BitGo Files for IPO After $4.2B H1 2025 Revenue
BitGo Announces IPO Plans Amidst Strong Growth
Cryptocurrency custodian BitGo has officially filed its S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), signaling its intent to launch an initial public offering (IPO). The company plans to list its Class A common stock on the New York Stock Exchange under the ticker BTGO.
Financial Highlights From The Filing
The filing offers a detailed look at BitGo's financial performance. Key highlights include:
- Revenue Surge: BitGo reported $4.19 billion in revenue for the first six months of 2025, a significant increase from the $1.12 billion generated during the same period in 2024.
- Profitability Dip: Despite the revenue increase, net income decreased to $12.6 million for the first half of 2025, down from $30.9 million in the first half of 2024. This decline is attributed to rising operating costs.
- 2024 Performance: In 2024, BitGo generated $3.08 billion in revenue and $156.6 million in net income, with $54.1 million attributable to common stockholders.
- Assets on Platform: BitGo currently manages over $90 billion in cryptocurrency assets on its platform, serving 1.14 million users.
Asset Concentration
The company's assets on platform (AoP) are primarily concentrated in a few major cryptocurrencies:
- Bitcoin (BTC): 48.5%
- Sui (SUI): 20.1%
- Solana (SOL): 5.7%
- XRP: 3.9%
- Ethereum (ETH): 3.0%
Dual-Class Share Structure
The S-1 filing also outlines a dual-class share structure, where Class B shareholders, including co-founder and CEO Mike Belshe, will have 15 votes per share compared to one vote for Class A stock. This structure ensures Belshe retains control of the company post-IPO. BitGo will qualify as a “controlled company” under NYSE rules.
Use of IPO Proceeds
BitGo intends to use the proceeds from the IPO to fund technology development, strategic acquisitions, and stock-based compensation, while also increasing its visibility and financial flexibility.
Market Context
BitGo's IPO follows similar moves by other major players in the cryptocurrency space, including Circle, Gemini, and CoinDesk’s parent company, Bullish.