BitGo Files for US IPO Amid Rapid Revenue Growth

BitGo, a crypto custody leader, has filed for an IPO in the US, aiming to list on the New York Stock Exchange with the ticker BTGO.
The company reported $4.19 billion in revenue for the first half of 2025, a nearly fourfold increase from the previous year, with a net income of $12.6 million. In 2024, it earned $3 billion in total revenue.
BitGo manages over $90.3 billion in assets, supports 1,400 digital tokens, and serves 4,600 clients along with 1.1 million users globally.

IPO Context

The IPO filing comes amid a resurgence in the US IPO market in 2025, driven by Federal Reserve rate cuts and renewed investor interest.
Goldman Sachs and Citigroup are managing BitGo's IPO, following successful listings like Circle, which rose over 360%, and Gemini, which fell by 14%.
CEO Michael Belshe will maintain control through a dual-class share structure, classifying BitGo as a "controlled company" on the NYSE.

BitGo is expanding internationally, having secured a license from Germany’s BaFin to operate under the EU’s MiCA framework.
This expansion puts BitGo in competition with major banks like Deutsche Bank and Citigroup in the crypto custody sector.

BitGo plans to launch a dollar-backed stablecoin that rewards liquidity providers, differentiating from current market offerings.
CEO Belshe criticized existing stablecoin systems as not open or fair, emphasizing the importance of user value.
With rising institutional demand, BitGo aims to establish itself as a leading custodian in the evolving crypto space.