BitGo's Public Offering: Fourfold Revenue Jump, Yet Profit Margins Decline Amid Crypto Custody Growth

BitGo, a prominent

infrastructure provider, has submitted paperwork for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC), with plans to list its Class A shares on the New York Stock Exchange under the ticker BTGO BitGo Files for IPO With $4.2B in H1 2025 Revenue, $90B in [ 1 ]. The S-1 registration filed on September 19, 2025, details significant growth in both revenue and assets under management, highlighting BitGo’s momentum in the crypto custody landscape. In the first half of 2025, BitGo achieved $4.19 billion in revenue, a dramatic increase from $1.12 billion in the same time frame last year. Despite this, net earnings fell to $12.6 million during H1 2025, down from $30.9 million in H1 2024, mainly due to higher operational expenses BitGo Holdings Announces Public Filing of Registration Statement … [ 2 ].

Currently, the company secures over $90 billion in digital assets for more than 1.14 million customers, including major institutional clients such as exchanges, hedge funds, and banks. Since its founding in 2013, BitGo has earned credibility through its cold storage and multi-signature wallet offerings. Nevertheless, the majority of the company’s assets on platform (AoP) are concentrated in just a few cryptocurrencies:

(48.5%), (20.1%), (5.7%), (3.9%), and (3.0%) as of June 30, 2025 BitGo Discloses its Financials in Latest SEC Filing Ahead of IPO [ 3 ]. This heavy allocation underscores BitGo’s industry presence but also exposes it to risks linked to the price movements of these major tokens.

The planned IPO will utilize a dual-class share structure, granting Class B shareholders—including co-founder and CEO Mike Belshe—15 votes per share, while Class A shares receive only one vote each. This design keeps Belshe in control after listing, classifying BitGo as a “controlled company” according to NYSE guidelines US’s Largest Custodian Firm BitGo Files S-1 Registration for IPO [ 4 ]. The proceeds from the IPO are intended for advancing technology, pursuing acquisitions, awarding stock-based incentives, and boosting both financial agility and public profile.

& Co. LLC and are acting as the lead underwriters, joined by Securities, , and a group of additional co-managers BitGo Files IPO To Go Public In The US - BeInCrypto [ 5 ].

This IPO follows a broader movement of crypto companies entering the public markets. Recent public offerings from

, Gemini, and Bullish have shown that investors are increasingly interested in digital asset infrastructure firms. BitGo’s own filing comes as the SEC’s Project Crypto continues, with BitGo executives collaborating with regulators on custody protocols and cybersecurity standards BitGo Files IPO To Go Public In The US - BeInCrypto [ 6 ]. The company’s financial outcomes, while facing profit margin challenges, reflect a rising institutional demand for reliable crypto custody solutions.

BitGo’s decision marks another milestone in the evolution of the crypto industry, with greater institutional participation shaping market trends. The dual-class share model and significant asset concentration present similar hurdles faced by other crypto-first businesses as they strive to balance expansion and profitability. As BitGo’s IPO unfolds, industry watchers will analyze share pricing and investor sentiment closely, potentially influencing the direction of subsequent crypto-related public offerings.