Cryptocurrency custody company BitGo has priced its initial public offering (IPO) at $18 per share. Based on the offering price, the fully diluted value (FDV) is valued at approximately $2 billion.
BitGo will begin trading on the New York Stock Exchange under the ticker "BTGO" on the 21st (local time). This marks a significant milestone for a cryptocurrency infrastructure company, as it marks a direct listing on the NYSE, a key stage for traditional stock markets.
BitGo is a company that provides digital asset custody, multi-sig-based secure wallets, and on-chain payment and settlement infrastructure, primarily for institutional investors. Analysts say that, unlike its business model centered on exchanges and token issuance, its focus on the fundamental infrastructure of custody and settlement has contributed to its revaluation in this listing.
In particular, amid the gradual improvement of the cryptocurrency regulatory environment in the US, BitGo's corporate value is being reflected in the rapidly growing institutional demand for "storage, settlement, and operations" rather than "price volatility." This is also interpreted as an example of the digital asset market shifting from a focus on speculation to a focus on financial infrastructure.
The market is focusing on BitGo's listing as a potential turning point for cryptocurrency custody and infrastructure companies to fully connect with traditional financial markets. With demand for ETFs, tokenized securities, and institutional custody simultaneously expanding, BitGo's NYSE debut is expected to serve as a barometer of the cryptocurrency industry's rapid institutional integration.
This news was reported by CoinDesk.
