoption accelerates—though its smaller size and crypto exposure mean higher risk in downturns. 4 5 8 10 , but
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment