BitGo Files for IPO With $4.2B Revenue, $90B Crypto Holdings
Crypto custodian BitGo has filed an S-1 registration with the SEC, intending to list its Class A common stock on the NYSE under the ticker BTGO.
- BitGo reported $4.19 billion in revenue for the first half of 2025, a significant increase from the previous year's $1.12 billion.
- Net income decreased to $12.6 million from $30.9 million due to rising operating costs.
- In 2024, the company recorded $3.08 billion in revenue and $156.6 million in net income.
- BitGo, based in Palo Alto, manages over $90 billion in cryptocurrency for 1.14 million users.
- The majority of assets are concentrated in a few cryptocurrencies: Bitcoin (48.5%), Sui (20.1%), Solana (5.7%), XRP (3.9%), and Ethereum (3.0%).
- The dual-class share structure gives Class B shareholders, including CEO Mike Belshe, 15 votes per share, ensuring control remains post-offering.
- IPO proceeds will be used for technology development, acquisitions, and stock-based compensation.
This IPO follows similar moves by other companies like Circle, Gemini, and Bullish in the cryptocurrency sector.