BitGo has priced its initial public offering (IPO) at $18 per share, above its earlier target range of $15 to $17, according to the company’s announcement. The shares are expected to start trading on the New York Stock Exchange under the ticker BTGO on Thursday. The offering will be finalized on Friday when all typical conditions have been satisfied.
The IPO includes about 11.8 million shares of Class A common stock, which could raise roughly $212.8 million in gross proceeds at the offering price. BitGo reaches a valuation of over $2 billion based on this pricing.
IPO structure and market position
BitGo currently operates as one of the first cryptocurrency custody companies to achieve a public offering in the United States. This places it alongside other publicly listed crypto companies such as Coinbase and Circle, showing how investors are valuing institutional crypto services beyond trading platforms.
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Founded in 2013, BitGo reports over $90 billion in assets under custody, which shows that institutional clients require secure storage for their digital assets.
Shareholders and SEC filings
The Securities and Exchange Commission requires companies to submit regulatory documents which show that company founders together with their initial investors maintain substantial ownership of their business. Existing shareholders will sell 795230 shares from the IPO while BitGo plans to issue 11000000 new shares for public offering.
CEO Michael Belshe disclosed ownership of one million Class A shares which he acquired through restricted stock units that will become accessible to him at future dates. He owns multiple million Class B shares which he can change into Class A stock together with stock options that will boost his ownership position if he uses them.
The filings display shareholdings of different executives and board members together with the investments from firms like Valor Equity Partners and Redstone. The existing shareholders who sell their shares will not generate any income for BitGo. The underwriters possess a special 30-day period during which they can acquire as many as 1770000 extra shares at the IPO price.
