BitGo Launches IPO Targeting $1.96 Billion Valuation

BitGo, the Crypto Custody Firm, Seeks to Raise $201 Million

BitGo, a leading player in the cryptocurrency custody sector, has announced the launch of its initial public offering (IPO) through a filing with the U.S. Securities and Exchange Commission (SEC). In an S-1 form submitted to the SEC, BitGo indicated that the offering will comprise 11 million Class A common shares issued by the company, along with 821,595 shares offered by existing shareholders.

With a targeted valuation of up to $1.96 billion, BitGo aims to raise as much as $201 million in the IPO, with an estimated price range between $15 and $17 per share. This offering comes after BitGo has amassed over $90 billion in assets held since the launch of its platform in 2013.

For the IPO, BitGo has hired several major U.S. investment banks as lead underwriters, including Goldman Sachs as the book-running manager and Citigroup as the co-manager. Other investment banks involved include Deutsche Bank Securities, Mizuho, Wells Fargo Securities, and Canaccord Genuity.

“A registration statement regarding the Class A common shares has been filed with the SEC, but it has not yet become effective,” BitGo stated in the announcement. The company also noted that the Class A shares cannot be sold, nor can any bids be accepted, before the registration statement becomes effective.