BitGo Holdings, a company specializing in cryptocurrency custody services, has set its initial public offering (IPO) price at $18 per share ahead of its anticipated listing on the New York Stock Exchange (NYSE). This marks a significant milestone as BitGo is one of the first dedicated crypto custody firms to finalize a US IPO, demonstrating an increasing institutional interest in crypto asset management.

The IPO is set to commence trading on the NYSE under the ticker symbol BTGO. Notably, BitGo is offering approximately 11.8 million shares of Class A common stock, projected to raise around $212.8 million. The offering price is higher than the previously suggested range of $15 to $17.

Historically, BitGo has secured over $90 billion in assets since its establishment in 2013, leading to a valuation exceeding $2 billion as per recent filings.

Existing Shareholders’ Contributions

In addition to the new shares being offered by BitGo, around 795,230 shares will be available from existing shareholders. Michael Belshe, leading the company, is reported to hold a substantial number of options, including one million Class A shares and several million Class B shares, convertible to Class A.

The Securities and Exchange Commission (SEC) filings further confirmed stakes from senior executives including Fang Chen and Brian Brooks, while some newly appointed directors have reported no holdings.

“BitGo will not receive any proceeds from the selling stockholder’s shares during the offering,” stated the company’s announcement. Moreover, BitGo has provided underwriters an option to acquire up to 1,770,000 additional shares within a 30-day period under the public offering conditions.

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