BitGo has officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.
Key Takeaways:
BitGo has filed for a US IPO, becoming the first crypto custodian to seek a public listing, with plans to trade under the ticker “BTGO.” The company reported $4.19 billion in revenue for H1 2025 and holds $90.3 billion in digital assets. BitGo also serves as custodian for the Trump-linked World Liberty stablecoin.The Palo Alto-based firm plans to trade under the ticker “BTGO” on the New York Stock Exchange, marking a major milestone in the convergence of traditional capital markets and digital asset infrastructure.
Founded in 2013, BitGo is one of the most established custody platforms in the industry, currently safeguarding $90.3 billion in digital assets for a global roster of institutional clients.
BitGo Powers Trump-Linked World Liberty Stablecoin as Custodian
The company has also expanded into stablecoin services, including acting as custodian and infrastructure provider for the controversial World Liberty stablecoin linked to Donald Trump’s crypto initiative.
The IPO filing reveals a surge in business performance. In the first half of 2025, BitGo posted $4.19 billion in revenue, nearly quadrupling year-over-year, with net income reaching $12.6 million.
While that profit is down from $30.9 million a year earlier, the revenue growth reflects rising demand from financial institutions moving deeper into crypto markets.
The company previously reported $3 billion in revenue and $157 million in profit for all of 2024.
BitGo’s move comes as crypto listings gain momentum in US markets.
“Investors are increasingly viewing digital assets as an asset class in their own right,” said Josef Schuster, CEO of IPOX.
The current market window, shaped by softer regulatory barriers and growing institutional adoption, offers a rare opportunity for crypto infrastructure providers to step into the public arena.
Goldman Sachs and Citigroup are leading the underwriting for BitGo’s offering.
Crypto IPOs Gain Momentum
BitGo’s IPO filing comes amid renewed momentum for crypto-related public offerings.
The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.
Online trading platform Etoro, which offers crypto trading among its services, debuted in May.
In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.
Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.
More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.
The San Francisco-based company, alongside key backers including Ribbit Capital, sold 31.5 million shares at $25 apiece, valuing the firm at roughly $5.3 billion.
Originally targeting a lower range, Figure increased both the share count and price just days before the listing, signaling strong investor demand.
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