Crypto Custody Matures: BitGo’s $90B IPO Bridges Traditional Finance and Digital Assets

BitGo, a leading digital asset custodian, has filed for a U.S. initial public offering (IPO), signaling its intent to capitalize on the expanding institutional demand for crypto infrastructure amid a regulatory environment shaped by the Trump administration’s policy shifts. The company, based in Palo Alto, aims to list its Class A common stock on the New York Stock Exchange under the ticker symbol “BTGO,” according to its Form S-1 registration with the Securities and Exchange Commission (SEC) dated June 30, 2025Cointelegraph:1bdc407fb094b:0-bitgo-files-for-us-ipo-with-90b-in-assets-under-custody^[1]. As of that date, BitGo reported approximately $90.3 billion in assets on its platform, a significant increase from $60 billion at the start of 2025BitGo Files for US IPO as Crypto Custody Surpasses …^[2]. The firm’s client base spans over 4,600 entities and more than 1.1 million users across 100 countries, reflecting its broad market reach. BitGo supports over 1,400 digital assets and offers $250 million in insurance coverage, alongside completion of Service Organization Control (SOC) 1 and SOC 2 audits, enhancing its appeal to institutional clientsCointelegraph:1bdc407fb094b:0-bitgo-files-for-us-ipo-with-90b-in-assets-under-custody^[1].

The IPO filing coincides with a surge in interest in crypto infrastructure as traditional financial institutions and regulatory frameworks adapt to the sector’s growth. BitGo’s CEO, Michael Belshe, will retain control through a dual-class share structure, with Class B shares carrying 15 votes each compared to one vote for Class A shares. This structure qualifies BitGo as a “controlled company” under NYSE rules, exempting it from certain governance standardsCointelegraph:1bdc407fb094b:0-bitgo-files-for-us-ipo-with-90b-in-assets-under-custody^[1]. The firm has also secured an extended license from Germany’s Federal Financial Supervisory Authority (BaFin), enabling its European operations to offer trading, custody, staking, and transfer services under the EU’s Markets-in-Crypto-Assets (MiCA) frameworkCointelegraph:1bdc407fb094b:0-bitgo-files-for-us-ipo-with-90b-in-assets-under-custody^[1]. This regulatory progress underscores BitGo’s strategic focus on international expansion, a trend mirrored by other crypto firms seeking public market listings.

The broader crypto custody sector is experiencing rapid adoption, driven by institutional demand and evolving regulations. Traditional financial institutions are increasingly entering the space, with U.S. Bancorp recently relaunching its digital asset custody services for institutional clients after a regulatory rollback by the Trump administrationCointelegraph:1bdc407fb094b:0-bitgo-files-for-us-ipo-with-90b-in-assets-under-custody^[1]. Similarly, Deutsche Bank plans to allow clients to store cryptocurrencies, including Bitcoin, by 2026, while Citigroup is evaluating plans for custody and payment servicesCointelegraph:1bdc407fb094b:0-bitgo-files-for-us-ipo-with-90b-in-assets-under-custody^[1]. These moves highlight a shift in traditional finance toward crypto infrastructure, bolstered by clearer regulatory guidance and the sector’s integration into mainstream markets. BitGo’s $4.3 trillion market cap milestone in mid-2025BitGo Joins Crypto IPO Rush as Sector Hits $4 Trillion in Market …^[3] further underscores investor confidence, creating a favorable environment for crypto-related IPOs.

BitGo’s IPO aligns with a broader wave of public offerings in the crypto sector. Recent entrants include stablecoin issuer Circle, crypto exchange Bullish, and blockchain-based lender Figure, with Bullish reporting net income of $80 million for fiscal year 2024Cointelegraph:1bdc407fb094b:0-bitgo-files-for-us-ipo-with-90b-in-assets-under-custody^[1]. Grayscale, a major crypto asset manager, has also submitted its IPO filing to the SEC, joining a list of 46 notable publicly traded blockchain companies as of February 2025BitGo Files for US IPO as Crypto Custody Surpasses …^[2]. The growing number of listings reflects maturation in the sector, with firms demonstrating stable client bases and predictable cash flows. BitGo’s $90.3 billion in assets under custody and its expansion into EU markets position it to compete in this evolving landscape, where institutional investors seek diversified exposure to digital assets.

Analysts note that BitGo’s IPO timing leverages favorable market conditions, including heightened investor appetite for crypto exposure and regulatory clarity. The firm’s dual-class share structure and controlled company status may appeal to investors seeking long-term governance stability, though it diverges from standard corporate governance practices. As the crypto market continues to mature, BitGo’s ability to scale its operations while navigating regulatory scrutiny will be critical to its success. The IPO also signals a strategic pivot toward traditional financial markets, where crypto custody is increasingly viewed as a core infrastructure component. With assets under custody surpassing $100 billion in the first half of 2025BitGo Files for US IPO as Crypto Custody Surpasses …^[2], BitGo’s public listing could further accelerate the sector’s integration into global financial systems.