BitGo Files for $201M IPO, Eyes $1.96B Valuation on NYSE
5.1 Investments BitGo has filed for a U.S. IPO to raise up to $201 million, targeting a $1.96 billion valuation. The company plans to list on the NYSE as "BTGO" and will use proceeds for expansion and development.
BitGo, a prominent cryptocurrency custody company, has filed for a U.S. initial public offering (IPO) aiming to raise up to $201 million by offering approximately 11.8 million shares, including 11 million new shares and 821,595 from existing stockholders, at an expected price range of $15 to $17 per share. The company targets a valuation of up to $1.96 billion and plans to list on the New York Stock Exchange under the ticker "BTGO." BitGo will operate with a dual-class share structure, with Class A shares carrying one vote and Class B shares carrying 15 votes per share, allowing a controlling interest to be maintained by its co-founder. The company will not receive proceeds from shares sold by existing stockholders. BitGo intends to use the funds for working capital, product development, and potential acquisitions. The IPO follows a period of strong revenue growth and comes as regulatory conditions for crypto firms in the U.S. have stabilized. BitGo recently received conditional approval for a U.S. banking charter, further strengthening its regulatory position.
