Crypto custodian BitGo Holdings Inc. has filed for an initial public offering (IPO) in the United States, planning to list on the New York Stock Exchange under the ticker symbol BTGO.
BitGo joins IPO list, stock code BTGO
Crypto custodian BitGo has joined the ranks of numerous cryptocurrency companies rushing to go public after U.S. President Trump announced his embrace of the industry.
Stablecoin issuer Circle achieved a resounding success in its IPO. After listing in June at an IPO price of $31, Circle's stock price has since fallen from a peak of $299 to $144, but remains 365% above its IPO price. However, the recently listed cryptocurrency exchange Gemini has fallen below its IPO price.
BitGo hired Goldman Sachs Group Inc. and Citigroup Inc. as lead investors in the offering and plans to list on the New York Stock Exchange under the ticker symbol BTGO.
IPO details are still being finalized, but CEO Belshe will still hold a majority of voting rights.
According to BitGo's filing with the U.S. Securities and Exchange Commission, the company reported net income of $12.6 million on $4.19 billion in revenue for the first six months of this year, compared to $30.9 million in net income and $1.12 billion in revenue in the same period last year. BitGo supports over 1,400 digital assets and had approximately $90.3 billion in assets on its platform as of the end of June.
The company completed a $100 million Series C funding round in August 2023, with a valuation of $1.75 billion. David Sacks , the current US "AI Crypto Tsar," crypto venture capital firm Galaxy Digital, and Wall Street investment bank Goldman Sachs have all participated in the investment.
Although BitGo did not disclose in the filing how many shares it will issue, co-founder and CEO Michael Belshe will still control more than 50% of the total voting rights after the IPO.
The article BitGo applies for IPO and lists as BTGO on the New York Stock Exchange first appeared on ABMedia ABMedia .
