Crypto: Bitgo Sets Ipo Price At $18 As Shares To Begin Trading On Nyse

BitGo priced its IPO at $18 a share and expects NYSE trading to begin Thursday, with SEC filings showing major holdings by founders and early investors.

BitGo Holdings, a cryptocurrency custody company, has announced the pricing of its initial public offering (IPO) ahead of its shares’ expected debut on the New York Stock Exchange (NYSE).

The company priced its IPO at $18 per share, above the earlier indicated marketing range of $15 to $17 per share, according to an official announcement by BitGo.

The shares are expected to begin trading on the NYSE under the ticker symbol “BTGO” on Thursday, while the IPO is expected to close on Friday, subject to customary closing conditions.

With 11.8 million shares of Class A common stock being offered, the IPO is projected to generate about $212.8 million in gross proceeds at the set price.

The offering consists of 11 million shares of Class A common stock being offered by BitGo in addition to 795,230 shares offered by certain existing stockholders of BitGo.

Multiple Form-3 filings with the Securities and Exchange Commission (SEC) confirm that the company's biggest holdings remain with its founders and senior leadership, led by CEO Michael Belshe, alongside early investors.

The filings also disclose stakes held by BitGo chief revenue officer Fang Chen and board chairman Brian Brooks, while some newly appointed directors, such as Vivek Krishna Pattipati, reported zero shares.

Additionally, the filings also show holdings held by investment firms, including Valor Equity Partners and Redstone.

Related: Crypto bank Anchorage Digital eyes $400M raise with IPO in sight: Report

Source: CoinTelegraph