BitGo, управляя активами на $90 млрд, получает одобрение на IPO на NYSE Translation: BitGo, managing $90 billion in assets, receives approval for IPO on NYSE

Cryptocustodian BitGo has submitted a request for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC).

The company intends to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker BTGO. Leading underwriters for the offering will be Goldman Sachs and Citi.

According to its S-1 filing, as of June 30, BitGo had assets worth approximately $90.3 billion stored on its platform. Its clientele includes around 4,600 businesses and wealthy individuals, in addition to over 1.1 million end users.

BitGo supports more than 1,400 digital currencies and provides insurance coverage of up to $250 million.

In the first half of the year, the company’s revenue surged to nearly $4.2 billion, compared to $1.1 billion the previous year. However, net income fell from $30.9 million to $12.6 million year over year.

Co-founder and CEO Mike Belshé will retain a controlling interest post-IPO by holding Class B shares, each granting 15 votes.

This structure allows the custodian to qualify as a «controlled company» under NYSE rules. In its filing, BitGo stated that it does not intend to take advantage of the management exemptions associated with this designation.

Since the beginning of the year, a number of companies within the industry have gone public in the U.S. market amidst favorable regulatory changes. These include the stablecoin issuer Circle, the centralized lending platform Figure, and cryptocurrency exchanges Bullish and Gemini. Kraken is also considering similar plans.

In February, Belshé remarked that going public helps crypto firms «establish trust in digital assets.» He highlighted key components such as conducting thorough due diligence, associated processes, and oversight from the SEC.

It is worth noting that following a $100 million funding round in 2023, investors valued BitGo at $1.75 billion.