BitGo Holdings has started the process of going public in the United States, according to a filing with the Securities and Exchange Commission (SEC).
The cryptocurrency custody firm submitted its registration statement to begin its initial public offering (IPO).
In its filing, BitGo shared that it plans to sell 11 million shares of Class A common stock. Current shareholders will also sell an additional 821,595 shares. Altogether, about 11.8 million shares will be part of the offering.
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The filing shows the expected price per share is between $15 and $17. If shares sell at the higher end of that range, the IPO could raise around $201 million. With this sale, BitGo aims for a valuation close to $1.96 billion.
Founded in 2013, BitGo provides secure storage for digital assets. The company said it now manages over $90 billion in assets under custody, reflecting steady growth in the crypto sector over the past decade.
To manage the public offering, BitGo has appointed several investment banks. Goldman Sachs will serve as the lead book-running manager, with Citigroup also taking a leading role.
Other banks involved include Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Keefe, Bruyette & Woods, Canaccord Genuity, and Cantor. Co-managers listed are Clear Street, Compass Point, Craig-Hallum, Rosenblatt, Wedbush Securities, and SoFi.
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