Crypto custody company 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 company and some existing shareholders are looking to raise about $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.
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 businesses are secure storage solutions, risk-managed wallet infrastructure, staking services and enterprise-grade custody products.
BitGo’s IPO filing shows that Goldman Sachs and Citigroup are lead underwriters for the offering, according to Reuters. Regulatory documents indicate that the deal could serve as an important gauge for how public markets value crypto infrastructure companies versus speculative trading platforms or token-centric ventures.
In addition to 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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