Key Notes
- BitGo files for US IPO, ticker BTGO, led by Goldman Sachs and Citigroup.
- Revenue surged 4x in H1 2025 to $4.19B, with $90B in assets under custody.
- CEO Michael Belshe keeps control via dual-class share structure.
Crypto custody giant BitGo has filed for a US IPO, looking to ride the wave of booming demand for digital asset infrastructure. The Palo Alto-based firm plans to list its Class A shares on the New York Stock Exchange under the ticker BTGO.
BitGo has experienced rapid growth, reporting $4.19 billion in revenue for the first half of 2025, nearly four times the amount for the same period last year, with a net income of $12.6 million. For all of 2024, it brought in $3 billion.
The company now manages over $90.3 billion in assets, supports 1,400 digital tokens, and serves 4,600 clients and 1.1 million users in more than 100 countries.
IPO Backdrop
The filing comes as the US IPO market heats up again in 2025, fueled by Fed rate cuts and renewed investor appetite.
Goldman Sachs and Citigroup are leading BitGo’s offering, which follows successful listings from crypto names like Circle and Gemini. Circle’s June IPO was a standout , soaring more than 360%, while Gemini’s recent debut has struggled, sliding 14%.
CEO Michael Belshe will retain control through a dual-class share structure, holding Class B shares with 15 votes each. That qualifies BitGo as a “controlled company” on the NYSE, allowing it to bypass some governance rules.
Expanding Globally
BitGo is also expanding its international reach. Just this month, its European arm secured a license from Germany’s BaFin to offer trading, custody, staking, and transfers under the EU’s new MiCA framework.
The move puts BitGo in direct competition with big banks such as Deutsche Bank and Citigroup, both of which are moving into crypto custody.
Dollar-Backed USDS
BitGo revealed earlier this month that it plans to launch a stablecoin backed by the United States dollar. The uniqueness of the stablecoin lies in the fact that it will reward the institutions that provide liquidity to the ecosystem.
According to CEO Belshe, the stablecoin issuers in the current market do not operate an open and fair system. He said that the value of a stablecoin stems from those who use it.
With institutional demand rising, BitGo is positioning itself as the go-to custodian for a new era of adoption.
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