BitGo Files for US IPO, Reveals Nearly Fourfold Revenue Surge in H1 2025

BitGo Holdings Inc., a leading U.S. cryptocurrency custody firm, has filed for an initial public offering (IPO) in the United States, underscoring the growing institutional demand for digital asset infrastructure. According to the company’s S-1 registration statement filed with the U.S. Securities and Exchange Commission, BitGo reported $4.19 billion in revenue for the first half of 2025, representing a nearly 4-fold increase from $1.12 billion during the same period a year earlier. However, net income for H1 2025 declined to $12.6 million from $30.9 million in H1 2024, reflecting higher operational costs related to scaling its platform to meet expanding institutional client needs.

 

BitGo manages over $90.3 billion in assets for more than 4,600 institutional clients and supports over 1,400 digital assets globally. The firm offers a suite of services including custody, digital wallets, staking, trading, financing, and settlement solutions, all enabled through regulated cold storage technology. Its latest filing confirms plans to list Class A common stock on the New York Stock Exchange under the ticker symbol "BTGO" with Goldman Sachs and Citigroup named as lead underwriters.

 

The IPO marks a significant milestone for BitGo as it seeks to capitalize on renewed institutional interest underpinned by regulatory clarity and Federal Reserve rate cuts encouraging market activity. BitGo’s co-founder and CEO Michael Belshe will retain control through a dual-class share structure designed to preserve shareholder influence.

 

BitGo's filing also reveals recent regulatory progress, including an extension of its license from Germany’s financial watchdog BaFin, allowing the company’s European subsidiary to broaden services under the EU’s Markets-in-Crypto-Assets (MiCA) framework. It also highlights BitGo's focus on security, boasting $250 million in insurance coverage and successful completion of Service Organization Control (SOC) 1 and SOC 2 audits.

 

With the digital asset sector growing rapidly, BitGo’s IPO is seen as a critical test of Wall Street’s appetite for crypto infrastructure firms. Recent public market debuts by other crypto firms such as Gemini, Circle, Bullish, and Figure have shown mixed results amid ongoing macroeconomic and regulatory uncertainties. Analysts view BitGo's performance and IPO outcome as a benchmark for investor confidence in crypto custody platforms and digital asset services as the industry matures.

 

This public offering reflects BitGo’s strong positioning in the institutional crypto custody market and its ambitions to further integrate digital assets into mainstream finance amid an evolving regulatory landscape and increasing adoption by financial institutions, governments, and high-net-worth individuals worldwide.ainvest+6

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