Digital asset company BitGo Holdings has priced its initial public offering (IPO) at $18 per share, according to a Bloomberg News report published Wednesday. The pricing is above the company’s previously marketed range, the report stated, citing individuals with knowledge of the matter.
The final price and other offering details have not yet been publicly confirmed by BitGo or its underwriters. The number of shares to be offered and the total capital the company aims to raise through the public listing were not specified in the initial report. An official announcement with full terms of the IPO is expected before the company’s shares begin trading on a public exchange.
BitGo, founded in 2013, is a financial services firm that provides institutional-grade custody, security, and liquidity solutions for digital assets like cryptocurrencies. The company offers services including qualified custody, prime brokerage, and trading platforms for hedge funds, financial institutions, and other corporate investors operating in the digital asset sector.
The move toward a public offering follows a period of notable corporate activity for the company. In August 2022, a planned $1.2 billion acquisition of BitGo by financial services firm Galaxy Digital was terminated. At the time, Galaxy Digital stated in a press release that it exercised its right to terminate the deal, citing BitGo’s “failure to deliver, by July 31, 2022, audited financial statements for 2021.”
In response, BitGo initiated legal proceedings against Galaxy Digital, seeking damages and alleging that Galaxy Digital had committed a breach of the merger agreement. The matter was later resolved between the two companies under confidential terms.
The pricing of BitGo’s IPO occurs as the market for new public listings continues to be evaluated by investors. The timing and performance of the offering will be observed as an indicator of investor appetite for companies within the cryptocurrency and digital asset industry.
Further details regarding the IPO, including the exchange on which BitGo will trade and its ticker symbol, are anticipated to be released in filings with the U.S. Securities and Exchange Commission.
