Crypto custody provider BitGo has submitted its application for a US initial public offering (IPO), aiming to utilize the renewed institutional interest in digital asset infrastructure during 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 indicated in its Form S-1 registration filed with the SEC on Friday.
The Palo Alto-based firm reported roughly $90.3 billion in assets on its platform as of June 30, 2025. Its clientele includes more than 4,600 entities and over 1.1 million users spanning 100 countries.
BitGo supports upwards of 1,400 digital assets and caters to a diverse range of clients including crypto-focused companies, 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 Highlight Key Risks for Banks Considering Crypto Custody
BitGo CEO to Maintain Voting Power
BitGo co-founder and CEO Michael Belshe will retain control through a dual-class share structure, holding Class B shares which grant him 15 votes each, as opposed to one vote for Class A shares. This arrangement classifies BitGo as a “controlled company” under NYSE regulations, releasing it from certain governance obligations.
The IPO submission arrives as BitGo has received an extended license from Germany’s Federal Financial Supervisory Authority (BaFin), enabling its European division to provide trading, custody, staking, and transfer services under the EU’s Markets-in-Crypto-Assets (MiCA) framework.
Several crypto companies have enjoyed successful public market launches in recent months, including stablecoin issuer Circle, crypto exchange Bullish, and blockchain-based lending entity Figure.
Related: Binance Partners with Spain’s BBVA for Enhanced Crypto Custody Post-FTX: FT
US Bancorp Reenters Crypto Custody
Earlier this month, US Bancorp restarted its digital asset custody services for institutional investment managers following a regulatory rollback by the Trump administration that overturned an SEC mandate requiring banks to maintain capital against crypto-related activities.
The bank first introduced this service in 2021 with NYDIG but suspended it due to compliance issues. Now, with the rule amended, US Bancorp has rejoined the crypto marketplace.
In the meantime, an increasing number of traditional financial institutions are entering the realm of crypto custody.
In July, Germany’s largest bank, Deutsche Bank, announced plans to enable its clients to store cryptocurrencies, including Bitcoin, by next year. Additionally, it was reported in August that Citigroup is considering introducing cryptocurrency custody and payment services.
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