BitGo Plans U.S. IPO Amid Strong Revenue Growth

BitGo, a leading crypto custodian, is making bold moves to enter the U.S. public markets. Following the successful Nasdaq debut of crypto exchange Gemini, BitGo is now planning its own initial public offering (IPO). This move reflects the company’s rapid growth and the rising interest in crypto companies among investors.

BitGo Files for U.S. IPO, CEO Keeps Key Control

On September 19, BitGo filed an S-1 registration with the U.S. Securities and Exchange Commission. 

The filing shows that the California-based firm plans to list its Class A Common stock on the New York Stock Exchange (NYSE) under the ticker BTGO. The offering will be led by banking giants Goldman Sachs and Citigroup. 

Even after going public, CEO Michael Belshe will retain authority to decide matters that require shareholder approval. This is to ensure the company maintains strategic control. 

The filing follows a confidential IPO submission announced by BitGo in July, along with digital asset manager Grayscale. This step underscores BitGo’s ambition to cement its presence in both U.S. and global markets.

BitGo Sees Rapid Growth and Strong Financials

BitGo has seen remarkable growth this year. The company reported $3 billion in revenue for 2024. 

In the first half of 2025, the firm posted revenue of $4.19 billion and net income of $12.6 million. This compares to $1.12 billion in revenue and $30.9 million in net income during the same period in 2024. This year’s figure represents a fourfold increase in revenue.

The company serves over 4,600 clients and more than 1.1 million users, supporting more than 1,400 digital assets. 

By the end of June 2025, BitGo held over $90.3 billion in assets on its platform, reflecting the increasing demand for secure crypto storage and trading solutions. 

U.S. IPOs Surge as Crypto Companies See Mixed Results

BitGo’s timing aligns with a surge in U.S. IPO activity, with October expected to be particularly busy. So far, 14 offerings this month have raised $7 billion, the highest monthly total since 2020. 

In the crypto space, Circle Internet Group Inc. achieved a 365% gain above its IPO price after a $1.2 billion offering in June. Meanwhile, Gemini Space Station Inc., led by the Winklevoss twins, has fallen 14% since its $446 million IPO.

Furthermore, BitGo is also growing beyond the U.S. Just days before its IPO filing, BitGo Europe received regulatory approval from Germany’s BaFin. This allows institutional clients across the European Union to trade crypto through both over-the-counter and electronic platforms. This move strengthens BitGo’s position as a trusted custodian in regulated markets.

As the U.S. IPO market heats up, BitGo is stepping forward as a major player ready to shape the future of crypto finance.