Crypto is back at the block.

BitGo is kicking off the year’s IPO calendar. The crypto infrastructure firm, which operates everything from crypto wallets to trading and custody, opened at $22.43, 25.5% above the IPO price.

BitGo is valued at $2.59 billion after raising $212.8 million, and unlike many crypto peers, it’s profitable: The company expects 2025 net income of $3.16 million to $3.52 million, swinging from a $7 million loss in 2024, with revenue projected to surge from $2.4 billion in 2024 to $15.5 billion in 2025.

Crypto caught in the crossfire

The IPO arrives at an awkward time for crypto, with bitcoin trading below $90,000, nearly 30% off its October highs. Traders were hoping that regulatory clarity provided by the CLARITY Act, a proposal designed to set clearer rules for the crypto industry, could become a gateway to broader market adoption and help bitcoin recover. But those hopes faded after Coinbase pulled its backing, citing restrictions on stablecoin rewards.

Geopolitics aren’t helping, either. Headlines related to potential US tariff threats tied to Greenland and other global tensions have contributed to broader volatility in risk assets, including crypto. Investors have preferred to store their wealth in gold, which usually lags bitcoin’s growth but has recently rocketed to new heights.

“With the big run in precious metals, some investors are not focused as much on bitcoin as they used to be,” Chief Market Strategist at Miller Tabak + Co Matt Maley, told Bloomberg.

Amid this backdrop, US-listed bitcoin exchange-traded funds saw $700 million in outflows yesterday, the sharpest single-day drawdown in roughly two months.

The first domino

Despite those many headwinds, BitGo’s successful debut today may open the door for others. Crypto exchange Kraken filed for an IPO in November and is reportedly targeting a valuation near $20 billion.

The IPO pipeline isn’t limited to digital assets. Heavyweights like SpaceX, OpenAI, and Anthropic are among the most-watched private companies considering an IPO, while unicorn EquipmentShare plans to go public later this week.

Whether BitGo’s debut proves to be a bellwether or a bluff, it will help set the stage for the next crop of companies weighing whether the IPO window is truly reopening.—SY

🟢 What’s up

• Plug Power popped 16.67% after its CEO announced he’ll host an “Ask Me Anything” Q&A on Reddit.
• Meta Platforms advanced 5.66% as Jeffries analysts pointed to its valuation discount versus Alphabet.
• Venture Global jumped 5.3% after winning a dispute with Repsol SA over LNG shipments from its Louisiana export plant.
• Moderna surged 4.14% as investors welcomed positive results from a cancer vaccine trial.
• Paramount Skydance Corporation rose 1.55% after extending the tender-offer deadline for Warner Bros. Discovery.
• Alibaba gained 5.06% after announcing plans to restructure its AI chip unit into a standalone business ahead of a potential IPO.
• Drone maker Karman Holdings climbed 6.4% after raising fiscal 2026 revenue guidance and expanding into autonomous maritime technologies.
• Datadog popped 6.31% after Stifel upgraded the stock from Hold to Buy, citing potential stronger-than-expected fourth-quarter results.

What’s down

• Abbott Laboratories fell 10.04% after fourth-quarter revenue missed expectations, dragged down by continued weakness in its Nutrition segment.
• GE Aerospace slipped 7.38% despite a Q4 earnings and sales beat, as investors focused on its outlook for low-double-digit revenue growth in 2026.
• Spice company McCormick & Company dropped 8.05% after warning that higher input and tariff-related costs are expected to pressure profits this fiscal year.
• Autonomous driving tech company Mobileye Global slid 3.4% after issuing full-year 2026 revenue guidance that came in below analysts’ expectations.

Davos is a place to see and be seen—and right now, all eyes are on Emmanuel Macron.

The French president turned heads yesterday when he gave his speech at the World Economic Forum while sporting a pair of aviator sunglasses. The unusual fashion choice caught the internet’s attention, with viewers sprinting to their nearest search engine to find their own pair.

They discovered that the glasses were made by luxury eyewear company Maison Henry Jullien, which is owned by the Italian company iVision Tech. The sudden surge of attention crashed the Henry Jullien website, while iVision Tech, which trades on the Borsa Italiana, or the Italian stock exchange, enjoyed its best day of trading ever. Shares soared so fast that the stock exchange halted trading twice, and the stock remains up about 30% over the last five days.

Macron explained that he wore the glasses to cover up a harmless eye condition. But we know the truth: He’s clearly an avid Top Gun fanatic who couldn’t help but to copy Maverick’s signature style.

Whatever the case may be, iVision Tech shareholders are just happy that what could have been a fashion faux pas has turned into such a triumph.—MR

Amid the geopolitical storm brewing at Davos, it’s easy to forget that perhaps the most consequential economic news is breaking right here at home.

Take a look at the slew of economic data we got this morning:

• Core PCE jumped 0.2% in November from the month prior and 2.8% year over year—largely in-line with expectations, though still above the Fed’s 2% target.
• Q3 GDP jumped 4.4% annually between July and September—an acceleration from 3.8% in the three months prior.
• Initial jobless claims remained low—only rising 1,000 to reach 200,000 in the week ending Jan. 17, below economists’ predictions.

While all the positive news for the US economy was especially welcome given the chaotic undertones of, well, everything, the data also provided even more evidence of the so-called “K-shaped” economy.

“This impressive strength masks a more troubling reality,” explained Senior Economist at EY Lydia Boussour in a written comment. “Beneath the surface, many families are grappling with depleted savings and the challenges of fewer job opportunities and slower income growth which is eroding their purchasing power.”

So, what now?

All eyes now turn to the Fed meeting next week. Given the latest reassuring macro data proving the US economy is not a sinking ship, the central bank is likely to leave rates unchanged for now. Traders seem to agree: They’re pricing in a 95% chance of rates staying at their current level.

What does all this mean for investors? According to the experts, it’s a green light.

“It is often said that the stock market is not the economy and vice versa; however, higher corporate profits do drive stock prices and to the extent a sustainable increase in productivity and output allow companies to meaningfully increase profits, we should expect the market to increase as well,” wrote Chief Investment Officer for Northlight Asset Management Chris Zaccarelli in a note.—LB

• President Trump is suing JPMorgan Chase and Jamie Dimon for at least $5 billion over his “debanking” claims.
• Doom scrolling is rescued: The US and China have agreed to a deal to sell TikTok’s US arm to a group of mainly US-based investors.
• The Trump administration wants to topple Cuba’s government next.
• Investors are fleeing private credit funds.
• Procter & Gamble is rolling out silk fiber diapers in China to woo luxury customers.The EU is expected to un-freeze its trade deal with the US after Trump rescinded his threat of additional tariffs.
• Here's why Goldman Sachs says gold could rally another 17% through the end of the year to $5,400 per ounce.

Economic reports: The final reading of consumer sentiment for January, as well as the S&P flash US services and manufacturing PMI readings

Earnings announcements: SLB, Hyundai Motor, and Booz Allen Hamilton