Crypto custody giant BitGo goes public on the US stock market

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Weekly Crypto Review | Cryptocurrency Market Sees Recovery, Bitcoin Approaches $98,000; CLARITY Act Delayed as Wall Street and Crypto Industry Engage in 'Intense Battle'; First Crypto Custody Stock BitGo Rushes for IPO

This week, the cryptocurrency market saw a recovery, with Bitcoin surging to a two-month high of $97,500. This rally coincided with the U.S. Senate Banking Committee preparing for a crucial vote on the cryptocurrency market structure bill. However, the fate of this legislation has fallen into uncertainty due to an intense tug-of-war between Wall Street banks and the crypto industry over stablecoin yield rights.

Currently,$Bitcoin (BTC.CC)$Bitcoin is fluctuating above $95,000, with gains exceeding 5% this week and a rebound of about 10% from the November low last year. Other cryptocurrencies have also warmed up, $Ethereum (ETH.CC)$with Ethereum trading in a narrow range around the $3,300 level.

Key Events of the Week

The CLARITY Act Faces Delay as Wall Street and Crypto Industry Engage in 'Intense Battle'

If you hold cryptocurrencies or have an interest in them, keep a close eye on the The CLARITY Act(full name: Digital Asset Market Clarity Act of 2025) progress. For the crypto market, regulatory uncertainty has long plagued the industry's development. And the deliberation of this act may become a key turning point for the U.S. crypto market transitioning from chaos to institutionalization.This legislative review could be a pivotal moment for the U.S. crypto market moving from disorder towards regulation.

Related content:A must-watch for the crypto market! The CLARITY Act is approaching – which stocks will see opportunities?

On the eve of the Senate Banking Committee’s scheduled review of the bill on Thursday morning, Coinbase CEO Brian Armstrong suddenly announced on social media that the largest U.S. cryptocurrency exchange would withdraw its support for the bill. Armstrong stated,"We would rather have no bill than a bad one."He listed several key issues, including restrictions on stablecoin rewards, tokenized stocks, and decentralized finance.

This statement dealt a major blow to the prospects of the bill, which was originally intended to clarify the regulatory division between the U.S. Securities and Exchange Commission and the CommodityFutures tradingFutures Trading Commission over the cryptocurrency industry, and was considered critical legislation for the cryptocurrency industry's push for legitimacy.However, disagreements between banking lobbying groups and cryptocurrency companies over stablecoin yield payments, as well as conflict-of-interest clauses for government officials pushed by Democrats, could both hinder the bill’s passage in the committee vote.

On January 15, Beijing time, American journalist Eleanor Terrett, who has long been tracking the legislative process of cryptocurrencies, revealed thatdue to the market controversy triggered by Coinbase’s sudden opposition to the CLARITY Act, the U.S. Senate Banking Committee has canceled the markup hearing for the CLARITY Act originally scheduled for 10:00 AM Eastern Time on January 15. A new review date has yet to be determined.

Another major IPO in the crypto space! BitGo, the first crypto custody stock, enters the US market

According to reports, the crypto asset custodian company $BitGo Holdings (BTGO.US)$ and some of its existing shareholders are planning to raise up to $201 million through an initial public offering (IPO), which could make it the first crypto industry company to push forward with a listing plan in 2026. According to a filing submitted Monday to the U.S. Securities and Exchange Commission (SEC), BitGo plans to issue 11.8 million shares, with a price range of $15 to $17 per share.

Since last year, after former U.S. President Trump showed a welcoming stance towards the crypto industry, many crypto companies have accelerated their public listing plans. However, market reactions have shown significant divergence. Stablecoin issuer $Circle (CRCL.US)$ soared over 169% on its first day of trading, and its stock price has continued to rise since listing, making it one of the most notable cases in 2025.

Related content:Another major IPO in the crypto space! BitGo, the first crypto custody stock, enters the US market: Will it repeat the stunning first-day surge?

Data shows that BitGo is a leading digital asset service provider, founded in 2012,In May 2021, the company was acquired by Galaxy Digital, a Toronto Venture Exchange-listed company and American digital asset investment firm, for $1.2 billion.Currently, its trading platform handles an average monthly trading volume of over $15 billion, involving more than 100 types of digital assets and tokens.

BitGo positions itself as a leading digital asset infrastructure service provider, dedicated to offering one-stop solutions for institutional clients worldwide.The company's business covers compliant custody, MPC multi-signature wallets, self-custody technology, liquidity, and infrastructure as a service, driving the transformation of the global financial system towards a digital asset economy with a secure and reliable technological foundation. It is the preferred partner for institutional investors, fintech platforms, traditional financial institutions, enterprises, and high-net-worth individuals.

If we take the year 2021$Coinbase (COIN.US)$If the 2021 listing was considered a milestone of the 'trading era,' then BitGo’s current push for an IPO marks the official start of the 'compliant custody era.'

Technical aspectsImproving sentiment lifts expectations of a crypto asset recovery; Bitcoin is brewing a new round of sustained recovery.

After half a year of repeated fluctuations and market skepticism, Bitcoin is gradually showing signs of transitioning from short-term trading opportunities to a mid-term upward trend. Multiple market signals indicate that crypto assets are brewing a more sustainable recovery.

Unlike previous short-lived rebounds, this rally is more supported by improvements in technical structure rather than purely driven by sentiment or momentum. Prices have re-established themselves above key moving averages, trend lines are beginning to recover upwards, and every pullback has seen relatively stable buying support. Despite continued short-term volatility, the overall technical pattern suggests a much stronger foundation for this rally.

In previous months, many analysts attributed the weak performance of cryptocurrencies to the relative strength of traditional assets like gold and silver.Safe-haven assetsThey believed that only when precious metals retreated could crypto assets find breathing room. However, market dynamics do not always strictly follow 'mean reversion.' Recently, Bitcoin and other mainstream tokens have gradually shown independent momentum, indicating that their rise isn't merely the result of capital rotating between different assets.

In other words, Bitcoin and precious metals don’t necessarily have an inverse relationship—there is potential for both asset classes to rise simultaneously. Even if precious metals experience a temporary pullback, it could bring new incremental funds into the crypto market.

Viewpoint

"Cathie Wood" predicts: The U.S. government may "directly buy" Bitcoin to bolster national strategic reserves

ARK Invest founder Cathie Wood stated that the U.S. government might begin directly purchasing Bitcoin in the future to bolster the national Bitcoin strategic reserve, rather than solely relying on assets seized by law enforcement agencies.

Wood noted in a recent episode of the 'Bitcoin Brainstorm' podcast that although the Trump administration has established a national Bitcoin reserve through executive orders, so far, the reserve sources are limited to confiscated BTC, with no market purchases yet made. The initial goal is to hold one million Bitcoins, so I believe they will eventually start buying.

She believes that under the pressure of midterm elections, Trump will still place high importance on cryptocurrency issues, which is positive for Bitcoin's strategic reserve. On one hand, Trump and his family’s stakes in the crypto industry continue to deepen; on the other, the crypto community played a significant role in his presidential election victory. She said, “He doesn’t want to be a lame-duck president. He wants one or two more productive years in office, and he sees crypto as the path to the future.” Reports indicate that the Trump administration has signed multiple executive orders to establish Bitcoin reserves and create inventories of crypto assets, while also forming a crypto and AI task force led by David Sacks to advance industry legislation, including the GENIUS Act (stablecoin legislation).

Analysis: Industry dissatisfaction with the CLARITY Act erupts, criticizing excessive concessions to traditional financial institutions

The Senate Banking Committee has canceled the scheduled revision hearing for the CLARITY Act (Crypto Market Structure Act) originally set for Thursday. According to crypto journalist Eleanor Terrett, in addition to Coinbase leading the announcement to withdraw its support for the draft, dissatisfaction among industry insiders also erupted on Wednesday. They complained that lawmakers made excessive concessions to banks and traditional financial institutions after proposing amendments to a 278-page bill, particularly regarding stablecoin yields and tokenization.

Critics claim that the CLARITY Act itself already favors traditional institutions. Meanwhile, some Democrats insist on imposing ethics clauses on senior government officials, including the president, prohibiting them from profiting personally from cryptocurrency projects. Democrats have previously reached an impasse with the White House multiple times over this issue.

Tim Scott, chairman of the Banking Committee, stated in a statement announcing the postponement of the meeting, 'Everyone is still working sincerely at the negotiating table,' but did not disclose when the committee would reschedule the review. The Senate will be in recess next week for Martin Luther King Jr. Day and will reconvene the following week. At that time, the Senate Agriculture Committee is expected to hold a review, which was also postponed from this Thursday.

Fed's Kashkari: Supports AI practicality, calls cryptocurrencies "mostly useless"

Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, stated in a recent live event that the U.S. economy will maintain robust growth and inflation will continue to decline, though specific figures by year-end remain unclear.

He specifically pointed out the practical value of artificial intelligence technology, but noted that most companies are still in the testing phase; as for cryptocurrencies, he unhesitatingly called them "mostly useless" for ordinary consumers. Kashkari also emphasized that the Fed's current policy is not quantitative easing, inadequate housing supply remains the biggest obstacle in the real estate market, and reiterated the importance of the Fed’s independent decision-making.

The decoupling between Bitcoin and the global M2 money supply is intensifying, with analysts divided on the outlook for 2026.

Since mid-2025, Bitcoin began decoupling from the growth of the global M2 money supply (the total amount of currency in circulation, including cash, demand deposits, and time deposits), with this trend becoming more pronounced in early 2026. Historically, the correlation between the two had been the basis for bullish forecasts, but now analysts are sharply divided on this phenomenon.

Fidelity Digital Assets’ January report maintained an optimistic stance, arguing that with the onset of a global monetary easing cycle and the end of the Fed’s QT plan, M2 growth will continue to rise in 2026, benefiting Bitcoin prices. Analyst MartyParty predicted that Bitcoin prices would rebound to catch up with M2 growth. However, Mister Crypto pointed out that the decoupling of Bitcoin prices from M2 usually marks a market top, followed by a 2-4 year bear market. The founder of Capriole Investments believes the decoupling reflects the risk of quantum computing breaking Bitcoin’s encryption. Despite uncertainties, investors still view Bitcoin as a long-term store of value.

Crypto Sector Concept Tracking

Strategy increased its Bitcoin holdings by 13,627 coins for $1.25 billion, bringing the total holdings to 687,400 Bitcoins

Bitcoin Whale $Strategy (MSTR.US)$ Recently (January 5th-11th), purchased 13,627 Bitcoins for approximately $1.25 billion at a unit price of about $91,519. As of January 11, 2026, the company holds a total of 687,410 BTC, with cumulative investments of about $51.8 billion and an average purchase cost of $75,353.

Standard Chartered plans to establish a cryptocurrency prime brokerage business to expand its digital asset footprint

According to Bloomberg, $STANCHART (02888.HK)$ plans to establish a cryptocurrency prime brokerage business through its venture arm, SC Ventures, offering services including custody, financing, and market access, currently still in the early planning stages.

This move helps it avoid Basel III’s high capital requirement of up to 1250% for unlicensed crypto assets. Standard Chartered has previously been involved in crypto projects such as Zodia Custody and Zodia Markets and will become the first globally systemically important bank to offer spot crypto trading in 2025.

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