BitGo's $4.2B Revenue Boom Contrasts With Profit Slump as Crypto Custody Matures

BitGo Holdings Inc., a leading digital asset custody provider, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), aiming to list 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 Crypto on Platform^[1]. The company reported $4.19 billion in revenue for the first half of 2025, nearly quadrupling from $1.12 billion in the same period in 2024, while net income fell to $12.6 million from $30.9 million as operating costs rose BitGo Holdings Announces Public Filing of Registration Statement^[2]. BitGo manages over $90.3 billion in cryptocurrency across its platform, serving 4,600 institutional clients and 1.1 million users, though assets remain concentrated in five major cryptocurrencies: Bitcoin (48.5%), Sui (20.1%), Solana (5.7%), XRP (3.9%), and Ethereum (3.0%) BitGo Reports 4X Growth in First Half of 2025^[3].

The IPO filing outlines a dual-class share structure, granting co-founder and CEO Mike Belshe 15 votes per Class B share compared to one vote for Class A shares, ensuring his control post-listing under NYSE rules BitGo Discloses its Financials in Latest SEC Filing^[4]. Proceeds will fund technology development, acquisitions, and stock-based compensation, aligning with a broader trend of crypto firms accessing public markets. Goldman Sachs and Citigroup lead the underwriting, with Deutsche Bank, Mizuho, and others also participating BitGo Files for US IPO, Targets NYSE Listing^[5]. BitGo’s public offering follows recent debuts by Circle, Gemini, and Bullish, reflecting growing institutional confidence in digital assets as regulatory clarity emerges US’s Largest Custodian Firm BitGo Files S-1 Registration for IPO^[6].

Despite robust revenue growth, BitGo’s net income declined, attributed to increased operational costs from scaling infrastructure to meet institutional demand Crypto Custody Firm BitGo Files for IPO as Industry Stays Active^[7]. The firm’s asset concentration raises questions about risk exposure, as Bitcoin and Sui alone account for 68.6% of its total assets. However, its $250 million in insurance coverage and compliance with SOC 1 and SOC 2 audits underscore its position as a trusted custodian in a maturing market BitGo Files for US IPO with $90B in Assets under Custody^[8].

The IPO filing coincides with a revival in U.S. public market activity, spurred by Federal Reserve rate cuts and favorable regulatory shifts. BitGo’s expansion into European markets under the EU’s Markets-in-Crypto-Assets (MiCA) framework further highlights its strategic reach BitGo Files for IPO To Go Public In The US^[9]. Traditional financial institutions, including US Bancorp and Deutsche Bank, are also re-entering the crypto custody space, signaling a broader normalization of digital assets within mainstream finance BitGo Files for US IPO, Targets NYSE Listing Amid Crypto Custody^[10].

Analysts note that BitGo’s listing could serve as a benchmark for crypto infrastructure firms, offering retail and institutional investors a liquid avenue to participate in the sector’s growth. While profitability challenges persist, the firm’s scale and regulatory progress position it to capitalize on institutional adoption trends BitGo IPO Filing Reveals $4.19B Revenue and NYSE Listing^[11].