BitGo Holdings, a cryptocurrency custody company, announced the pricing of its initial public offering (IPO) ahead of its shares’ expected debut on the New York Stock Exchange (NYSE).
The company priced its IPO at $18 per share, above the earlier indicated marketing range of $15 to $17 per share, according to an official announcement by BitGo.
The shares are expected to begin trading on the NYSE under the ticker symbol “BTGO” on Thursday, while the IPO is expected to close on Friday, subject to customary closing conditions. With about 11.8 million shares of Class A common stock being offered, the IPO is projected to generate about $212.8 million in gross proceeds at the set price.
BitGo’s offering marks one of the first dedicated crypto custodians to pursue and complete a US IPO, highlighting how institutional demand for asset storage is being valued alongside publicly-listed exchanges and issuers such as Coinbase and Circle.
The platform has amassed more than $90 billion in assets under custody since its launch in 2013. The IPO reportedly values BitGo at more than $2 billion.
795,230 shares are offered by existing BitGo stockholders
The offering consists of 11 million shares of Class A common stock being offered by BitGo in addition to 795,230 shares offered by certain existing stockholders of BitGo.
Multiple Form-3 filings with the Securities and Exchange Commission (SEC) confirm that the company’s biggest holdings remain with its founders and senior leadership, led by CEO Michael Belshe, alongside early investors.
Belshe’s Form-3 shows one million Class A shares, most of which are restricted stock units (RSUs) that vest over time. He also holds several million Class B shares, which are convertible into Class A shares, and has large option grants that could add millions more shares if exercised.
The filings also disclose stakes held by BitGo chief revenue officer Fang Chen and board chairman Brian Brooks, while some newly appointed directors, such as Vivek Krishna Pattipati, reported zero shares.
The filings also show holdings held by investment companies, including Valor Equity Partners and Redstone.
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“BitGo will not receive any proceeds from the sale of the shares by the selling stockholders in connection with the offering,” the announcement said.
The company has also granted the underwriters a 30-day option to purchase up to an additional 1,770,000 shares of its Class A common stock at the public offering price.
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