Crypto custodian BitGo reveals 2025 revenue surge in US IPO filing

Crypto custodian BitGo has filed for a U.S. initial public offering, seeking a listing on the New York Stock Exchange, in the wake of dynamic public debuts from crypto firms like Circle, Bullish, and Figure. 

BitGo, which filed a confidential draft version of its S-1 IPO statement in July, revealed a boost in revenue over the first half of 2025, with nearly $4.2 billion compared to just $1.1 billion the year prior, a nearly fourfold increase. However, with a fall in net income to about $12.6 million compared to $30.9 million in the prior period, its net margin of about 2.76% in 2024's first half collapsed to just 0.30% in 2025's first six months, according to the filing's numbers, consistent with the filing’s large 'digital-asset sales' line and related costs. 

The crypto custodian, which was last valued at $1.75 billion in a 2023 Series C round, said it held $90.3 billion worth of assets on the platform as of the end of June, serving over 4,600 clients (contracted institutions and high-net-worth individuals) and more than 1.1 million end-users in over 100 countries. 

Under the terms of the S-1, BitGo co-founder and longtime CEO Mike Belshe will retain majority voting power under a dual-class stock structure, making BitGo a "controlled company" under NYSE rules. The filing states the firm does not "currently intend to rely" on governance exemptions provided by that designation, though it may do so in the future. 

BitGo's IPO filing comes in the wake of last week's interest rate cut from the Federal Reserve, and follows a number of high-profile public debuts from crypto firms in recent weeks, including stablecoin issuer Circle, exchange Bullish, and lending firm Figure. Other firms, such as Gemini, Grayscale, and Kraken, are also eyeing public listings. 

The deal's lead underwriters are Goldman Sachs and Citi, and the firm intends to list on the NYSE under the ticker "BTGO." The S-1 does not disclose a price range or share count.