Crypto Currents: BitGo raises $212.8M in U.S. IPO

As bitcoin, ethereum and other cryptocurrencies see major legal, institutional, and technological developments, the financial landscape continues to adapt. Stay up on the crypto news that matters with the “Crypto Currents” weekly from The Fly. Also, join us for your essential daily recap, every day at 2 PM ET on FlyCast radio.

BITGO RAISES $212.8M IN U.S. IPO: Institutional demand for crypto custody is reaching the public markets as BitGo (BTGO) listed on the New York Stock Exchange. The firm priced its initial public offering at $18 per share on Thursday, exceeding the marketed range of $15-$17, in the ‍first stock market ‌debut ‌by a digital asset company ⁠in ⁠2026. The firm’s stock opened at $22.43 a share, with the listing raising $212.8M and bringing Bitgo’s valuation to $2.59B.

NYSE DEVELOPS TOKENIZED SECURITIES PLATFORM: The New York Stock Exchange, part of Intercontinental Exchange (ICE), announced Monday its development of a platform for trading and on-chain settlement of tokenized securities, for which it will seek regulatory approvals. NYSE’s new digital platform will enable tokenized trading experiences, including 24/7 operations, instant settlement, orders sized in dollar amounts, and stablecoin-based funding. Its design combines the NYSE’s Pillar matching engine with blockchain-based post-trade systems, including the capability to support multiple chains for settlement and custody. Subject to regulatory approvals, the platform will power a new NYSE venue that supports trading of tokenized shares fungible with traditionally issued securities as well as tokens natively issued as digital securities. Tokenized shareholders will participate in traditional shareholder dividends and governance rights. ICE is now working with banks including BNY (BK) and Citi (C) to support tokenized deposits across ICE’s clearinghouses to help clearing members transfer and manage money outside of traditional banking hours, meet margin obligations, and accommodate funding requirements over different jurisdictions and time zones.

“For more than two centuries, the NYSE has transformed the way markets operate,” said Lynn Martin, President, NYSE Group. “We are leading the industry toward fully on-chain solutions, grounded in the unmatched protections and high regulatory standards that position us to marry trust with state-of-the-art technology. Harnessing our expertise to reinvent market infrastructure is how we’ll meet and shape the demands of a digital future.”

STRATEGY BUYS MORE BITCOIN: On Tuesday, Strategy (MSTR) announced an update on its bitcoin holdings. The company reported acquiring 22,305 bitcoin for approximately $2.125B at an average purchase price of $95,284 between January 12 and January 19. As of January 19, Strategy holds 709,715 bitcoin acquired for an aggregate purchase price of approximately $53.92B.

BAKKT REPORTS PRELIMINARY Q4 RESULTS: On Tuesday, Bakkt Holdings (BKKT) reported gross digital asset revenues for the fourth quarter are estimated to be in a range of $298M to $300M. The company also reported total digital asset costs and execution, clearing and brokerage fees for Q4 are estimated to be in a range of $297M to $299M. Bakkt’s available cash, cash equivalents and restricted cash at December 31 are estimated to be in a range of $26M to $28M.

LAKE SUPERIOR, OPENMARKETS ENTER MERGER AGREEMENT: Openmarkets Group announced Friday it has entered into a (LKSP). Upon completion, the transaction contemplated under the BCA will result in the newly combined Openmarkets Group becoming a Nasdaq-listed company. The transaction is expected to be completed in 2026 and is subject to regulatory and shareholder approvals and customary closing conditions. The terms of the transaction represent an estimated enterprise value for Openmarkets of $300M and the deal coincides with the launch of Openmarkets’ strategy to expand into decentralised finance through cryptocurrency trading and Real-World Assets tokenization, as well as offering its technology and services internationally. As part of the transaction, Openmarkets Group will retain its current management team and business structure.

Edward Cong Wang, CEO of Lake Superior Acquisition Corp, said, “The combination with Openmarkets is the culmination of an exhaustive search for a market leader poised for explosive global growth. Through this transaction, we are providing the public market platform necessary for them to accelerate their expansion into new geographies and further their ambition to build the future of open finance through DeFi.”

OTHER CRYPTO NEWS:

• Bitmine Immersion (BMNR) reports ETH holdings of over 4.2M tokens
• DeFi Development (DFDV) launches DisclaimerCoin
• Goldman Sachs lowers price target on eToro (ETOR) to $35 from $39, raises target on Figure (FIGR) to $66 from $58, Galaxy Digital (GLXY) to $27 from $24
• Riot Platforms (RIOT) price target raised to $30 from $28 at Needham
• Greenlane (GNLN) to deploy 20M units of BERA into two independent validators
• LM Funding (LMFA) adds additional 35 PH/s with energization of second Oklahoma unit
• Earlyworks (ELWS) closes(PDC)
• Brag House (TBH), House of Doge announce ‘Such’ app in development
• Gemini (GEMI) price target lowered to $13 from $17 at Truist
• MasterCard (MA) reportedly considering Zerohash investment after talks end
• FG Nexus (FGNX) holds 37,594 ETH as of January 20
• DDC Enterprise (DDC) acquires 200 additional BTC, total holdings reach 1,583 BTC
• Visa (V), Mercuryo partner for crypto-to-fiat global off-ramping
• IP Strategy (IPST) initiated with a Buy at Roth Capital
• UBS (UBS) to reportedly make crypto investing available for some clients

CRYPTO STOCK PLAYS: Publicly traded companies in the space include Bit Digital (BTBT), Coinbase (COIN), Core Scientific (CORZ), Greenidge Generation (GREE), Mara Holdings (MARA), Strategy, Riot Platforms and TeraWulf (WULF).

PRICE ACTION: As of time of writing, bitcoin dropped roughly 6% this week to $88,660 in U.S. dollars, according to CoinDesk.