BitGo's $1.96 Billion IPO: A Major Move in Crypto Custody

BitGo Announces IPO with $1.96 Billion Valuation Target

BitGo Holdings, a leading cryptocurrency custody firm, has filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The company plans to issue 11 million shares of Class A common stock, alongside 821,595 shares from existing stockholders.

The IPO, announced on Monday, is expected to raise approximately $201 million, with shares priced between $15 and $17. BitGo intends to list on the New York Stock Exchange under the ticker 'BTGO'.

Extensive Assets Under Management

Since its inception in 2013, BitGo has managed over $90 billion in assets. The IPO aims for a valuation of up to $1.96 billion, marking a significant milestone for the company.

Leading Underwriters on Board

Goldman Sachs is the lead book-running manager for the IPO, supported by Citigroup. Other book-running managers include Deutsche Bank Securities, Mizuho, and Wells Fargo Securities. Co-managers feature Clear Street and SoFi, among others.

BitGo's registration statement is filed with the SEC but remains pending. No shares will be sold until the registration is effective.