BitGo, a leading provider of digital asset custody solutions, has made significant strides toward becoming a publicly listed entity.
On September 18, the Palo Alto-based firm submitted its S-1 registration to the US Securities and Exchange Commission (SEC). This filing revealed plans to list Class A common stock on the New York Stock Exchange under the ticker BTGO.
BitGo Seeks NYSE Listing
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According to the filing, the company will implement a dual-class share structure. Class A shareholders will have one vote per share, while Class B shareholders will enjoy 15 votes each.
Nonetheless, Mike Belshe, the company’s founder, will maintain a controlling interest in the crypto custody provider.
“Michael Belshe will have the ability to control the outcome of matters submitted to our stockholders for approval, including the election of our directors and the approval of any change of control transaction. Further, we will be a ‘controlled company’ within the meaning of the corporate governance standards of the NYSE, and we will qualify for, and may rely on, exemptions from certain corporate governance requirements thereunder,” the filing stated.
BitGo indicated that the IPO would facilitate capital raising, enhance market visibility, and provide greater financial flexibility.
The company mentioned that the funds raised will be allocated toward working capital, technology advancements, potential acquisitions, and to address stock-based compensation taxes.
Meanwhile, BitGo’s filing adds to a growing trend in crypto capital markets. Circle’s public offering earlier this year sparked renewed interest in digital asset IPOs, followed by filings from Gemini, Bullish, and Grayscale.
Industry experts suggest that these actions illustrate the scale of crypto enterprises. Bitwise CEO Hunter Horsley noted that nearly $100 billion in combined market capitalization has emerged from this latest wave of listings.
“People are discovering how big the businesses of this space are…almost $100 billion of combined market cap… Crypto is an industry,” he wrote on X.
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IPO Filing Shows $4 Billion Revenue Surge
BitGo’s decision to go public comes on the heels of impressive financial performance in recent years.
The firm reported $4.19 billion in revenue for the first half of 2025, nearly quadrupling the $1.12 billion generated in the same timeframe the previous year.
However, rising operating costs have impacted net income, which decreased to $12.6 million from $30.9 million in 2024. This contrast underscores the difficulties in scaling infrastructure for institutional clients while ensuring profitability.
“Only $12 million in profit on the back of $4 billion in revenue – such low profit numbers. Revenue increased by $3 billion, but profits dropped by more than half, not sure why. Surely these guys can do much much better. Good that they are going public. More public crypto companies are good for the industry and I’m curious how high they will be valued,” stated Bobby Ong, co-founder of CoinGecko said.
Over the years, BitGo has established itself as a leading provider of crypto custodial services. The firm currently custodies over $100 billion in customer assets and has obtained licensing in major regions like the EU and Singapore, while also pursuing a banking charter in the US.
However, despite its expanding service offerings, BitGo’s business remains focused on a limited number of major tokens. As of June 30, 2025, Bitcoin, Sui, Solana, XRP, and Ethereum made up over 80% of the assets held on its platform.
Staking activity was similarly focused, with Sui, Solana, and Ethereum seeing the majority of client participation.
