BitGo Kicks Off Public Offering as It Seeks NYSE Debut as BTGO

BitGo Holdings, the Palo Alto–based digital asset infrastructure firm, on Monday kicked off an initial public offering that would place 11,821,595 shares of its Class A common stock before public investors. The filing, made on Form S-1 with the U.S. Securities and Exchange Commission, shows BitGo itself is offering 11,000,000 shares while certain existing stockholders plan to sell 821,595 shares; the company said it will not receive proceeds from the shares sold by those selling stockholders.

The company has told investors the offering price is expected to fall between $15 and $17 per share, and it intends to grant the underwriters a 30-day option to buy up to an additional 1,770,000 shares. BitGo has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol “BTGO.”

Goldman Sachs & Co. LLC is serving as lead book-running manager, with Citigroup joining as book-running manager. A group of firms, including Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Keefe, Bruyette & Woods, Canaccord Genuity and Cantor are named as additional book-running managers, while Clear Street, Compass Point, Craig-Hallum, Rosenblatt, Wedbush Securities and SoFi are listed as co-managers.

Major Moment

The move marks a key moment for BitGo, which since its founding in 2013 has positioned itself as a full-service provider for institutions moving into digital assets, offering custody, wallets, staking, trading, financing and settlement services anchored in regulated cold storage. The company says it serves thousands of institutions, including major exchanges and platforms, and millions of investors around the world.

Industry observers will watch how the market receives BitGo’s offering, which follows a wave of renewed IPO activity among crypto and fintech companies. If priced at the midpoint of the indicated range, the deal would represent a sizable capital event for a company that has expanded its product set beyond custody into prime brokerage and other institutional services.

BitGo’s announcement includes customary regulatory cautions: the proposed offering will be made only by means of a prospectus, and the registration statement filed with the SEC has not yet become effective, meaning shares may not be sold, nor offers to buy accepted, until that time. When available, copies of the preliminary prospectus can be obtained from the underwriters named in the filing. The company’s press release makes clear that this communication is not an offer to sell or the solicitation of an offer to buy in any jurisdiction where such an offer would be unlawful.