BitGo, a prominent player in the cryptocurrency custodian space, has taken a significant step by filing its first public S-1 registration statement with the U.S. Securities and Exchange Commission (SEC). This move sets the stage for the company to list its Class A common stock on the New York Stock Exchange under the ticker symbol BTGO. The filing reveals compelling financial metrics, showcasing unprecedented growth in revenue.
In the first half of 2025 alone, BitGo reported impressive revenue of $4.19 billion, a substantial increase from the $1.12 billion it earned in the same timeframe the previous year. However, amid this remarkable revenue growth, the firm also experienced a decline in profitability, with net income dropping to $12.6 million compared to $30.9 million during the first six months of 2024. Rising operational costs have undeniably put pressure on BitGo’s margins.
For the fiscal year 2024, the company reported a total revenue of $3.08 billion, alongside a net income of $156.6 million, of which $54.1 million was attributable to common stockholders. Based in Palo Alto and founded in 2013, BitGo has established itself in the industry by providing cold storage and multi-signature wallets, catering to exchanges, hedge funds, and financial institutions. Currently, it manages a staggering $90 billion in cryptocurrency assets across 1.14 million users.
“The value of a majority of our AoP has been, and continues to be, concentrated in a few digital assets held by our clients, including Bitcoin, Sui, Solana, XRP, and Ethereum.”
This concentration was highlighted in the filing, indicating that these five cryptocurrencies account for a large portion of BitGo’s assets on its platform as of June 30, 2025. Additionally, the S-1 filing introduces a dual-class share structure, where Class B shareholders, including CEO Mike Belshe, possess significantly more voting power, ensuring his continued control post-IPO. This structure aligns with the NYSE’s regulations for “controlled companies.”
BitGo is positioning its IPO proceeds to enhance technology development, pursue acquisitions, and implement stock-based compensation, aiming to increase its visibility and financial agility in a rapidly evolving market. This public offering follows similar listing endeavors from other major names in the cryptocurrency industry, including Circle, Gemini, and CoinDesk’s parent company, Bullish.
BitGo’s S-1 Registration and IPO Plans
Key points regarding BitGo’s recent filing and its implications:
- First Public Filing: BitGo has filed its initial S-1 registration statement with the SEC to go public on the NYSE under the ticker BTGO.
- Significant Revenue Growth: In the first half of 2025, BitGo generated $4.19 billion in revenue, a substantial rise from $1.12 billion during the same timeframe in 2024.
- Net Income Decline: Despite revenue growth, net income fell to $12.6 million from $30.9 million, indicating tighter profitability amidst rising operational costs.
- Yearly Performance: In 2024, the company reported $3.08 billion in revenue and a net income of $156.6 million, highlighting consistent growth trajectories.
- Asset Management: BitGo manages over $90 billion in cryptocurrency with 1.14 million users, emphasizing its scale in the digital asset space.
- Concentration in Key Cryptocurrencies: The majority of assets on platform are concentrated in five cryptocurrencies, specifically Bitcoin, Sui, Solana, XRP, and Ethereum, showing vulnerability to market fluctuations.
- Dual-Class Share Structure: The IPO includes a dual-class share structure, ensuring co-founder Mike Belshe retains control with 15 votes per Class B share compared to one vote per Class A share.
- Use of IPO Proceeds: BitGo plans to utilize IPO funds for technology development, acquisitions, and enhancing visibility while ensuring financial flexibility.
- Industry Context: BitGo’s move to go public aligns with other major cryptocurrency firms like Circle and Gemini, signaling a trend of public listings within the sector.
The IPO could impact investors and users by increasing the overall transparency of BitGo’s operations and business model while providing strategic growth opportunities through the influx of capital.
BitGo’s Entry into the Public Market: Scaling the Crypto Custody Landscape
BitGo’s filing with the SEC marks a significant step in the evolution of cryptocurrency custodians, positioning itself alongside other major players like Circle and Gemini, which have also pursued public listings. One of the standout advantages of BitGo is its impressive revenue growth, showcasing a remarkable leap from $1.12 billion to $4.19 billion year-over-year in the first half of 2025. This indicates a robust demand for its custodial services and a growing client base, comprising over 1.14 million users.
However, the company faces notable challenges, particularly with declining profitability despite soaring revenues. The net income fell from $30.9 million in 2024 to just $12.6 million in the first half of 2025, attributed largely to rising operational costs. This discrepancy raises questions about BitGo’s capacity to manage expenses effectively, potentially deterring investors who might perceive it as a riskier venture compared to its competitors, which have maintained higher profit margins.
A critical element of BitGo’s offering is its dual-class share structure, allowing its CEO, Mike Belshe, to retain significant control post-IPO through increased voting power. While this can ensure stable leadership, it might also alienate some potential investors who prefer a more democratic governance structure typical in publicly traded companies. Such a setup can bolster internal consistency but may deter investors seeking transparency and equal voting rights.
BitGo’s concentrated asset exposure, predominantly in five cryptocurrencies, poses both a potential revenue risk and an opportunity for financial strategists. Should volatility hit these digital assets, BitGo could face substantial impacts on its operational health. Conversely, those heavily invested in this niche market could benefit immensely if these currencies appreciate significantly.
The planned use of IPO proceeds for technology enhancement, acquisitions, and stock-based compensation could be advantageous, positioning BitGo to capitalize on emerging trends and possibly expand its market share. However, any delay in seeing returns from such investments could create liquidity challenges in the short term.
In summary, BitGo’s IPO could benefit long-term investors ready to ride the wave of cryptocurrency adoption and technological advancements, while the complexities of its operational strategies and concentration risks may present challenges for more conservative investors wary of the volatile crypto landscape.
