- Despite this surge in revenue, the company’s net income fell to $12.6 million in the first half of 2025.
- BitGo acknowledged a business risk, noting that a majority of assets under custody are concentrated in a small number of digital assets.
The cryptocurrency sector is about to welcome another major IPO. BitGo, a crypto custodian founded in 2013, has filed with the U.S. Securities and Exchange Commission to list its shares on the New York Stock Exchange under the ticker BTGO.
The filing marks a milestone for the company and also offers a rare glimpse into the financials of one of the industry’s most prominent custodians. BitGo reported $4.19 billion in revenue in the first six months of 2025, nearly four times the $1.12 billion it earned during the same period in 2024.
Despite the sharp increase in top-line growth, the company’s net income dropped to $12.6 million, down from $30.9 million a year earlier. The decline highlights rising operating costs that have squeezed margins.
For all of 2024, BitGo generated $3.08 billion in revenue and $156.6 million in net income, with $54.1 million attributable to common stockholders. BitGo manages more than $90 billion in cryptocurrency across 1.14 million users. However, its filing shows a concentration of assets in only a handful of cryptocurrencies.
See Related: BitGo To Offer Crypto Services In EU After German’s MiCA Approval
Assets Under Custody And Risks
The company noted this poses a business risk: “The value of a majority of our AoP has been, and continues to be, concentrated in a few digital assets held by our clients.”
The IPO will adopt a dual-class share structure. Class B shares carry 15 votes each, compared with one vote for Class A stock. This ensures that co-founder and CEO Mike Belshe retains control, qualifying BitGo as a “controlled company” under NYSE rules.
BitGo intends to use IPO proceeds for technology development, acquisitions, and stock-based compensation, while enhancing financial flexibility and market visibility.
The move follows a broader trend of crypto firms heading for public markets. Circle, Gemini, and Bullish, the parent company of CoinDesk, have all pursued or completed listings, signaling growing integration between digital asset businesses and traditional finance.
