In line with Trump's policies and the trend of interest rate cuts, BitGo joins the cryptocurrency company listing frenzy
Cryptocurrency custody company BitGo Holdings Inc. has submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission, further boosting activity in the digital asset market. In the first half of 2023, BitGo achieved revenue of $4.19 billion and a net profit of $12.6 million. Since Trump's support for cryptocurrencies, many companies have flocked to the public market. The number of shares and price for BitGo's IPO have yet to be determined, with its valuation reaching $1.75 billion in August 2023
According to the Zhitong Finance APP, cryptocurrency custody company BitGo Holdings Inc. (BTGO.US) has officially submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission, adding new momentum to the currently active digital asset market.
According to the documents submitted by the company to the U.S. Securities and Exchange Commission on Friday, the cryptocurrency custody institution achieved revenue of $4.19 billion and a net profit of $12.6 million in the first half of this year; in the same period last year, its revenue was $1.12 billion, and net profit reached $30.9 million.
Since U.S. President Trump expressed support for the cryptocurrency industry, many crypto companies have rushed to the public market, with BitGo being one of them. The documents indicate that the number of shares to be issued and the price range for this IPO have not yet been finalized.
The most notable listing case in the cryptocurrency field this year is the stablecoin issuer Circle (CRCL.US). The company completed a $1.2 billion financing and went public in June, with its stock price having surged 365% compared to the IPO issue price. However, other recently listed cryptocurrency companies have experienced stock price fluctuations: Gemini (GEMI.US), owned by the Winklevoss twins, raised $446 million in its IPO, but its stock price has since fallen by 14%.
The documents also disclose that BitGo co-founder and CEO Michael Belshe will have control over the results of matters submitted for shareholder voting. The company, headquartered in Palo Alto, California, announced in July that it had secretly submitted its IPO application. According to data provider PitchBook, the company's valuation reached $1.75 billion in August 2023.
According to the information in the prospectus, BitGo currently supports over 1,400 digital assets, serves more than 4,600 clients, and has a user base of 1.1 million; as of the end of June this year, the assets managed on its platform amounted to approximately $90.3 billion.
Earlier this year, while advancing its listing plan, BitGo launched global digital asset over-the-counter (OTC) services. This move highlights the growing demand for cryptocurrencies among institutional investors such as hedge funds. The OTC platform provides institutional investors with spot, options trading, and margin lending services.
It is worth noting that BitGo's IPO application is just one of several companies that submitted listing documents on Friday. Previously, the Federal Reserve announced interest rate cuts, clearing obstacles for many private companies that had previously taken a wait-and-see approach to advance their listing plans.
This IPO is led by Goldman Sachs and Citigroup as underwriters. BitGo plans to list its shares on the New York Stock Exchange under the ticker symbol "BTGO."
