First Crypto IPO of the Year! BitGo (BTGO.US) to List on NYSE Thursday, Raises $21.3B with Above-Expectation Pricing of $18/Share

Stock News01-22 13:34

BitGo Holdings, Inc. (BTGO.US), a cryptocurrency custody and services provider, is set to debut on the New York Stock Exchange this Thursday, Eastern Time, having raised a substantial $21.3 billion, with its issue price surpassing the initially marketed range. The company announced on Wednesday a final pricing of $18 per share, exceeding the indicated range of $15 to $17. BitGo itself offered 11.026 million shares, while selling shareholders contributed an additional 795,230 shares. According to informed sources, the public offering was met with multiple times oversubscription. Calculated at the issue price and based on the number of outstanding shares listed in its filing with the U.S. Securities and Exchange Commission, BitGo's market valuation stands at approximately $21 billion. BitGo represents the first cryptocurrency company to advance with a U.S. IPO in 2026. The industry experienced a wave of listings last year, although the crypto market saw a pullback in the final months, with Bitcoin's price declining 6.5% throughout 2025. Founded in 2013 by CEO Mike Belshe as a co-founder of a crypto wallet company, BitGo has since expanded its operations to encompass digital asset security, custody, and liquidity services. The company also serves as the custody and infrastructure provider for USD1, a stablecoin issued by Trump-associated World Liberty Financial Inc. Donald Trump Jr. and Eric Trump are co-founders of this DeFi project. Post-IPO filings indicate that Belshe is expected to retain control of the company with 56% of the voting power. Valor Equity Partners will hold 4.6% of the voting rights, while Redpoint Ventures will possess 3.9%. According to the filings, for the first nine months of 2025, BitGo generated revenue of $10 billion and reported net income attributable to shareholders of $8.1 million; this compares to revenue of $1.9 billion and net income of $5.1 million for the same period last year. The offering was led by Goldman Sachs Group and Citigroup. BitGo is scheduled to commence trading on the New York Stock Exchange this Thursday under the ticker symbol "BTGO".

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