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.
The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approvals for five digital asset firms - Ripple, Circle, Fidelity Digital Assets, BitGo, and Paxos - to become federally chartered national trust banks, marking a major milestone in the integration of cryptocurrency into traditional finance. The approvals, announced Friday, allow the firms to convert from state-level trust charters to federal status, subject to meeting the OCC's conditions.