BitGo Prices IPO at $18 in Strong Market Debut, Signaling Institutional Crypto Demand
BitGo defied expectations by pricing its IPO at $18 per share, above the marketed $15-$17 range, ahead of its NYSE debut under ticker BTGO. The offering of 11.8 million Class A shares could yield $212.8 million in gross proceeds, with trading set to begin Thursday.
The premium pricing reflects surging institutional appetite for regulated crypto custody services. As one of the first digital asset firms to go public, BitGo’s $90 billion AUM and $2 billion valuation underscore the sector’s maturation. Secondary sales by existing shareholders won’t benefit the company’s balance sheet—a standard IPO structure.
‘Custody is the gateway,’ observed one syndicate desk trader, noting the listing’s timing coincides with Wall Street’s accelerating embrace of crypto infrastructure. The deal’s success may pave the way for similar public offerings in the blockchain space.