BitGo debuts on the New York Stock Exchange with a 2.7% increase in valuation to $2 billion

Source: PortaldoBitcoin Original Title: BitGo Shares Debut on Stock Exchange with a 2.7% Increase After $2 Billion Valuation Original Link: BitGo executives rang the opening bell at the New York Stock Exchange on Thursday (22), marking the launch of the company’s initial public offering (IPO) of digital asset infrastructure.

The company’s Class A common shares were priced at $18 per share, above the expected range of $15 to $17. The debut was positive, albeit somewhat modest, with shares closing up 2.72%, trading at $18.49.

BitGo offered 111,821,595 shares, raising a potential $213 million with a valuation of nearly $2 billion. The company was valued at $1.75 billion during its most recent funding round in 2023.

The listing follows IPOs of other prominent cryptocurrency companies in the past year, including Circle in June, Bullish in August, and Gemini in September.

“BitGo’s decision to seek a listing in the US reflects a broader trend among internationally focused companies seeking long-term access to capital and credibility with global institutions,” said Nick Coombs, Managing Director of BitGo for the Middle East and North Africa (MENA). The launch will strengthen trust among partners and institutions outside the US, including in its region.

“Trading as a publicly traded company increases expectations of transparency and governance, which resonates with financial institutions in the MENA region that prioritize robust regulatory frameworks and accountability.”

Tensions with Crypto Regulation in the US

The IPO occurred amid political tensions in Washington over a bill governing the US cryptocurrency market. A vote in the Senate Banking Committee was postponed last week, while a trading platform withdrew its support for the bill in its current form due to concerns that it would restrict exchanges from offering yields on stablecoins.

Stablecoin yields have emerged as a point of contention between banking sector groups and the cryptocurrency industry, with critics arguing that it could divert funds from traditional banking systems and destabilize national finances.

Despite the delay, the Senate Agriculture Committee confirmed that the bill’s vote will proceed next Tuesday.

BitGo itself obtained licenses to operate in the EU and Dubai last year, and Coombs stated that clarity in market structure, particularly regarding custody, investor protection, and regulatory oversight, is important for long-term institutional participation.

“Since obtaining VARA licenses for custody and brokerage services, we have seen increased engagement from regulated exchanges, funds, banks, institutional participants, native crypto companies, and fintech platforms in the region,” he said.

He added that progress regarding US regulatory frameworks supporting clear functions for custodians, exchanges, and service providers would help align the cryptocurrency infrastructure with broader financial standards.