There is a big news in the recent crypto asset custody circle—BitGo officially launches its IPO plan, aiming to list on the New York Stock Exchange under the ticker BTGO. The company is targeting a valuation of $1.85 billion and plans to raise up to $201 million through the IPO. According to the plan, the new stock price range is set at $15 to $17 per share, with an initial issuance of 11 million shares.

What is BitGo? Founded in Silicon Valley in 2013, it is an established company and one of the earliest players in institutional-grade digital asset custody in the industry. Over the years, the company has focused on building crypto financial infrastructure, offering self-custody wallets, regulated trusts, digital asset settlement, and high-end services like prime brokerage. Its client base is quite broad—exchanges, asset management firms, funds, and enterprises—all are their clients, and their position in the industry remains quite solid.

According to the documents submitted to the SEC, if the IPO price is set near the median, BitGo is estimated to raise approximately $156.4 million. This listing is quite significant for the entire crypto industry, marking another major step toward compliance and institutionalization. Of course, this is just market observation and does not constitute any investment advice.