BitGo's Income Multiplies by Four, Earnings Decline Amid Rising Expansion Expenses

The landscape of the U.S. cryptocurrency market is being reshaped by shifting regulations, with major custody providers such as BitGo playing a central role in defining industry standards. BitGo, a top-tier

custodian, initiated its IPO application in September 2025, unveiling rapid financial expansion and proactive regulatory collaboration. The firm posted $4.19 billion in revenue for the first six months of 2025, nearly quadruple its $1.12 billion figure from the same timeframe in 2024. However, net earnings dropped to $12.6 million from $30.9 million year-over-year, indicating higher operational expenditures as BitGo expands to fulfill institutional needs. The company now oversees $90.3 billion in assets for 1.14 million clients, with and comprising 48.5% and 20.1% of its holdings, respectively.

BitGo’s move to go public highlights accelerating institutional demand for crypto custody solutions, a market predicted to grow at a 24% annual pace through 2033, and potentially reach a $4.7 trillion valuation. The company’s share structure, which grants co-founder and CEO Mike Belshe 15 votes per Class B share, secures his leadership after the listing. Funds raised from the IPO are earmarked for technological upgrades, acquisitions, and equity-based incentives, positioning BitGo to rival legacy banks and fintech companies stepping into the crypto custody arena. The IPO follows successful public offerings from peers like

and Bullish, indicating a broader shift in investor attitudes—seeing crypto as a mainstream investment class instead of mere speculation.

Engagement with regulators is a pillar of BitGo’s approach. The company recently joined the U.S. Securities and Exchange Commission’s (SEC) Project Crypto program, where its leaders met with SEC Chairman Paul Atkins to discuss new rules on asset custody and cybersecurity. This partnership reflects the SEC’s evolving stance in balancing innovation with investor safeguards. At the same time, the overall environment includes a wave of U.S. IPOs from crypto companies, propelled by regulatory clarity under the Trump administration and increasing institutional involvement. Josef Schuster of IPOX observed that investors are now distinguishing digital assets from traditional stocks, fueling greater interest in custody infrastructure.

The digital asset custody field is growing quickly, fueled by strong institutional appetite—68% of

are expected to implement or broaden custody offerings within two years. BitGo’s global reach, with its latest expansions into South Korea and the UAE, is in line with this trend as providers look to serve regions with supportive regulations and high mobile device usage. The company’s management of the Trump-affiliated World Liberty stablecoin further shows its integration into both corporate and political circles.

As U.S. crypto regulations continue to take shape, companies like BitGo are positioned at the forefront of innovation and oversight. Their success in attracting public investment and handling regulatory challenges will help steer the sector’s evolution. With $90.3 billion in assets and plans to list on the NYSE, BitGo’s IPO represents

only a major financial event but also a sign of the crypto industry’s growing maturity. The results of its public debut and regulatory partnerships will likely influence how custody firms, regulators, and institutions work together to shape digital asset governance in the future.