BitGo Files IPO After $4.2B Revenue, $90B Crypto Assets

Cryptocurrency custodian BitGo has taken the formal step of filing its S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), a key move signaling its intent to go public. The company plans to list on the New York Stock Exchange under the ticker symbol BTGO.

This filing is significant because it provides one of the rare comprehensive views into BitGo’s operations and financial performance. As a custodian specializing in institutional-grade digital asset security, BitGo has long operated in the background of the cryptocurrency ecosystem, serving exchanges, hedge funds, and banks. Going public not only increases transparency but also positions BitGo to access capital for technological development, acquisitions, and expansion of services.

H1 2025 Revenue Nearly Quadruples

BitGo reported $4.19 billion in revenue for the first six months of 2025, a staggering increase compared with $1.12 billion in the same period last year. This nearly fourfold growth demonstrates the accelerated adoption of cryptocurrency custody services among institutional investors.

Revenue growth was driven by several factors: increased transaction volume on the platform, onboarding of new exchange and hedge fund clients, and higher demand for secure storage solutions in volatile crypto markets. The filing highlights that while Bitcoin and a few major altcoins dominate the platform’s holdings, overall activity across multiple digital assets contributed to robust fee generation and revenue diversification.

The full-year 2024 revenue totaled $3.08 billion, indicating that BitGo is growing revenue at a pace significantly faster than the previous year.

Profit Margins Narrow Despite Growth

Despite record revenue, BitGo’s net income fell to $12.6 million in H1 2025, down from $30.9 million in the same period of 2024. Rising operational costs, including enhanced cybersecurity measures, regulatory compliance expenses, and technology infrastructure upgrades, were key contributors to the reduced profitability.

The filing also noted increased spending on talent acquisition, particularly in engineering and compliance teams, reflecting the company’s push to strengthen institutional-grade service offerings. Analysts interpret this as a strategic move: while margins are compressed in the short term, these investments are expected to support long-term revenue growth and platform resilience.

For additional perspective, BitGo reported $156.6 million in net income for the full year 2024, with $54.1 millionattributable to common stockholders. The sharp narrowing in H1 2025 illustrates the impact of scaling operations rapidly while investing heavily in security and compliance infrastructure.

$90B in Assets Managed on Platform

As of June 30, 2025, BitGo manages over $90 billion in digital assets for more than 1.14 million users, underscoring its role as one of the largest institutional cryptocurrency custodians. This represents a substantial increase from prior periods, reflecting both organic growth and adoption from larger institutional clients seeking regulated custody solutions.

BitGo’s platform provides cold storage and multi-signature wallet services, a combination that enhances security and reduces the risk of unauthorized access. Institutional clients, particularly exchanges and hedge funds, rely on BitGo to secure assets against cyber threats, regulatory scrutiny, and operational failures. The company’s rapid growth in assets under management demonstrates trust in its infrastructure and risk management protocols.

Cryptocurrency Holdings Remain Concentrated

BitGo’s S-1 filing reveals that platform holdings are concentrated among a few major cryptocurrencies. Bitcoin accounts for 48.5%, followed by Sui at 20.1%, Solana at 5.7%, XRP at 3.9%, and Ethereum at 3.0%.

This concentration highlights both the dominance of leading cryptocurrencies and the company’s exposure to price volatility in these assets. While the platform supports a wider range of digital tokens, the bulk of activity and client holdings is concentrated in this small set of high-cap assets.

The concentration also affects revenue streams. Custody fees, trading facilitation, and other service charges are closely tied to the transaction volumes of these key tokens, making platform performance sensitive to market fluctuations in Bitcoin, Ethereum, and the other major coins.

Dual-Class Structure Gives CEO Control

The IPO introduces a dual-class share structure designed to preserve leadership control. Class B shares, primarily held by co-founder and CEO Mike Belshe, carry 15 votes per share, whereas Class A shares provide one vote per share.

This governance arrangement ensures that Belshe maintains decision-making authority after the IPO, allowing the company to continue its strategic direction without interference from public shareholders. Under NYSE rules, this structure classifies BitGo as a “controlled company,” a common approach for technology firms seeking to balance capital access with management continuity.

IPO Proceeds Target Technology and Expansion

BitGo intends to use IPO proceeds for multiple strategic initiatives:

1. Technology Upgrades: Investing in infrastructure to enhance platform security, speed, and scalability.

2. Strategic Acquisitions: Exploring acquisitions that can expand product offerings or client base.

3. Employee Stock Compensation: Incentivizing and retaining talent in engineering, compliance, and operations.

4. Financial Flexibility: Strengthening the balance sheet to allow for market opportunism and operational resilience.

The filing underscores that the IPO is not solely about raising capital but also about enhancing visibility in the crypto market, bolstering credibility among institutional investors, and reinforcing BitGo’s position as a leading custodian.

BitGo’s Place in the Crypto Industry

BitGo’s IPO comes amid a wave of public interest in cryptocurrency companies, reflecting growing institutional participation in digital assets. By offering a regulated, secure custody solution, BitGo differentiates itself from smaller players and exchanges that may lack comprehensive compliance or risk management protocols.

The IPO positions BitGo as one of the largest publicly-listed crypto custodians globally. Its scale, combined with concentrated holdings of major cryptocurrencies, underscores the company’s pivotal role in the infrastructure of the digital asset ecosystem. As institutional adoption grows, BitGo’s market presence and platform reliability are likely to remain key factors in attracting clients seeking trusted custody services.

BitGo Key Metrics and Financial Data

Also Read: BitGo Partners with Voltage to Deliver Faster, Cheaper Bitcoin Payments via Lightning Network