"Cryptocurrency custody institution" BitGo applies for IPO, with revenue of nearly $4.2 billion in the first half of the year and profits exceeding $12 million
BitGo Holdings Inc. officially applied for a listing on the US stock market, with revenue of nearly $4.2 billion in the first half of 2025, a year-on-year increase of 275%, but a net profit of $12.6 million, a year-on-year decrease of about 59%. The company's total assets under custody reached $90.3 billion, serving over 4,600 clients. This IPO is underwritten by Goldman Sachs and Citigroup, coinciding with the IPO boom in the US cryptocurrency industry
Against the backdrop of a continuously active cryptocurrency market, custody giant BitGo Holdings Inc. has officially knocked on the door of the U.S. stock market for an IPO.
According to its filings with the U.S. Securities and Exchange Commission (SEC), the company's revenue surged to nearly $4.2 billion in the first half of 2025, compared to $1.12 billion in the same period last year, a year-on-year increase of 275%; net profit was $12.6 million, down approximately 59% from $30.9 million in the same period of 2024.
This "increased revenue without increased profit" performance adds complexity to the IPO of this custody giant.
Institutional Layout and the "IPO Trend" in Crypto
BitGo's listing application comes at a time when the U.S. cryptocurrency industry is experiencing a new wave of "IPO trends."
Following U.S. President Trump's positive embrace of the industry, several cryptocurrency companies have accelerated their steps toward going public.
However, the market's response has shown clear differentiation. Stablecoin issuer Circle Internet Group Inc. completed a $1.2 billion IPO in June this year, and its stock price has soared 365% from the issue price, becoming one of the most notable cases of the year.
At the same time, the Winklevoss brothers' company Gemini Space Station Inc. saw its stock price drop 14% after raising $446 million in its IPO, reflecting investors' cautious attitudes toward different business models.
A Giant with Total Custodied Assets of $90 Billion
As one of the core infrastructures of the crypto world, BitGo has established a considerable business scale.
As of the end of June this year, the total assets custodied on its platform amounted to approximately $90.3 billion, serving over 4,600 clients and 1.1 million users, supporting more than 1,400 types of digital assets.
Earlier this year, BitGo also launched a global over-the-counter (OTC) platform, providing spot, options, and margin lending services to clients such as hedge funds.
According to data provider PitchBook, BitGo was valued at $1.75 billion in its last round of private financing in August 2023.
This IPO is led by Goldman Sachs and Citigroup as underwriters, with plans to list on the New York Stock Exchange (NYSE) under the ticker "BTGO." The filing also disclosed that the company's co-founder and CEO Michael Belshe will have control over shareholder voting matters.
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