--- title: "BitGo 和 PicPay 在 “不確定” 的金融科技 IPO 市場中上市" description: "BitGo 和 PicPay 最近在受宏觀經濟條件和部分政府停擺影響的挑戰性金融科技 IPO 市場中上市。BitGo 的股票定價為 18 美元，籌集了 2.128 億美元，而 PicPay 的定價為 19 美元，籌集了 4.34 億美元。兩家公司最初都看到股價上漲，但隨後經歷了下跌。專家表示，儘管當前市場波動，但投資者對優質發行人的需求依然強勁，IPO 窗口在 2026 年仍然開放，未來仍有機會" type: "news" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/274725812.md" published_at: "2026-02-03T23:06:35.000Z" --- # BitGo 和 PicPay 在 “不確定” 的金融科技 IPO 市場中上市 > BitGo 和 PicPay 最近在受宏觀經濟條件和部分政府停擺影響的挑戰性金融科技 IPO 市場中上市。BitGo 的股票定價為 18 美元，籌集了 2.128 億美元，而 PicPay 的定價為 19 美元，籌集了 4.34 億美元。兩家公司最初都看到股價上漲，但隨後經歷了下跌。專家表示，儘管當前市場波動，但投資者對優質發行人的需求依然強勁，IPO 窗口在 2026 年仍然開放，未來仍有機會 - Key insight: Macroeconomic conditions impacted the first two fintech IPOs of the year, BitGo and PicPay. - Expert quote: "The partial government shutdown has increased near-term uncertainty and contributed to volatility, but investor demand for quality issuers remains." — Mergermarket's Cristiano Dalla Bona - Forward look: Now that partial gov shutdown has ended, look for potential rallies in the fintech IPO market. The first two fintech IPOs of the year started strong by raising hundreds of millions on their opening days, but lost momentum shortly afterwards as a temporary partial government shutdown and other macroeconomic conditions brought uncertainty into the market. Digital asset custodian BitGo and Brazilian digital bank and payments provider PicPay went public in late January to open the fintech IPO market for 2026. BitGo priced its offering at $18 per share, higher than the expected range of $15 to $17, ahead of its January 22 NYSE debut, with the company and its investors raising $212.8 million from the initial sale. PicPay priced its IPO at $19 per share, the top of its offered range of $16 to $19, and investors raised $434 million from its Nasdaq debut on January 29. Both firms saw increases in share price on the first day of trading, but both also experienced a decrease in the following days. Research notes from IPO firm Renaissance Capital noted that "crypto infrastructure player BitGo priced above the range, but returned -19% by Friday" and "Brazilian fintech PicPay priced at the high end, historically a sign of strong demand, yet still traded down" by the end of the week. Bill Smith, founder and CEO of Renaissance Capital, said that "pricing up usually means a hot deal" but that traders "bet on a quick pop that didn't materialize." A Renaissance Capital research note from the week of BitGo's debut said that the IPO market declined by 1.8% as "geopolitical shocks caught up with stocks," and a research note from the following week, when PicPay debuted, said that the IPO market declined by another 5.5%. "It didn't help that the Fed kept rates steady, citing elevated inflation," Smith said. Shortly after the two IPOs, the government went into a partial shutdown on January 31 and the SEC reduced its operations in a similar fashion to how it responded to the 2025 full government shutdown last fall that lasted for a record-breaking 43 days. On Tuesday, President Trump signed a funding bill to end the partial shutdown after four days. According to Josh Bonnie, co-head of Simpson Thacher's global capital markets practice, staff members at the SEC worked with a number of IPO issuers in anticipation of the government shutdown to finalize their registration statements and declare them effective ahead of the start of the partial shutdown "to enable these companies to move forward with their IPOs notwithstanding the shutdown." "The SEC did what they could to keep the IPO market open for the near term," Bonnie told American Banker. Cristiano Dalla Bona, co-head of North America equity capital markets for Mergermarket, told American Banker that current short-term price movements are "less down to issuer fundamentals and more a function of broader risk sentiment and liquidity conditions… The shutdown has coincided with a choppier macro backdrop, including geopolitical concerns, which can weigh on the early aftermarket trading." For other firms looking ahead to an early 2026 IPO, according to experts, the opportunity hasn't fully disappeared yet despite current market conditions. "The partial government shutdown has definitely increased near-term uncertainty and contributed to volatility, but so far it has not shut the IPO window," Bona said. "Investor demand for quality issuers remains." Aisha Chandraker, head of fintech research for CB Insights, told American Banker that fintechs don't have "a straightforward landscape" at the moment, but fintech IPOs overall outpaced broader market activity last year, according to CB Insights data on fintech venture funding. "We saw mixed results following the recent IPOs from Chime and Klarna last year," she said. "Ultimately there are success stories on both sides, like Nubank, which went public in 2021, and Revolut, which has so far stayed private." ### Related Stocks - [BTGO.US - Bitgo](https://longbridge.com/zh-HK/quote/BTGO.US.md) - [PICS.US - PicS NV](https://longbridge.com/zh-HK/quote/PICS.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Clarivate｜8-K：2025 财年 Q4 营收 6.17 亿美元超过预期 | | [Link](https://longbridge.com/zh-HK/news/276722157.md) | | 科技经济 v.s.地产经济：有何不同？ | 研究表明，从地产经济转向科技经济涉及产业结构调整、发展模式变革和体制机制改革，显著影响宏观经济的生产、通胀、就业、财政和货币等关键变量。新兴产业的生产力对总产出的影响已超越地产建筑链，且新兴产业的就业特性可能导致收入与就业压力。科技经济时代 | [Link](https://longbridge.com/zh-HK/news/276679648.md) | | 韩国股市 “领涨全球” 的秘密武器：当总统 “曾经是韭菜” | 韩国总统李在明凭早年炒股亏损的 “散户” 经验，上任后通过强化董事会问责、改革股息税及打击市场违规，掀起激进的金融改革。这些举措助推首尔综指年内大涨 36%，远超其 “Kospi 5000” 目标。改革扭转了韩国人的财富观念，使其从资产过度 | [Link](https://longbridge.com/zh-HK/news/276556648.md) | | 英伟达今夜财报大考：要多强才能扭转 AI 泡沫恐慌？ | 要扭转市场对 AI 泡沫的担忧，英伟达不仅需要在营收和利润上大幅超出预期，还必须在现金流兑现、利润率维持以及未来订单指引上给出无懈可击的证明，以安抚对科技巨头债务驱动型支出感到紧张的投资者。 | [Link](https://longbridge.com/zh-HK/news/276887894.md) | | AI 冲击引发恐慌？红杉林君叡：软件公司能够挺过来 | 红杉资本的林君叡表示，软件公司能够应对人工智能带来的冲击，并相信 AI 将改善大多数公司。他提到，AI 的影响是真实的，能够提升工作效率。尽管市场对 AI 的担忧影响了软件股，但红杉仍专注于利用 AI 增强人类工作成果，并投资于 Rowsp | [Link](https://longbridge.com/zh-HK/news/276940068.md) | --- > **免責聲明**：本文內容僅供參考，不構成任何投資建議。