Crypto Firm BitGo Pares Gains in Debut After $212.8 Million IPO

BitGo Holdings Inc. shares pared an initial gain to end 3.8% above the IPO price, after the crypto firm and some of its backers raised $212.8 million in a US initial public offering.

Shares of the Palo Alto, California-headquartered crypto custody firm closed at $18.69 each on Thursday, after soaring as high as $24.50. The listing had priced at $18, above the marketed range, and was about 13 times oversubscribed.

The trading gives BitGo a market value of $2.2 billion based on the outstanding shares listed in its filings.

Co-founded as a crypto wallet company in 2013 by Chief ...