Crypto custody company BitGo has submitted its application for a US initial public offering (IPO), looking to leverage the renewed interest from institutions in digital asset infrastructure following the Trump administration.
The company intends to list its Class A common stock on the New York Stock Exchange under the ticker symbol “BTGO,” as stated in its Form S-1 registration with the SEC filed on Friday.
The Palo Alto-based organization reported around $90.3 billion in assets on its platform as of June 30, 2025. Its client base includes over 4,600 entities and more than 1.1 million users across 100 countries.
BitGo supports more than 1,400 digital assets and caters to a diverse clientele, including crypto-native firms, financial institutions, governments, and high-net-worth individuals. The firm also boasts $250 million in insurance coverage and has completed Service Organization Control (SOC) 1 and SOC 2 audits.
Related: US Federal Agencies Outline Key Risks for Banks Examining Crypto Custody
BitGo CEO Maintains Voting Power
BitGo co-founder and CEO Michael Belshe will keep control via a dual-class share structure, retaining Class B shares with 15 votes each, compared to one vote for Class A shares. This arrangement classifies BitGo as a “controlled company” under NYSE regulations, freeing it from specific governance standards.
The IPO filing follows BitGo securing an extended license from Germany’s Federal Financial Supervisory Authority (BaFin), enabling its European arm to provide trading, custody, staking, and transfer services according to the EU’s Markets-in-Crypto-Assets (MiCA) framework.
Several crypto companies have experienced strong public market introductions in recent months, including stablecoin issuer Circle, crypto exchange Bullish, and blockchain-based lending platform Figure.
Related: Binance Collaborates with Spain’s BBVA to Ensure Safer Crypto Custody Post-FTX: FT
US Bancorp Reintroduces Crypto Custody
Earlier this month, US Bancorp resumed its digital asset custody services for institutional investment managers after a regulatory reversal by the Trump administration that eliminated an SEC mandate requiring banks to maintain capital against crypto-related activities.
The bank initially launched this service in 2021 with NYDIG but suspended it due to compliance issues. Now, with the rule revoked, US Bancorp is re-entering the crypto market.
In the meantime, an increasing number of traditional financial institutions have been expanding into crypto custody.
In July, Germany’s largest bank, Deutsche Bank, announced plans to enable its clients to store cryptocurrencies, including Bitcoin, starting next year. Additionally, in August, it was reported that Citigroup was considering plans to provide cryptocurrency custody and payment services.
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