Wall Street's Crypto Invasion: BitGo's NYSE Debut, Ledger's $4B IPO, and Why Every Major Bank Now Wants In
Wall Street's relationship with crypto just underwent a fundamental shift. In the span of 72 hours this week, BitGo became the first crypto IPO of 2026, Ledger announced plans for a $4 billion NYSE listing, UBS revealed crypto trading plans for wealthy clients, and Morgan Stanley confirmed E-Trade's crypto rollout is on track. The message is unmistakable: the institutions aren't coming—they've arrived.
BitGo: The First Domino Falls
On January 22, 2026, crypto custody giant BitGo began trading on the NYSE under the ticker BTGO, marking 2026's first major crypto IPO. The company priced shares at $18, opened at $22.43—a 24.6% pop—and briefly touched nearly $24 before settling around $20.
The numbers tell a compelling story: BitGo holds $104 billion in assets, processes roughly 15% of all global on-chain Bitcoin transactions, and handles approximately $15 billion in crypto transfers monthly. Unlike many crypto companies that have struggled with profitability, BitGo reported $35.3 million in net income during the first nine months of 2025.
Goldman Sachs led the underwriting, with Citigroup as co-book runner. The IPO raised over $212 million and valued the company at $2.59 billion at peak trading—a signal that Wall Street's appetite for crypto infrastructure is real and substantial.
"BitGo's focus on custody and staking services accounts for more than 80% of revenue," analysts noted, explaining why the company attracted institutional interest. Unlike transaction-based businesses vulnerable to market swings, custody produces predictable earnings regardless of price volatility.
Ledger's $4 Billion Ambition
Less than 24 hours after BitGo's debut, the Financial Times reported that Ledger, the French hardware wallet maker, is preparing its own NYSE listing at a valuation exceeding $4 billion—nearly triple its 2023 valuation of $1.5 billion.
The timing is no accident. Ledger now secures more than $100 billion in Bitcoin for users and posted nine-figure revenue in 2025. Goldman Sachs, Jefferies, and Barclays are handling the offering.
The irony isn't lost on the crypto community: Ledger built its brand on self-custody—the ability to hold crypto without trusting third parties—yet now seeks validation from Wall Street's traditional gatekeepers. But the move reflects a broader reality: even hardware wallet companies need capital markets to scale.
Pre-IPO shares have been trading at roughly $4.50 on platforms like Linqto and EquityZen, suggesting an implied valuation of around $1.4 billion. If the IPO prices at the reported $4 billion+ target, early secondary market investors could see significant returns.
The IPO Pipeline: Six More to Watch
BitGo and Ledger are just the beginning. The crypto IPO pipeline for 2026 is stacked:
Kraken confidentially filed its S-1 in November 2025 and is targeting a first-half 2026 debut. After raising $800 million at a $20 billion valuation with backing from Citadel Securities and Jane Street, and completing a $1.5 billion acquisition of NinjaTrader, Kraken could become the largest crypto IPO in history.
Consensys, parent company of MetaMask and Infura, has tapped JPMorgan and Goldman Sachs to lead what could be "one of the largest crypto-related offerings to date." With 30 million monthly MetaMask users and a 2022 valuation of $7 billion, Consensys would give public markets pure Ethereum infrastructure exposure.
Ripple denies having IPO plans, but analysts rank the company among top 2026 candidates with an estimated $50 billion valuation. Reports suggest internal preparations for stronger governance structures.
The backdrop: Circle went public in June 2025 at roughly $6.9 billion, Bullish listed on the NYSE in August, and Gemini completed its offering last year. BitGo's successful debut suggests the market can absorb more.
UBS: The $6.6 Trillion Giant Enters the Arena
While crypto-native companies race to public markets, traditional finance is sprinting in the opposite direction—toward crypto.
UBS, managing $6.6 trillion in assets, is now evaluating plans to offer Bitcoin and Ether trading to select private banking clients. According to Bloomberg, the Swiss banking giant has spent months selecting partners for the service, starting with Switzerland and potentially expanding to Asia-Pacific and the United States.
This represents a dramatic shift for UBS, which previously maintained a cautious stance on digital assets. But competitive pressure from JPMorgan, Morgan Stanley, and other Wall Street banks expanding crypto services appears to have forced the bank's hand.
UBS isn't starting from zero. In November 2023, the bank made crypto-linked ETFs available to wealthy Hong Kong clients. Last year, it completed the first on-chain redemption of a tokenized fund using Chainlink's Digital Transfer Agent and tested institutional payments on Ethereum with crypto banking specialist Sygnum.
Morgan Stanley's $1.3 Trillion Opportunity
Morgan Stanley is preparing to launch crypto trading on E-Trade in the first half of 2026, potentially unlocking access to $1.3 trillion in trading volume.
"We are well underway in preparing to offer crypto trading through a partner model to E-Trade clients," said Jed Finn, head of wealth management at Morgan Stanley. The service will initially cover Bitcoin, Ether, and Solana through a partnership with Zerohash—in which Morgan Stanley has invested directly.
With 6 million active E-Trade accounts, Morgan Stanley will have enormous retail reach. But Finn made clear this is just the beginning: "Offering clients the ability to trade crypto is the tip of the iceberg."
The bank plans to introduce its own digital wallet later this year, laying groundwork for tokenized asset transactions. According to Finn, tokenization will "significantly disrupt" the wealth management industry.
The Big Bank Stablecoin Alliance
Perhaps the most significant development is happening behind closed doors. JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other major US banks are exploring a joint stablecoin initiative through Early Warning Services—the same consortium that created Zelle.
The implications are staggering. A bank-issued stablecoin backed by America's largest financial institutions could challenge Tether and Circle's dominance overnight. Unlike existing stablecoins that must convince banks to be their partners, a bank consortium stablecoin would have native access to the traditional financial system.
Meanwhile, individual banks are moving aggressively:
- JPMorgan is considering crypto trading for institutional clients and plans to accept Bitcoin and Ether as collateral
- Bank of America will allow advisors to recommend crypto exchange-traded products starting January 2026
- Wells Fargo has developed Wells Fargo Digital Cash, a dollar-linked stablecoin for internal settlement
- Citigroup is building a crypto custody service targeting 2026 launch
According to Michael Saylor, six major US banks—Citi, JPMorgan, Wells Fargo, BNY Mellon, Charles Schwab, and Bank of America—have all entered the crypto lending market in the past six months. "The top 10 US banks now facilitate crypto lending, up from zero in Q4 2024."
What This Means for Crypto
The institutionalization of crypto is no longer theoretical. When BitGo trades on the NYSE, Ledger works with Goldman Sachs, and UBS evaluates Bitcoin services, the asset class has crossed a threshold that can't be uncrossed.
Several trends emerge:
Infrastructure over speculation. BitGo's IPO succeeded because custody produces predictable revenue regardless of Bitcoin's price. The market is rewarding businesses that provide essential services rather than ones that depend on trading volume.
Regulatory clarity enables institutional participation. The SEC's dismissal of its lawsuit against Consensys and the broader softening of enforcement under the current administration has removed obstacles that kept banks sidelined.
Competition forces action. UBS entered the crypto conversation not because it wanted to, but because Morgan Stanley, JPMorgan, and competitors were moving first. The fear of being left behind now outweighs the fear of reputational risk.
The stablecoin wars are intensifying. With major banks exploring joint stablecoin issuance, Tether and Circle face their most formidable competition yet. A consortium-backed stablecoin with direct Fed access would represent a fundamentally different product.
The Road Ahead
If current timelines hold, 2026 will be the year Bitcoin becomes a standard financial product rather than an exception. Kraken's IPO, Consensys's potential listing, Morgan Stanley's E-Trade launch, and the bank stablecoin initiative could all land within the next six to twelve months.
The crypto industry spent a decade demanding institutional adoption. Now that it's happening, the question becomes: what happens when the institutions own the infrastructure?
BitGo's debut was just the opening trade. The real transformation is still unfolding.
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