Cryptocurrency custody leader BitGo has officially submitted its S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), marking a significant milestone toward its initial public offering (IPO). The company plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol BTGO.
BitGo's filing reveals impressive financial metrics, including $4.19 billion in revenue for the first half of 2025—a substantial increase from the $1.12 billion reported during the same period in 2024. Despite this revenue surge, net income for H1 2025 declined to $12.6 million, down from $30.9 million a year earlier, reflecting higher operational expenses.
Founded in 2013 and headquartered in Palo Alto, BitGo has established itself as a trusted provider of cold storage and multi-signature wallet solutions for institutional clients, including exchanges, hedge funds, and banks. The platform currently safeguards over $90 billion in digital assets for more than 1.14 million users.
A significant portion of these assets is concentrated in five major cryptocurrencies: Bitcoin (BTC), Sui (SUI), Solana (SOL), XRP, and Ethereum (ETH), which together represent 81.2% of the total assets on the platform as of June 30, 2025.
The S-1 filing also highlights a dual-class share structure, granting Class B shareholders—including co-founder and CEO Mike Belshe—enhanced voting rights to maintain control post-IPO. BitGo intends to use the proceeds from the offering to accelerate technology development, pursue strategic acquisitions, and enhance its market visibility.
This move aligns with a broader trend of crypto industry leaders, such as Circle, Gemini, and Bullish, pursuing public market listings.