BitGo, a crypto custody firm, is gearing up for an initial public offering (IPO) that could potentially value the company at $1.96 billion, as per an SEC filing.
Based in Palo Alto, BitGo and some existing shareholders are aiming to raise around $201 million through the offering of 11.8 million shares priced between $15 and $17 each. The company plans to list on the New York Stock Exchange under the ticker “BTGO,” according to Reuters.
BitGo has established itself as one of the leading cryptocurrency custody providers in the United States, managing assets worth tens of billions of dollars for exchanges, institutional investors, hedge funds, and other financial entities.
The company’s primary focus lies in secure storage solutions, risk-managed wallet infrastructure, staking services, and enterprise-grade custody products.
Goldman Sachs and Citigroup are named as lead underwriters for BitGo’s IPO, as per Reuters. The offering could serve as a significant benchmark for how public markets value crypto infrastructure companies compared to speculative trading platforms or token-centric ventures.
Aside from custody services, BitGo emphasizes compliance and security, targeting institutional clients seeking regulated on- and off-chain services.
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