Crypto Custodian Bitgo plans to file its first public S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) and list Class A common stock of the New York Stock Exchange based on BTGO tickers.
This filing rarely looks at the company's business scale. Bitgo generated revenue of $4.19 billion in the first six months of 2025, nearly quadrupleting the $1.12 billion recorded in the same period last year.
But profitability has been tightened. Six months of net income fell from $30 million in the first half of 2024, falling to $12.6 million as operating expenses increased heavily in margins.
In 2024, BITGO reported revenue of $3.08 billion and net income of $156.6 million, with $54.1 million arising from common shareholders.
Based in Palo Alto, Bitgo was founded in 2013 and has built a reputation for providing cold storage and multi-signature wallets to exchanges, hedge funds and banks. The company currently manages over $90 billion in cryptocurrency on its platform, with 1.14 million users.
However, these numbers are mostly concentrated on five cryptocurrencies.
According to the filing, “The majority of AOP values are concentrated on several digital assets held by clients, including Bitcoin, SUI, Solana, XRP and Ethereum, which constitutes 48.1%, 5.7%, 3.9% and 3.0% of the platform's AOP on June 30th.
The S-1 also outlines the dual-class share structure and will earn 15 votes per share compared to one vote in Class A share to Class B shareholders, including co-founder and CEO Mike Belshe. This setup ensures that BELSHE retains control after its provision and that BITGO qualifies as a “controlled company” under NYSE regulations.
BITGO said the IPO revenue will fund technology development, acquisitions and equity-based compensation, while increasing visibility and financial flexibility.
The IPO follows public listing moves from other major companies in the cryptocurrency sector, including Circle, Gemini and Coindesk's parent company Bullish.
