Crypto Custody Firm BitGo Files US IPO After Nearly Quadruple Revenue Surge

BitGo Holdings Inc., a leading cryptocurrency custody firm founded in 2013, has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission, aiming to list on the New York Stock Exchange under the ticker "BTGO." The company reported a near fourfold increase in revenue for the first half of 2025, reaching $4.19 billion with a net income of $12.6 million, compared to $1.12 billion revenue and $30.9 million net income in the prior year period, reflecting significant growth amid expanding institutional interest in digital assets. This IPO move is seen as a major step toward legitimizing the crypto industry by increasing transparency and regulatory scrutiny, potentially attracting more mainstream investors to the sector. BitGo's filing highlights both the volatile nature of the digital asset economy and the growing maturity of crypto firms meeting stringent public market requirements. The offering is being led by Goldman Sachs and Citigroup, with Deutsche Bank, Mizuho, and Wells Fargo Securities also participating as underwriters. This development follows BitGo's $1.75 billion valuation in a 2023 funding round and comes amid a broader resurgence of crypto IPOs in the U.S. market, signaling increasing institutional adoption and regulatory acceptance of digital assets.