Crypto custodian BitGo has filed its first public S-1 registration assertion with the U.S. Securities and Change Fee (SEC), planning to checklist Class A typical inventory on the New York Inventory Change below the ticker BTGO.
The submitting offers a uncommon have a look at the corporate’s enterprise scale. BitGo generated $4.19 billion in income within the first six months of 2025, practically quadrupling the $1.12 billion recorded in the identical interval a yr earlier.
Profitability, nonetheless, tightened: web earnings for the half-year fell to $12.6 million, down from $30.9 million within the first half of 2024, as rising working prices weighed on margins.
In 2024, BitGo reported $3.08 billion in income and $156.6 million in web earnings, with $54.1 million attributable to frequent stockholders.
Based mostly in Palo Alto, BitGo was based in 2013 and constructed its repute by providing chilly storage and multi-signature wallets for exchanges, hedge funds, and banks. The agency now manages over $90 billion in cryptocurrency on its platform, from 1.14 million customers.
These figures, nonetheless, stay concentrated in largely 5 cryptocurrencies.
Per the submitting: “The worth of a majority of our AoP has been, and continues to be, concentrated in a couple of digital belongings held by our purchasers, together with Bitcoin, Sui, Solana, XRP, and Ethereum, which represent 48.5%, 20.1%, 5.7%, 3.9%, and three.0% of our AoP [Assets on Platform] as of June 30, 2025, respectively.”
The S-1 additionally outlines a dual-class share construction, giving Class B shareholders, together with co-founder and CEO Mike Belshe, 15 votes per share in contrast with one vote for Class A inventory. That setup ensures Belshe will retain management after the providing, with BitGo qualifying as a “managed firm” below NYSE guidelines.
BitGo mentioned IPO proceeds would fund expertise growth, acquisitions, and stock-based compensation whereas boosting visibility and monetary flexibility.
The IPO follows public itemizing strikes from different main corporations within the cryptocurrency sector, together with Circle, Gemini, and CoinDesk’s mother or father firm Bullish.