BitGo launched a roadshow for an initial public offering (IPO) on Monday, seeking a valuation of up to $1.96 billion. BitGo applied for a listing on the New York Stock Exchange with the ticker BTGO. Goldman Sachs and Citigroup serve as lead underwriters for the transaction. The Palo Alto-based organization plans to raise up to $201 million through the sale of 11.8 million shares. The offering prices the stock between $15 and $17 per share, with existing shareholders participating in the sale alongside th ...

Core Viewpoint - BitGo is aiming to raise up to $201 million in its U.S. initial public offering as stated in a regulatory filing [1] Company Summary - BitGo is a crypto custody startup that is preparing for an initial public offering [1]

Core Insights - Jiuzi Holdings has signed a cooperation agreement with EXSAT.NETWORK LTD to explore the cryptocurrency depository business, targeting a total scale of up to $3 billion USD [1][2] - This partnership is a significant milestone for Jiuzi Holdings, marking its entry into the high-end global digital asset sector [1][4] Business Framework and Technical System - The collaboration aims to create a business framework and technical system focused on institutional-grade cryptocurrency depository and custody services [2] - Key initiatives include designing a blueprint for a $3 billion USD crypto asset depository business and establishing a custody model that meets regulatory compliance [2] Integrated Solutions and Value-Added Services - The partnership will leverage EXSAT NETWORK's expertise in public chains, wallet technology, and security to develop integrated solutions featuring multi-signature and distributed custody [3] - There will be an exploration of value-added services such as yield management, clearing & settlement, and innovative financial products related to custodied assets [3] Strategic Development and Growth Potential - Management views this collaboration as a qualitative leap in Jiuzi Holdings' strategy across its "New Energy + FinTech + Digital Asset" pillars, enhancing its global perspective and industry position [4] - The partnership is expected to open new value channels with significant growth potential, with an optimistic outlook for the company's development over the next three to five years [4] Industry Impact and Brand Premium - Industry observers note that this partnership will enhance Jiuzi Holdings' influence and brand premium in the digital asset space, especially as global crypto assets move towards institutionalization and compliance [6] - The collaboration is seen as a catalyst for a potential long-term revaluation of JZXN's stock [6]

Core Viewpoint - The SEC has issued new guidance to help retail investors safeguard their cryptocurrency holdings, emphasizing the importance of understanding crypto custody models and associated risks [1][2]. Group 1: SEC Guidance on Crypto Custody - The SEC's Investor Bulletin outlines standard crypto custody models and highlights the risks of holding digital assets, particularly in the context of third-party custodians [1][3]. - The crypto custody sector is growing at nearly 13% annually and is projected to reach $6.03 billion by 2030, indicating a significant expansion of assets held outside traditional financial infrastructure [2]. Group 2: Risks Associated with Third-Party Custodians - Investors are urged to scrutinize third-party custodians, as issues such as hacking, shutdowns, or bankruptcies can lead to loss of access to crypto assets [3][4]. - The SEC warns that some custodians may rehypothecate or pool customer assets, which can amplify losses during market stress by spreading risk across institutions [4]. Group 3: Self-Custody Considerations - The bulletin acknowledges the appeal of self-custody for investors seeking direct control over their holdings, but it also emphasizes the full responsibility that comes with managing one's own wallet [5][6]. - The SEC cautions that lost credentials in self-custody typically result in permanent loss of assets, with little chance of recovery [5][6].

Core Viewpoint - BitGo has submitted a confidential IPO registration statement to the SEC, aiming to list on a major U.S. exchange, positioning itself as a compliant service provider in the crypto space alongside Coinbase and Circle [1][4]. Group 1: Company Overview - BitGo is one of the earliest providers of crypto asset custody and multi-signature security solutions for institutional investors, having received investments from notable firms like Founders Fund, Galaxy Digital, and Goldman Sachs [2]. - The company is headquartered in Palo Alto, California, and has obtained digital asset custody and trust licenses in the U.S., Germany, and Singapore, serving over 1,500 mainstream platforms and funds [2]. - BitGo's CEO, Mike Belshe, is a former Google engineer and has emphasized compliance, security, and institutional focus as the long-term direction for the industry [1][3]. Group 2: Business Development and Strategy - After a failed acquisition by Galaxy Digital in 2022, BitGo has pursued an independent growth strategy, launching enhanced custody services and plans to introduce Crypto-as-a-Service (CaaS) in 2024 [3]. - As of Q2 2025, BitGo's custody assets are projected to exceed $100 billion, making it one of the few companies with full compliance and on-chain custody capabilities [3]. - The company has strengthened partnerships with auditing firms, insurance companies, and bank custody departments to create a neutral infrastructure platform that serves both crypto-native and traditional finance markets [3]. Group 3: Market Context and Regulatory Environment - The IPO comes at a time when regulatory clarity and capital re-evaluation are converging, with the recent passage of the GENIUS Act establishing a federal regulatory framework for stablecoins [6][8]. - The demand for custody services is rising, driven by the increasing circulation of stablecoins and the overall crypto market capitalization surpassing $4 trillion [8]. - BitGo's listing could enhance its valuation and position it as a key player in the compliant infrastructure segment of the crypto market, potentially facilitating greater institutional investment [12][14]. Group 4: Industry Implications - If successful, BitGo's IPO will join Circle and Coinbase in forming a "compliance triangle," serving as a technological infrastructure for mainstream financial systems to access the crypto market [12]. - The shift in narrative from "Token is the new stock" to "Custody is the new infrastructure" indicates a broader industry transition towards compliant asset ecosystems [14].

Core Viewpoint - BitGo Holdings Inc., a cryptocurrency custody company, has secretly submitted its IPO application in the United States [1] Group 1 - The company is known for providing secure custody solutions for digital assets [1] - The IPO submission indicates a potential move towards public trading, which could enhance its capital-raising capabilities [1] - This development reflects the growing interest and maturation of the cryptocurrency industry, particularly in institutional investment [1]