Crypto custodian BitGo has announced plans for a public offering. Their recent S-1 registration was filed with the US Securities and Exchange Commission.
This move puts the company’s financials in the public eye for the first time. The filing details BitGo’s intention to list its Class A shares on the New York Stock Exchange under the ticker BTGO.
The numbers disclosed by BitGo reflect rapid expansion across several fronts. The company pulled in a striking $4.19 billion in revenue in the first half of 2025. That’s almost four times their revenue for the same period in the previous year.
While revenue surged, profitability did not keep pace. BitGo’s net income for the six months fell to $12.6 million from $30.9 million. Increased operational expenses played a role in shrinking profit margins.
The past year marked strong growth. In 2024, BitGo brought in $3.08 billion in revenue and logged $156.6 million in net income. Of that sum, $54.1 million was recorded for holders of common stock.
BitGo operates out of Palo Alto and has a longstanding history as a trusted service provider for the digital asset world. Founded in 2013, it quickly made a name offering advanced security solutions. Cold storage, as well as multi-signature wallets, became their specialties for institutional clients.
The company now manages assets that exceed $90 billion in cryptocurrencies on its platform. Their user base has also swelled, reaching over 1.14 million account holders.
Even with this growth, the majority of client assets are clustered in a few digital currencies. As stated in the new filing, the company holds most of its value across five major assets. Bitcoin leads the way, making up almost half of all managed assets.
Sui ranks second, followed by Solana, XRP, and Ethereum. The exact distribution on June 30, 2025, showed Bitcoin at 48.5 percent of assets. Sui was at 20.1 percent, Solana at 5.7 percent, XRP at 3.9 percent, and Ethereum at 3 percent.
Underlying BitGo’s corporate structure is a dual-class share arrangement. This system grants CEO Mike Belshe and other Class B stockholders substantial voting authority. Each Class B share confers 15 votes, compared to just one vote for each Class A share.
The dual-class design guarantees that Belshe maintains direction over the company even after the public offering. BitGo’s arrangement meets New York Stock Exchange criteria for a controlled company.
Funds raised from the IPO are expected to serve several purposes. BitGo has plans to channel capital into technology upgrades. Acquisitions are another likely avenue for future investment. Some of the proceeds will also be used for stock compensation packages.
The company emphasized that going public will raise its visibility and broaden its ability to raise funds in dynamic markets. Leadership believes these steps will position BitGo for continuing growth in a rapidly evolving industry.
The timing of BitGo’s IPO comes amid a surge of public listings among digital asset businesses. Circle, a prominent stablecoin issuer, has recently filed for its own offering. Gemini, backed by the Winklevoss twins, is making similar plans. Another major move in this space came from Bullish, a well-known cryptocurrency exchange.
BitGo’s decision to list on the New York Stock Exchange is significant for the broader digital assets sector. Regulatory clarity in the United States continues to be a core topic for both investors and companies. The attention generated by another high-profile IPO could help elevate standards for transparency and best practices.
This level of interest has also fostered greater curiosity about cryptocurrency asset management. Demand continues to climb as both individuals and institutions look to expand digital portfolios. Many newcomers explore mining as a gateway, and those wanting to start can now Start Cloud Mining with minimal upfront involvement and infrastructure.
Institutional interest in secure storage and safeguarding continues to shape the evolution of digital asset platforms. BitGo’s focus on robust security and regulatory alignment has played a central role in its success. Its next chapter will unfold with increased scrutiny and potentially greater challenges as a publicly traded entity.
The strategies deployed by BitGo may become a reference point for other firms. Those considering similar moves could look to BitGo for lessons on managing rapid growth and balancing shareholder expectations.
Conclusion
BitGo’s public listing represents a new chapter for both the company and the wider cryptocurrency marketplace. The organization’s recent financial disclosures provide a revealing snapshot of its place and influence in the rapidly growing digital asset economy.
With ambitious investment plans and a focus on innovation, BitGo appears well positioned to help define industry standards in the years ahead. As more companies move toward public offerings, the spotlight on operational integrity and transparency will only intensify.
Ewan’s fascination with cryptocurrency started through his curiosity about innovative technologies reshaping the financial world. Over the past four years, he has specialized in cloud mining and crypto asset management, diving deep into mining contracts, profitability analysis, and emerging trends. Ewan is dedicated to helping readers understand the technical and economic aspects of crypto mining, making complex information accessible and actionable.
