CMC News

#BitGo Revenue Soars 280% Ahead of Public Listing Debut

BitGo has submitted its initial public offering filing seeking a New York Stock Exchange listing under ticker "BTGO" following dramatic revenue growth. The crypto custody platform reported nearly $4.2 billion in first-half 2025 revenue compared to $1.1 billion in the prior year period.

The California-based company manages $90.3 billion in platform assets as of June 2025, serving over 4,600 institutional clients across more than 100 countries. Total end-users exceed 1.1 million individuals, demonstrating significant scale in the digital asset custody market.

Goldman Sachs and Citi serve as lead underwriters for the public offering, though the S-1 filing doesn't disclose pricing ranges or share counts. BitGo was previously valued at $1.75 billion during its 2023 Series C funding round.

Co-founder and CEO Mike Belshe will retain majority voting control through a dual-class stock structure, making BitGo a "controlled company" under NYSE regulations. The company currently doesn't intend to use governance exemptions but reserves future flexibility.

Net income declined to approximately $12.6 million from $30.9 million in the previous period despite revenue growth. Net margins compressed from 2.76% to 0.30%, attributed to large digital-asset sales activities and related operational costs.

The IPO follows recent Federal Reserve #interest rate cuts and several high-profile crypto company public debuts. Stablecoin issuer Circle, exchange Bullish, and lending firm Figure have completed successful public listings in recent weeks.

Additional crypto firms, including #Gemini, #Grayscale, and #Kraken, are exploring public market opportunities as institutional acceptance grows. The wave of IPO activity reflects broader market maturation and regulatory clarity improvements for digital asset companies.