Crypto custody firm BitGo has initiated plans for an initial public offering (IPO) that could value the company at as much as $1.96 billion, according to an SEC filing.
The Palo Alto-based firm and some existing shareholders are looking to raise roughly $201 million by offering 11.8 million shares priced between $15 and $17 each, with a planned listing on the New York Stock Exchange under the ticker “BTGO,” reports Reuters.
[adinserter block="1"]BitGo has become one of the largest cryptocurrency custody providers in the United States, managing tens of billions of dollars in assets for exchanges, institutional investors, hedge funds and other financial entities.
The company’s core business centers on secure storage solutions, risk-managed wallet infrastructure, staking services and enterprise-grade custody products.
BitGo’s IPO filing reveals Goldman Sachs and Citigroup as lead underwriters for the offering, according to Reuters. Regulatory filings indicate that the deal could serve as an important gauge of how public markets value crypto infrastructure businesses relative to speculative trading platforms or token-centric ventures.
Beyond custody, BitGo’s business model focuses on compliance and security, a positioning that aims to resonate with institutional clients seeking regulated on- and off-chain services.
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