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BitGo Files for IPO With $4.2B in H1 2025 Revenue, $90B in Crypto on Platform
The company plans to list on the New York Stock Exchange under the ticker BTGO.
Sep 20, 2025, 2:05 p.m.
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What to know:
- Crypto custodian BitGo has filed its first public S-1 registration statement with the SEC, planning to list Class A common stock on the NYSE under the ticker BTGO.
- The company's profitability has decreased, with net income for the half-year falling to $12.6 million, down from $30.9 million in the same period a year earlier.
- BitGo manages over $90 billion in cryptocurrency on its platform, with a concentrated client base and a majority of assets held in a few cryptocurrencies.
Crypto custodian BitGo has filed its first public S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), planning to list Class A common stock on the New York Stock Exchange under the ticker BTGO.
The filing provides a rare look at the company’s business scale. BitGo generated $4.19 billion in revenue in the first six months of 2025, nearly quadrupling the $1.12 billion recorded in the same period a year earlier.
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Profitability, however, tightened: net income for the half-year fell to $12.6 million, down from $30.9 million in the first half of 2024, as rising operating costs weighed on margins.
In 2024, BitGo reported $3.08 billion in revenue and $156.6 million in net income, with $54.1 million attributable to common stockholders.
Based in Palo Alto, BitGo was founded in 2013 and built its reputation by offering cold storage and multi-signature wallets for exchanges, hedge funds, and banks. The firm now manages over $90 billion in cryptocurrency on its platform, from 1.14 million users.
These figures, however, remain concentrated in mostly five cryptocurrencies.
Per the filing: “The value of a majority of our AoP has been, and continues to be, concentrated in a few digital assets held by our clients, including Bitcoin, Sui, Solana, XRP, and Ethereum, which constitute 48.5%, 20.1%, 5.7%, 3.9%, and 3.0% of our AoP [Assets on Platform] as of June 30, 2025, respectively.”
The S-1 also outlines a dual-class share structure, giving Class B shareholders, including co-founder and CEO Mike Belshe, 15 votes per share compared with one vote for Class A stock. That setup ensures Belshe will retain control after the offering, with BitGo qualifying as a “controlled company” under NYSE rules.
BitGo said IPO proceeds would fund technology development, acquisitions, and stock-based compensation while boosting visibility and financial flexibility.
The IPO follows public listing moves from other major companies in the cryptocurrency sector, including Circle, Gemini, and CoinDesk’s parent company Bullish.
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