BitGo's IPO: Revenue Soars 4x, But Profits Shrink as Crypto Custody Expands

BitGo, a leading digital asset infrastructure company, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), aiming to list its Class A common stock on the New York Stock Exchange under the ticker symbol BTGO BitGo Files for IPO With $4.2B in H1 2025 Revenue, $90B in^[1]. The company’s S-1 registration statement, submitted on September 19, 2025, reveals a surge in revenue and assets under custody, signaling its expansion in the cryptocurrency custody sector. BitGo reported $4.19 billion in revenue for the first half of 2025, nearly quadrupling the $1.12 billion recorded in the same period a year earlier. However, net income declined to $12.6 million in H1 2025 from $30.9 million in H1 2024, attributed to rising operating costs BitGo Holdings Announces Public Filing of Registration Statement …^[2].

The firm now safeguards over $90 billion in digital assets, serving more than 1.14 million users, including institutional clients such as exchanges, hedge funds, and banks. Founded in 2013, BitGo has built its reputation on cold storage and multi-signature wallet solutions. Despite its scale, the company’s assets on platform (AoP) remain concentrated in a few cryptocurrencies: Bitcoin (48.5%), Sui (20.1%), Solana (5.7%), XRP (3.9%), and Ethereum (3.0%) as of June 30, 2025 BitGo Discloses its Financials in Latest SEC Filing Ahead of IPO^[3]. This concentration highlights both the firm’s market position and potential risks tied to the performance of major tokens.

BitGo’s IPO structure includes a dual-class share system, granting Class B shareholders, including co-founder and CEO Mike Belshe, 15 votes per share compared to one vote for Class A shares. This setup ensures Belshe retains control post-IPO, classifying the company as a “controlled company” under NYSE rules US’s Largest Custodian Firm BitGo Files S-1 Registration for IPO^[4]. The firm plans to use IPO proceeds for technology development, acquisitions, and stock-based compensation, while enhancing financial flexibility and market visibility. Goldman Sachs & Co. LLC and Citigroup are serving as lead underwriters, alongside Deutsche Bank Securities, Mizuho, and other co-managers BitGo Files IPO To Go Public In The US - BeInCrypto^[5].

The IPO aligns with a broader trend of crypto firms seeking public markets. Recent listings by Circle, Gemini, and Bullish have demonstrated investor appetite for digital asset infrastructure. BitGo’s filing comes amid regulatory engagement under the SEC’s Project Crypto initiative, where executives discussed custody rules and cybersecurity measures BitGo Files IPO To Go Public In The US - BeInCrypto^[6]. The company’s financial performance, despite margin pressures, underscores the growing institutional demand for crypto custody services.

BitGo’s move reflects the maturation of the crypto sector, with institutional adoption driving market dynamics. The firm’s dual-class structure and asset concentration mirror challenges faced by other crypto-native companies in balancing growth with profitability. As the IPO progresses, market participants will closely monitor its pricing and investor response, which could influence the trajectory of future crypto listings.