BitGo's Revenue Soars, Profits Plunge as Crypto Custody Giant Preps IPO

BitGo, a leading cryptocurrency custodian, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), seeking to list Class A common stock on the New York Stock Exchange under the ticker symbol BTGO. The company reported revenue of $4.19 billion in the first half of 2025, nearly quadrupling from $1.12 billion in the same period a year earlier. This surge in revenue reflects the growing institutional demand for digital asset custody services, with BitGo managing $90 billion in cryptocurrency assets across 1.14 million users as of June 2025. The firm’s S-1 filing also disclosed a decline in net income to $12.6 million for the first half of 2025, down from $30.9 million in the prior year, attributed to rising operating costs and a net margin contraction from 2.76% in 2024 to 0.30% in 2025 title1^[1].

The IPO filing highlights BitGo’s dual-class share structure, which grants Class B shareholders—including co-founder and CEO Mike Belshe—15 votes per share compared to one vote for Class A shares. This structure ensures Belshe retains majority voting control post-IPO, classifying BitGo as a “controlled company” under NYSE rules. The firm has stated it does not currently intend to rely on governance exemptions associated with this designation but may do so in the future. The IPO’s proceeds are expected to fund technology development, acquisitions, and stock-based compensation, while enhancing the company’s visibility and financial flexibility title2^[2].

BitGo’s financial performance underscores the broader trend of crypto firms seeking public market access amid regulatory and market shifts. The company’s revenue growth aligns with the sector’s momentum, following public debuts by peers such as Circle, Bullish, and Figure. However, the decline in profitability signals the challenges of scaling operations in a competitive environment. The firm’s client base remains concentrated, with 48.5% of its assets on platform (AoP) tied to Bitcoin, followed by Sui (20.1%), Solana (5.7%), XRP (3.9%), and Ethereum (3.0%) title3^[3]. This concentration highlights both the opportunities and risks inherent in the crypto custody market.

The IPO filing also reveals strategic moves to strengthen BitGo’s global footprint. The firm recently secured a regulated license in Germany from BaFin, enabling it to offer custody, trading, staking, and settlement services in the European Union. This expansion positions BitGo to compete directly with traditional banks like Deutsche Bank and Citigroup, which are also entering the crypto custody space. Additionally, BitGo plans to launch a U.S. dollar-backed stablecoin designed to reward liquidity providers, addressing concerns about transparency and fairness in existing stablecoin models title4^[4].

Regulatory engagement remains a critical focus for BitGo. In early September 2025, executives met with SEC Chairman Paul Atkins to discuss updates to custody rules for digital assets and cybersecurity measures. This dialogue reflects the firm’s proactive approach to navigating the evolving regulatory landscape, which has seen increased scrutiny of crypto custodians and stablecoin issuers. BitGo’s S-1 filing also notes potential risks tied to its partnerships with governments and political figures, such as El Salvador and the U.S. government, which could attract regulatory or reputational challenges title5^[5].

The IPO, led by underwriters Goldman Sachs and Citigroup, is part of a broader wave of crypto sector listings. Analysts attribute the sector’s renewed investor appetite to regulatory clarity, institutional adoption, and the growing acceptance of digital assets as a legitimate asset class. BitGo’s revenue surge and strategic initiatives position it as a key player in the transition toward mainstream crypto adoption, though its profitability and market dynamics will remain under scrutiny as it navigates public market expectations.