"Crypto custody firm BitGo has launched its initial public offering, seeking to raise up to $201 million, according to a filing with the U.S. Securities and Exchange Commission. The Palo Alto, California-based company is offering roughly 11.8 million shares of Class A common stock at an expected price range of $15 to $17 per share. The offering includes 11 million shares sold by BitGo and about 821,600 shares offered by existing stockholders, with the company not receiving proceeds from those secondary sales."
"In December, Bitgo was one of five digital asset firms to receive conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to become a federally chartered national trust bank, alongside Ripple, Circle, Fidelity Digital Assets, and Paxos. The decision marked a significant step in bringing major crypto companies further into the U.S. federal banking system. The conditional approvals allow the firms to convert from state-level trust charters to national trust bank status, pending the fulfillment of OCC requirements."
BitGo launched an initial public offering to raise up to $201 million by offering roughly 11.8 million Class A shares at an expected price range of $15 to $17 per share. The offering comprises 11 million shares sold by BitGo and about 821,600 shares sold by existing stockholders, with underwriters holding a 30-day option to buy up to 1.77 million additional shares. Founded in 2013, BitGo is a major U.S. crypto custody provider planning to list on the New York Stock Exchange under the ticker BTGO, with Goldman Sachs as lead book-running manager. In December, Bitgo received conditional OCC approval to convert to a federally chartered national trust bank, which would enable nationwide fiduciary and custody services once requirements are met; national trust banks cannot take deposits or issue loans.
Read at Bitcoin Magazine
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