Crypto Custody Firm BitGo Seeks Public Market Entry Through US IPO

Crypto custody firm BitGo has filed for a United States initial public offering with the Securities and Exchange Commission. According to Cointelegraph, the Palo Alto-based company submitted its Form S-1 registration on Friday. The firm plans to list Class A common stock on the New York Stock Exchange under ticker symbol "BTGO."

BitGo reported approximately $90.3 billion in assets under management as of June 30, 2025. The platform serves over 4,600 entities and more than 1.1 million users across 100 countries. The company supports over 1,400 digital assets for institutional clients, governments, and high-net-worth individuals. BitGo maintains $250 million in insurance coverage and has completed Service Organization Control audits.

BitGo co-founder and CEO Michael Belshe will retain voting control through a dual-class share structure. Class B shares carry 15 votes each compared to one vote for Class A shares. This arrangement qualifies BitGo as a "controlled company" under NYSE rules, exempting it from certain governance standards.

Why This Matters

BitGo's IPO filing comes during rapid expansion in the crypto custody market. Market Research Future projects the cryptocurrency custody software market will grow from $4.64 billion in 2025 to $15.75 billion by 2034. This represents a compound annual growth rate of 14.53 percent during the forecast period.

Institutional adoption continues accelerating across the sector. 360 Research reports the crypto custody provider market reached $3.28 billion in 2025 and expects it to hit $6.03 billion by 2030. The growth reflects rising institutional participation and regulatory clarity under the Trump administration.

BitGo's $90.3 billion in assets positions it among major custody providers. The company's European operations recently secured extended licensing from Germany's Federal Financial Supervisory Authority, allowing trading and custody services under the EU's Markets-in-Crypto-Assets framework. We recently reported that institutional adoption has accelerated significantly in 2025, with major financial players including BlackRock and Fidelity expanding cryptocurrency product offerings.

Industry Implications

BitGo's public offering reflects broader momentum in cryptocurrency infrastructure companies seeking public markets. Bitwise Asset Management predicted at least five "crypto unicorns" would launch initial public offerings in 2025. The list includes stablecoin issuer Circle, crypto exchange Kraken, and custody provider Anchorage Digital.

Traditional financial institutions continue entering the crypto custody space, creating competitive pressure. US Bancorp relaunched digital asset custody services this month after regulatory rollbacks by the Trump administration. Deutsche Bank plans custody services for 2026 through partnerships with crypto infrastructure providers. These developments create a competitive landscape where established custody firms must differentiate through comprehensive service offerings.

The IPO trend represents validation for crypto infrastructure business models. CoinSpeaker reports Circle went public earlier in 2025 and raised $1.1 billion, with shares jumping over 200 percent on debut. Exchange operator Bullish raised $1.1 billion in an IPO, exceeding expectations. Growing investor demand and regulatory clarity have created favorable conditions for crypto companies seeking public markets.

However, custody providers face ongoing challenges including regulatory uncertainty and market volatility. While custody fees provide relatively stable revenue streams, prolonged bear markets could reduce institutional demand. Success in public markets will depend on providers demonstrating sustainable growth and operational resilience across market cycles.