BitGo Files for IPO after Revenue Surge in First Half

Key Highlights

• On September 19, BitGo submitted a registration statement to the U.S. SEC for an IPO of its Class A common stock.
• The offering will be associated with shares from both the company itself and certain existing shareholders
• Goldman Sachs will act as a lead book-running manager for the proposed offering

BitGo, a leading company that provides secure storage solutions for cryptocurrencies, has submitted a new filing to become a publicly traded company. 

According to Reuters, BitGo disclosed in its IPO filing with the U.S. SEC that its revenue reached $4.19 billion in the first half of 2025, nearly quadrupling year-over-year, with a net profit of $12.6 million. Founded in 2013, BitGo is one of the largest crypto custody…

— Wu Blockchain (@WuBlockchain) September 20, 2025

The company announced on September 19 that it had submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) of its Class A common stock, according to an official statement.

BitGo Prepares for IPO

This filing is the formal process through which private companies become publicly traded on stock exchanges, allowing everyday investors to purchase shares.

While the company has taken this big step in the current bull run, many details have not been disclosed. The exact timing of the stock offering, the number of shares that will be available for purchase, and the price range for these shares have not yet been announced.

The offering will include shares from both the company itself and certain existing shareholders. This is a common approach in IPOs that allows early investors and company insiders to partially cash out their investments while also raising new capital for the company’s continued growth and expansion.

BitGo has applied to list its shares on the New York Stock Exchange, one of the world’s most prestigious financial marketplaces. If approved, the company’s shares will trade under the ticker symbol “BTGO,” making it easy for investors to identify and trade the stock.

The offering is being managed by several major financial institutions, with Goldman Sachs serving as the lead underwriter. Citigroup is also serving as a book-running manager, along with several other well-known banks, including Deutsche Bank, Mizuho, and Wells Fargo Securities. Additional financial firms, including Clear Street, Compass Point, and others, are participating as co-managers of the offering.

BitGo Revenue Surges in First Half of 2025

In the filing, BitGo’s financial performance has been pretty impressive. The company reported revenue of $4.19 billion for the first half of 2025, nearly four times higher than the same period in 2024, which was $1.12 billion. 

This growth comes from increased demand for their custody services, staking products, and wallet solutions. 

While the company has been profitable overall, its net income decreased slightly in recent months due to investments in expanding its infrastructure and hiring additional staff to handle growing client demand.

The IPO is being managed by major financial institutions, including Goldman Sachs and Citigroup. The exact number of shares and their price have not been determined yet. The company plans to list its shares on the New York Stock Exchange under the symbol “BTGO.”

Like many companies in the cryptocurrency space, BitGo faced difficulties during the 2022 market downturn, which included staff reductions. 

However, the company has recovered strongly and now employs approximately 1,200 people. It has also expanded its services beyond basic custody to include decentralized finance (DeFi) lending and tokenization services.

This announcement shows part of the latest trend of cryptocurrency companies seeking to go public. Several other major firms in the industry, including cryptocurrency exchanges Gemini and Kraken, are also preparing for their own public offerings. This wave of IPOs reflects the growing maturation of the cryptocurrency industry and its increasing integration with traditional finance.

BitGo currently holds over $100 billion worth of digital assets for its customers. The list of customers includes cryptocurrency exchanges, hedge funds, and large corporations.

The company’s announcement to go public comes during a period of impressive growth for the cryptocurrency market under the U.S.’s pro-crypto president, Donald Trump. 

In a year, the cryptocurrency market has achieved new heights. Bitcoin recently surpassed $119,000 in value after its earlier all-time high of over $124,000 in August. The total market capitalization of all cryptocurrencies has also exceeded $4 trillion, according to CoinMarketCap. 

There are many factors that helped the cryptocurrency market achieve new heights. This growth has been sparked partly by the approval of Bitcoin exchange-traded funds (ETFs) in 2024, which made it easier for traditional investors to gain exposure to digital assets without directly purchasing cryptocurrencies.