A fast track to public markets
BitGo has filed its S-1 for a U.S. initial public offering and plans to list on the New York Stock Exchange under the ticker BTGO. The crypto custodian disclosed $90.3 billion in assets under custody and a surge in first-half revenue, signaling that institutional demand for digital-asset infrastructure is back in force. The Palo Alto company wants to capture that momentum as issuance windows reopen and crypto-linked IPOs return to the calendar.
By the numbers
- Revenue reached $4.19 billion for the six months ended June 30, up from $1.12 billion a year earlier.
- Net income came in at $12.6 million, compared with $30.9 million in the prior-year period.
- Goldman Sachs and Citigroup are leading the deal, reflecting Wall Street’s renewed appetite for crypto listings.
- BitGo was founded in 2013 and last raised capital at a $1.75 billion valuation in 2023.
Why now—and what’s at stake
BitGo helped define institutional crypto custody with secure storage, wallets, and add-on services. As regulatory clarity improves and spot crypto products draw fresh inflows, firms with trusted “plumbing” stand to benefit. That said, BitGo’s broader mix cold storage alongside staking, trading, financing, and settlement can push revenue higher while squeezing margins from quarter to quarter. Investors will comb through the filing for details like take rates on assets, client concentration, and how volumes tie to crypto price cycles.
If successful, BitGo would become the first dedicated crypto custodian to list in the United States. That milestone would set a new public benchmark for a business model that sits at the center of ETF operations and institutional token storage. The deal’s path now turns on the SEC review, valuation versus the 2023 private round, and whether BitGo can convert asset growth into steadier earnings through market ups and downs. For prospective shareholders, the key questions are durability of custody fees and the company’s ability to smooth profitability even as activity normalizes.
