BitGo’s debut places it among a small group of crypto-focused firms to reach US public markets
BitGo has set the price for its initial public offering at $18 per share, clearing the way for its expected first day of trading on the New York Stock Exchange later today. The crypto custody firm will trade under the ticker symbol “BTGO,” with the offering scheduled to close tomorrow if standard conditions are met.
The IPO price landed above the previously marketed range of $15 to $17, signaling solid demand from investors. BitGo is offering roughly 11.8 million shares of Class A common stock, a move expected to raise about $212.8 million before expenses.
The deal places BitGo’s overall valuation at more than $2 billion. Founded in 2013, the company has built its business around digital asset custody and security services and reports more than $90 billion in assets held on behalf of clients.
Most of the shares in the offering are newly issued by the company, though a smaller portion comes from existing shareholders. About 795,000 shares are being sold by early investors and insiders, with BitGo noting it will not receive proceeds from those secondary sales.
Regulatory filings show that control of the company remains largely with founders and senior leadership. CEO Mike Belshe holds a significant stake through a mix of Class A and Class B shares, along with stock options and restricted units that vest over time. Other executives and board members also retain sizable positions.
Several investment firms, including Valor Equity Partners and Redstone, are listed among major shareholders. Newly added directors disclosed little to no ownership, reflecting their recent appointments rather than exits.
