CZ-Backed YZi Labs Joins BitGo IPO as Stock Surges 36% on NYSE Debut

BitGo made its New York Stock Exchange debut on Thursday, marking the first major cryptocurrency IPO of 2026. The company's shares opened at $18, surpassing the marketed range of $15-$17, and surged 36% to $24.50 in early trading before settling at $18.49 by close, a modest 2.72% gain from the IPO price. The offering raised $212.8 million, valuing BitGo at $2 billion.

YZi Labs, the $10 billion investment arm led by Binance co-founder Changpeng Zhao, acquired a strategic stake in BitGo. While the investment size remains undisclosed, YZi Labs emphasized the growing importance of regulated crypto infrastructure in the U.S. as institutional interest in digital assets intensifies. Ella Zhang, head of YZi Labs, highlighted BitGo's impeccable security record as a key factor in the decision.

BitGo, which holds $82 billion in assets for over 5,100 institutional clients globally, offers custody, staking, and stablecoin issuance services. CEO Mike Belshe, a veteran of Netscape and Google Chrome, has built a reputation for robust technical foundations. Goldman Sachs and Citigroup led the underwriting.