BitGo Files for IPO After Surging Revenue Growth in 2025

Crypto custodian BitGo has officially filed its first public S-1 registration with the U.S. Securities and Exchange Commission (SEC), revealing plans to list its Class A common stock on the New York Stock Exchange under the ticker BTGO.

The filing highlights the company’s rapid growth. BitGo generated $4.19 billion in revenue during the first half of 2025, nearly quadrupling the $1.12 billion reported in the same period last year. Despite the surge, profitability narrowed, with net income falling to $12.6 million from $30.9 million in the first half of 2024 as operating expenses weighed on margins. For full-year 2024, BitGo recorded $3.08 billion in revenue and $156.6 million in net income, with $54.1 million attributable to common shareholders.

Founded in 2013 and based in Palo Alto, BitGo has become a leading digital asset custodian, known for its cold storage and multi-signature wallet solutions for institutions. The company manages over $90 billion in cryptocurrency assets across 1.14 million users. However, assets remain highly concentrated in five cryptocurrencies: Bitcoin (48.5%), Sui (20.1%), Solana (5.7%), XRP (3.9%), and Ethereum (3.0%) as of June 30, 2025.

The S-1 also outlines a dual-class share structure, granting Class B shareholders—including co-founder and CEO Mike Belshe—15 votes per share versus one vote for Class A. This structure secures Belshe’s control, qualifying BitGo as a “controlled company” under NYSE rules.

IPO proceeds will be used to expand technology development, pursue acquisitions, fund stock-based compensation, and strengthen overall financial flexibility.

BitGo’s IPO comes as more crypto firms, including Circle, Gemini, and Bullish (parent of CoinDesk), move toward public listings—signaling growing institutional interest and competition in the digital asset custody market.