Quick overview

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BitGo filed for a US IPO, hoping to be listed on the New York Stock Exchange, following the successful public debuts of companies like Circle, Bullish, and Figure. BitGo, which in July filed a confidential draft version of its S-1 IPO statement, reported that its revenue increased nearly fourfold to approximately $4.2 billion in the first half of 2025, from $1.1 billion the previous year.

However, according to the filing’s numbers, its net margin of roughly 2.76 percent in the first half of 2024, which was consistent with the filing’s large ‘digital-asset sales’ line and associated costs, collapsed to just 0.30 percent in the first half of 2025, as net income fell to about $12.6 million from $30.9 million in the previous period.

Serving more than 4,600 clients (contracted institutions and others), the cryptocurrency custodian, which was last valued at $1.75 billion in a 2023 Series C round, reported that as of the end of June, it had $90.3 billion in assets on the platform.
Mike Belshe, the co-founder and longtime CEO of BitGo, will maintain majority voting power under the S-1’s terms, which will make BitGo a “controlled company” according to NYSE regulations.

According to the filing, the company may use the governance exemptions granted by that designation in the future, but it does not “currently intend to rely” on them. BitGo’s IPO filing follows several high-profile public debuts by cryptocurrency companies in recent weeks, such as lending firm Figure, stablecoin issuer Circle, and exchange Bullish.

This comes after the Federal Reserve lowered interest rates last week. Other companies are also considering going public, including Gemini, Grayscale, and Kraken. The company plans to list on the NYSE under the ticker “BTGO,” and Goldman Sachs and Citi are the deal’s principal underwriters. The price range and number of shares are not disclosed in the S-1.