Everything You Need to Know Today

BitGo showed up to the IPO window like the adult in the crypto room and investors nodded politely, then paid up. The custody firm priced at $18, above range, raising $212.8 million and slapping a $2.08 billion value on the idea that someone, somewhere, should probably guard the keys. The timing is a bit messy. Crypto just sold off in October, Congress is mid-regulatory food fight, and Coinbase is already warning the rules could ruin the party. Still, Goldman and Citi underwrote the confidence, institutions like the word “custody,” and BitGo gets to be 2026’s first digital asset debut. Now everyone else is watching the tape like it’s a mood ring for crypto capital markets.

Relief Is Cheap, Gravity Is Not: Wall Street limps into Thursday calmer after Wednesday’s relief bid did its job. Trump cooled the tariff chatter, Greenland went back to being a map problem, and shorts scrambled. Volatility eased, dip buyers resurfaced, and everyone pretended this was about conviction. It was about positioning. Relief rallies always are. With the 10-year still camped near 4.29%, the calm only lasts if nothing forces rates higher.

Data and Earnings Take Over: Everything funnels through 8:30 a.m. Q4 GDP near 4% keeps the soft-landing crowd loud and the Fed uncomfortable. Jobless claims stuck around 209k say the labor market still will not blink. Too hot, and yields push higher. At the same time, PG tests the consumer, GE checks the industrial pulse, and Intel carries the most fragile credibility on the board. Guidance matters more than beats. ISRG and CSX add texture after the close.

Bottom line: Relief bought time. GDP, yields, and guidance decide whether the market wastes it.