Crypto custodian BitGo has taken a significant step toward going public by filing its first S-1 registration statement with the U.S. Securities and Exchange Commission (SEC). The firm is preparing to list its Class A common stock on the New York Stock Exchange under the ticker symbol BTGO. This filing not only marks a crucial milestone for BitGo but also provides an unprecedented glimpse into the company’s business operations and financial health.
In the first half of 2025, BitGo reported a remarkable revenue of $4.19 billion, representing a substantial increase from the $1.12 billion earned during the same timeframe in 2024. Despite this substantial growth in revenue, the company’s profitability faced challenges; net income for the period dwindled to $12.6 million, a decline from the $30.9 million recorded in the first half of the previous year. The tightening profit margins were attributed to rising operating costs that have put pressure on the bottom line.
For the full year of 2024, BitGo posted revenues of $3.08 billion and net income of $156.6 million, with $54.1 million of that amount attributable to common stockholders. This financial performance highlights BitGo’s evolving role in the cryptocurrency landscape, showcasing its growth trajectory while indicating areas where it must adapt to maintain profitability in an increasingly competitive environment.
Founded in 2013 and based in Palo Alto, BitGo earned its reputation as a leading provider of cold storage solutions and multi-signature wallets tailored for exchanges, hedge funds, and banks. The firm currently manages over $90 billion in cryptocurrency assets across its platform, servicing 1.14 million users. However, it is noteworthy that the value of these assets is heavily concentrated among just five cryptocurrencies: Bitcoin, Sui, Solana, XRP, and Ethereum, comprising 48.5%, 20.1%, 5.7%, 3.9%, and 3.0% of the platform’s total assets, respectively, as of June 30, 2025.
The S-1 registration statement also reveals a dual-class share structure, which grants Class B shareholders, including co-founder and CEO Mike Belshe, significantly enhanced voting power—15 votes per share, compared to one vote for Class A shareholders. This structure is aimed at ensuring that Belshe retains control over the company following the public offering, classifying BitGo as a “controlled company” under New York Stock Exchange regulations.
According to the filing, the proceeds from the initial public offering will be allocated toward technology development, acquisitions, employee stock-based compensation, and enhancing the company’s visibility and financial flexibility.
BitGo’s move to go public is part of a broader trend in the cryptocurrency industry, with several other major companies such as Circle, Gemini, and Bullish—parent company of CoinDesk—also pursuing public listings recently. This wave of IPOs underscores the growing maturity and acceptance of the cryptocurrency sector, as firms seek to capitalize on their success while navigating the complexities of public market regulations and investor expectations.
