Crypto custody firm BitGo surges in NYSE debut after $213 million IPO

Shares of crypto custody startup BitGo BTGO.N surge as much as 36% in their New York Stock Exchange debut

Stock opens at $22.43 apiece vs $18 offer price, valuing co at nearly $2.6 billion

BitGo and some of its existing stockholders sold 11.8 million shares above marketed range of $15 and $17 to raise $212.8 million

"Marketing itself as a profitable and regulated 'digital asset infrastructure company' instead of a pure token play, BitGo is positioned to be less prone to the day-to-day price movements of bitcoin," IPOX research associate Lukas Muehlbauer says

"The fact that the IPO priced above range suggests that this strategy has attracted enough investors, who are dissociating the recent bitcoin price instability from the company's underlying business," he added

Founded in 2013, BitGo is one of the largest crypto custody providers in U.S., safeguarding digital assets for institutional clients