On Monday, BitGo Holdings filed a Form S-1 with the U.S. Securities and Exchange Commission to begin an initial public offering and pursue a New York Stock Exchange listing under the ticker “BTGO” (filed a Form S-1). The company also publicly announced the offering launch (announced).
The proposed sale includes 11 million new Class A shares and about 821,595 shares from existing stockholders. With an expected range of $15 to $17 per share, the IPO could raise up to $201 million for roughly 11.8 million shares.
BitGo reported holding more than $90 billion in assets under custody since its 2013 platform launch. The company is reportedly targeting a valuation of about $2 billion through the offering.
Lead underwriters named for the deal include Goldman Sachs as lead book-running manager and Citigroup as a book-running manager. Additional book-running managers are Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Keefe, Bruyette & Woods, Canaccord Genuity and Cantor, with co-managers including Clear Street, Compass Point, Craig-Hallum, Rosenblatt, Wedbush Securities and SoFi.
“A registration statement relating to the Class A common stock has been filed with the SEC but has not yet become effective,” the company said. “Shares of Class A common stock may not be sold, nor may offers to buy be accepted, before the time the registration statement becomes effective.”
