BitGo Prepares for Wall Street Debut as Crypto IPO Momentum Builds
BitGo, one of the largest digital asset custodians, is moving ahead with plans to go public in the United States, tapping into a red-hot IPO market fueled by fresh liquidity from the Federal Reserve’s recent rate cuts.
The company’s S-1 registration, filed with the SEC on September 19, shows ambitions to list its shares on the New York Stock Exchange under the ticker BTGO.
The filing highlights how quickly BitGo has scaled its business. In the first six months of 2025, the firm reported revenue of $4.19 billion, a fourfold increase compared with the $1.12 billion generated during the same stretch in 2024. Profit margins, however, have narrowed, with net income sliding from $30.9 million last year to $12.6 million this year. For all of 2024, BitGo booked $3 billion in revenue.
Founded in California, the company has become a cornerstone in digital asset infrastructure, now serving over 4,600 institutional clients and more than one million users globally. Its platform secures over $90 billion in crypto assets spanning 1,400 supported tokens. According to the IPO paperwork, co-founder and CEO Michael Belshe will maintain control over key shareholder votes, ensuring he retains strong influence after the public listing. Banking heavyweights Goldman Sachs and Citigroup are expected to lead the underwriting.
BitGo’s decision comes shortly after Gemini’s high-profile Nasdaq debut, underscoring how crypto companies are increasingly confident in testing Wall Street. Circle’s IPO earlier this summer set the tone with a blockbuster performance, although Gemini’s shares have struggled to hold early momentum after raising $446 million.
The U.S. IPO pipeline is heating up at the same time. Bloomberg data shows that October could be the busiest month for listings since 2020, with fourteen offerings already bringing in $7 billion. Analysts point to the Fed’s latest rate cut as a key factor driving this surge, giving companies across tech, finance, and now crypto the confidence to tap public markets.
BitGo has also been expanding its global reach ahead of the offering. Just days before its SEC filing, the firm’s European division won approval from Germany’s BaFin regulator to provide institutional clients across the EU with regulated crypto trading services. The license enables both OTC and electronic trading, broadening the firm’s footprint as it prepares for the scrutiny of public investors.
With investor appetite for crypto exposure shifting from tokens to infrastructure plays, BitGo’s upcoming IPO will be closely watched as a gauge of Wall Street’s confidence in digital asset custody.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
