Digital asset custodian BitGo Holdings has taken a major step toward going public by submitting an S-1 registration statement to the U.S. Securities and Exchange Commission on September 19, 2025. The Palo Alto-based company, founded in 2013 by Mike Belshe and Ben Davenport, plans to list on the New York Stock Exchange under the ticker symbol BTGO.
The filing reveals staggering financial growth, with revenue surging to $4.19 billion in the first half of 2025 - a nearly fourfold increase from $1.12 billion during the same period in 2024. This explosive growth propelled the firm to net income of $156.5 million, a dramatic turnaround from a $2.1 million loss in 2023. Assets under custody ballooned to $90.3 billion by June 2025, up from $60 billion at the start of the year, serving 4,621 institutional clients and 1.04 million total users.
BitGo's IPO strategy includes a dual-class share structure that ensures founder control post-listing, with Class B shares held by insiders wielding 15 votes each. Proceeds from the offering will fund technology enhancements, strategic acquisitions, employee incentives, and liquidity bolstering. Underwriting giants Goldman Sachs and Citigroup are leading the debut, signaling Wall Street's growing embrace of blockchain ventures.
The timing appears strategic amid favorable market conditions, including Federal Reserve interest rate reductions and the Trump administration's pro-crypto stance. BitGo joins other crypto infrastructure firms like Circle and Bullish in pursuing public listings, reflecting the sector's maturation. The company has also expanded globally, securing an extended license from Germany's BaFin to operate under EU's MiCA regulations.