- BitGo manages $90.3B in assets across 4,621 clients, showing institutional confidence.
- Revenue increased from $926M in 2023 to $3.1B in 2024, then $4.19B by mid-2025.
- CEO Michael Belshe will retain control using a dual-class share structure, raising questions.
BitGo has filed for an initial public offering in the United States, revealing custody of $90.3 billion in assets. The Palo Alto-based company submitted its Form S-1 to the SEC, seeking to list Class A shares on the New York Stock Exchange under the ticker “BTGO.” According to Bloomberg ETF analyst James Seyffart, the IPO filing is another milestone in the mainstreaming of crypto custody solutions.
Institutional Assets and Crypto Custody
BitGo’s platform has expanded notably, now serving 4,621 institutional clients and more than 1.1 million users across 100 countries. Assets on the platform surged from $30.8 billion in 2023 to nearly $90 billion by mid-2025, indicating growing institutional confidence.
The firm supports more than 1,400 digital assets and offers $250 million in insurance coverage. To further demonstrate trust in its services, BitGo has completed Service Organization Control SOC 1 and SOC 2 audits.
Its multi-signature wallet technology, designed to reduce theft and fraud, has become a key feature for financial institutions managing digital holdings. This security focus comes at a time when traditional banks, such as Deutsche Bank and Citigroup, are exploring custody services.
Revenue Growth and Financial Disclosures
Financial results indicated in the IPO filing show fast revenue growth in 2024 and 2025. The company generated $3.1B in revenue in 2024, a sharp rise from $926.3M in 2023.
For the first six months of 2025, revenue nearly increased four times year over year, up to $4.19B from $1.12B. However, profitability has faced pressure as costs have grown to match institutional demand. BitGo reported net income of $12.6M the first half of 2025, compared with $30.9M in the same period last year.
The surge in revenue coincides with a broader wave of crypto IPOs, including Circle, Bullish, and Figure. According to Josef Schuster, CEO of IPOX, investors increasingly treat digital assets as a distinct asset class, a change supported by the performance of recent listings.
Related: Gemini IPO Oversubscribed 20×, Raises $425M on Nasdaq
Governance Structure and Regulatory Expansion
While financial growth shows institutional adoption, BitGo’s governance approach leads to key questions. Co-founder and CEO Michael Belshe will retain control through a dual-class share structure.
Each Class B share carries 15 votes, compared with one vote per Class A share. Under NYSE rules, this qualifies BitGo as a “controlled company,” exempting it from certain governance standards.
Beyond governance, BitGo continues to pursue regulatory expansion. In Europe, it secured an extended license from Germany’s BaFin, enabling its European arm to operate under the EU’s MiCA framework. The company is also pursuing a U.S. national bank charter, positioning itself for closer alignment with traditional financial institutions.
The firm’s IPO comes as U.S. capital markets recover momentum, with October predicted to be one of the busiest months for listings since 2021. Wall Street interest is clear, with Goldman Sachs and Citigroup leading underwriting for BitGo’s offering, alongside Deutsche Bank, Mizuho, and Wells Fargo Securities.
Meanwhile, BitGo’s IPO filing shows three key developments: explosive revenue growth, the management of $90.3 billion in client assets, and the expansion of global custody services. The company’s dual class share structure introduces governance questions, resembling debates from earlier tech listings. As institutional adoption accelerates, BitGo’s move indicates how crypto custody is increasingly integrated in mainstream finance.
