BitGo's 4X Revenue Surge Clashes with Shrinking Profits as IPO Nears

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 $4.19 billion in revenue during the first half of 2025, a nearly fourfold increase compared to the $1.12 billion recorded in the same period of 2024 BitGo Files for IPO With $4.2B in H1 2025 Revenue, $90B in^[1]. Despite this growth, net income for the six-month period fell to $12.6 million from $30.9 million a year earlier, attributed to rising operating costs that compressed profit margins BitGo Files for IPO With $4.2B in H1 2025 Revenue, $90B in^[1]. BitGo’s financial performance underscores the challenges of scaling in a volatile market while maintaining profitability.

The firm’s platform manages over $90 billion in cryptocurrency assets, with a significant concentration in five major digital assets: Bitcoin, Sui, Solana, XRP, and Ethereum. These account for 48.5%, 20.1%, 5.7%, 3.9%, and 3.0% of its assets on platform (AoP), respectively, as of June 30, 2025 BitGo Files for IPO With $4.2B in H1 2025 Revenue, $90B in^[1]. This concentration highlights both the dominance of Bitcoin and the firm’s strategic focus on high-liquidity cryptocurrencies. BitGo’s business model, built on cold storage and multi-signature wallet solutions for exchanges, hedge funds, and banks since its 2013 founding, has attracted 1.14 million users, reflecting growing institutional demand for secure custodial services BitGo Files for IPO With $4.2B in H1 2025 Revenue, $90B in^[1].

The IPO filing reveals a dual-class share structure, granting 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 control post-IPO, classifying BitGo as a “controlled company” under NYSE rules BitGo Files for IPO With $4.2B in H1 2025 Revenue, $90B in^[1]. The firm plans to use proceeds from the offering to fund technology development, acquisitions, and stock-based compensation, while enhancing financial flexibility and visibility. Goldman Sachs and Citigroup have been named as underwriters for the IPO BitGo Discloses its Financials in Latest SEC Filing Ahead of IPO^[2].

BitGo’s public listing aligns with broader trends in the cryptocurrency sector, following recent IPOs by companies such as Circle, Gemini, and Bullish. The firm’s engagement with the SEC through Project Crypto further signals regulatory scrutiny and collaboration. In September 2025, BitGo executives met with SEC Chairman Paul Atkins to discuss updates to custody rules, cybersecurity measures, and private key protections BitGo Discloses its Financials in Latest SEC Filing Ahead of IPO^[2]. This dialogue reflects the SEC’s ongoing efforts to balance innovation with investor safeguards in the digital asset space.

The IPO filing provides a rare glimpse into BitGo’s operational scale and financial health, illustrating the maturation of the crypto custodial market. While the company’s revenue surge demonstrates robust demand for its services, the decline in net income highlights the sector’s competitive pressures and cost dynamics. As BitGo prepares for a public market debut, investors will closely monitor its ability to sustain growth, diversify asset exposure, and navigate regulatory developments.