Crypto Custody Firm BitGo Targets $201 million U.S. IPO as Institutional Demand Grows

Crypto custody leader BitGo, has made a significant move to go public as the company has filed an initial public offering (IPO) with the United States Securities and Exchange Commission to raise up to 201 million dollars with a listing on the New York Stock Exchange.

This move marks a significant milestone for the major digital asset infrastructure company as the demand for regulated custody solutions has been on the rise among institutions.

BitGo’s IPO Launch: What’s Being Offered

Based on the filling information, the offering will include the sale of 11 million new Class A common stocks of BitGo in the IPO. This will be accompanied by the sale of 821,595 Class A common stocks held by current shareholders.

Source: SEC

Underwriters participating in the transaction are banking behemoths such as the lead book-running underwriter of the offering, Goldman Sachs, and the book-running underwriter, Citigroup, alongside others like Deutsche Bank Securities, Mizuho, Wells Fargo Securities, and Canaccord Genuity.

The offering will be priced in a range of $15 to $17 per share and could raise a maximum of $201 million. The company handed out the option for the purchase of a further 1.77 million shares to the underwriters for a period of 30 days.

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Valuation and Market Position

BitGo’s IPO plans are based on a valuation of close to $1.9 billion. This is due to its positioning in the industry as an institutionally focused crypto-custodian. BitGo, founded in 2013 with its head office in Palo Alto, California, has a total asset under custody valuation in excess of $90 billion.

BitGo has a substantial institutional client base, numbering in the thousands, and is known for providing custody, trading, settlement, and wallet infrastructure. This success has come along with greater institutional adoption of crypto, and in some instances, it is a necessary requirement for money allocation.

Strategic Rationale Behind the IPO

The crypto market has experienced a new wave of public listings for crypto firms, with names such as Circle, Kraken, and Grayscale announcing or executing public listings, apart from the latest filing for an initial public offering (IPO) by BitGo.

For BitGo, an initial public offering means increased financial freedom, additional exposure for their brand, and the opportunity to leverage macro trends like institutional investment into crypto assets. More importantly, a successful market debut can help increase confidence in the crypto custody industry as a whole and bring mainstream financial participants into the space.

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