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 • Pr