BitGo’s IPO: Cementing Crypto’s Wall Street Bridge

BitGo, a U.S.-based cryptocurrency custody firm, disclosed its financial results in a recent SEC filing ahead of its planned initial public offering (IPO). The company reported revenue of $4.19 billion for the first half of 2025, a near fourfold increase compared to the same period in 2024. Net profit for the period stood at $12.6 million, reflecting strong growth despite broader market volatility in the crypto sector. BitGo has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to list on the New York Stock Exchange under the ticker symbol BTGO, with Goldman Sachs and Citigroup serving as lead underwritersBitGo Discloses its Financials in Latest SEC Filing Ahead of IPO^[1].

The SEC filing, made public on September 19, 2025, includes financial data covering the years 2022–2024 and the first half of 2025. The company cited its expansion in institutional custody services as a key driver of revenue growth, with assets under custody rising from $30.8 billion in 2024 to over $100 billion in 2025. BitGo’s management emphasized the firm’s role in addressing institutional demand for secure digital asset storage, positioning it as a critical infrastructure provider in the maturing crypto ecosystemUS’s Largest Custodian Firm BitGo Files S-1 Registration for IPO^[4].

In a September 12 meeting with SEC Chairman Paul Atkins, BitGo executives discussed regulatory updates under the SEC’s Project Crypto initiative, focusing on custody rules, cybersecurity, and private key protectionsBitGo Discloses its Financials in Latest SEC Filing Ahead of IPO^[1]. The engagement highlights ongoing efforts to align crypto infrastructure with evolving regulatory frameworks. BitGo’s filing also outlined plans to leverage the IPO to raise capital, enhance investor liquidity, and capitalize on its market-leading position in a sector projected to grow as institutional adoption of cryptocurrencies acceleratesBitGo Discloses its Financials in Latest SEC Filing Ahead of IPO^[1].

Market analysts noted the IPO’s potential to influence broader crypto dynamics, similar to previous listings by Coinbase and Gemini. Historical patterns suggest that institutional-grade crypto firms going public often trigger short-term volatility in Bitcoin and Ethereum prices, as traders adjust positions ahead of listing events. However, BitGo’s strong financials and institutional client base—serving over 4,600 clients—position it as a benchmark for normalization in crypto infrastructure valuationsBitGo IPO Filing Reveals $4.19B Revenue and NYSE Listing^[2].

The IPO’s timing aligns with a resurgence in U.S. IPO activity, driven by Federal Reserve rate cuts and improved market liquidity. BitGo’s dual-class share structure, granting Class B shareholders greater voting power, mirrors strategies used by other tech firms to maintain founder control post-IPO. While the company has not yet disclosed pricing details, the involvement of major underwriters signals confidence in its business model and growth trajectory.

BitGo’s IPO represents a pivotal moment for crypto custody firms, which are increasingly viewed as essential intermediaries in bridging traditional finance and digital assets. By offering a publicly traded vehicle for exposure to crypto infrastructure, the listing could attract a broader investor base, including those seeking diversified access to the sector without direct token ownership. With $90.3 billion in digital assets under custody and a user base exceeding 1.04 million, BitGo’s success in the public markets may set a precedent for future crypto-related IPOs.