BitGo's Public Offering Challenges Wall Street's Trust in Crypto

BitGo Holdings, a prominent U.S.-based cryptocurrency custody provider, has submitted paperwork for an initial public offering (IPO) on the New York Stock Exchange, where it plans to use the ticker BTGO. This marks a significant step for the integration of crypto infrastructure into traditional finance. As per the company’s S-1 registration with the U.S. Securities and Exchange Commission (SEC), BitGo generated $4.19 billion in revenue in the first half of 2025—almost quadrupling its results from the same period in 2024—and recorded a net income of $12.6 million. The filing attributes this notable revenue growth to an increasing demand from institutions for secure

custody solutions title1 [ 1 ].

Goldman Sachs and

have been appointed as primary underwriters for the IPO, a sign of Wall Street’s strong backing of BitGo’s institutional custody services. Currently overseeing assets exceeding $90.3 billion for 4,600 institutional clients, BitGo has implemented a dual-class share structure to maintain control for its current shareholders title2 [ 2 ]. Details regarding the IPO’s pricing, number of shares, and official listing date have not yet been made public. This move is in line with a broader wave of crypto companies entering public markets. Recent debuts by Gemini and Circle have met with mixed investor responses, with market swings often driven by institutional activity and broader economic trends title3 [ 3 ].

The IPO application comes as U.S. IPO activity rebounds, supported by Federal Reserve interest rate cuts and clearer regulations in the digital asset sector. BitGo’s financial results highlight the evolution of crypto infrastructure, with rising institutional participation fueling demand for its custodial services. Nevertheless, the company’s net profit dropped from $30.9 million in the first half of 2024, mainly due to increased operating expenses as the firm expands to accommodate more institutional clients title4 [ 4 ]. Experts suggest that this offering could set a benchmark for how investors perceive companies in the crypto infrastructure field, potentially impacting future listings in the industry title5 [ 5 ].

BitGo’s approach to the public markets has also been shaped by regulatory discussions. In September, SEC Chairman Paul Atkins met with BitGo executives to talk about rules for custody and cybersecurity in digital assets, as part of the SEC’s Project Crypto initiative. These engagements underscore the changing regulatory environment, which has offered increased clarity for businesses like BitGo as they work to comply with regulations title6 [ 6 ]. The company’s expansion overseas—including regulatory approvals gained in Germany and Singapore—further strengthens its ability to serve institutional clients in various regions title7 [ 7 ].

The timing of the IPO is especially significant, given the rapidly evolving landscape for crypto companies. With

and making up most of institutional holdings, BitGo’s market debut could intensify price swings in the broader crypto market during its valuation period. Both speculative interest and profit-taking behaviors are expected, echoing trends seen in prior crypto IPOs. Investors will closely examine the company’s most recent valuation of $1.75 billion (from 2023), weighing its growth outlook against mounting operational expenses and increasing competition title8 [ 8 ].

BitGo’s move to go public highlights the increasing legitimacy of digital assets as an investment class. More institutional investors now see secure crypto custody as vital for portfolio diversification, a trend evident in BitGo’s clientele of asset managers and exchanges. As the company readies itself for a potential listing, its performance will provide insight into Wall Street’s interest in crypto infrastructure and could shape the long-term mainstream acceptance of the sector title9 [ 9 ].