"Crypto custody firm BitGo files for IPO, with revenue nearing $4.2 billion and profit exceeding $12 million in the first half of the year."

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Against the backdrop of continued activity in the crypto asset market, custody giant BitGo Holdings Inc. has officially knocked on the door of a US stock market IPO.

According to documents filed with the US Securities and Exchange Commission (SEC), the company’s revenue soared to nearly $4.2 billion in the first half of 2025, up from $1.12 billion during the same period last year, a year-on-year increase of 275%; net profit was $12.6 million, down about 59% compared to $30.9 million in the same period in 2024.

This “increase in revenue without an increase in profit” adds complexity to the custody giant’s IPO.

Institutional Layout and the Crypto IPO “Wave”

BitGo’s IPO application comes as the US crypto industry is experiencing a new “wave of IPOs.”

After US President Trump signaled an actively welcoming attitude toward the industry, several crypto companies have accelerated their public listing efforts.

However, the market’s reactions have been clearly divided. After stablecoin issuer Circle Internet Group Inc. completed a $1.2 billion IPO in June this year, its share price has soared 365% from its issue price, making it one of the most high-profile cases of the year.

Meanwhile, after the Winklevoss brothers’ company Gemini Space Station Inc. raised $446 million to go public, its stock price fell by 14%, showing investors’ cautious attitude toward different business models.

A Giant With $90 Billion in Custody Assets

As one of the core infrastructure providers in the crypto world, BitGo has established considerable business scale.

By the end of June this year, the total assets under custody on its platform were about $90.3 billion, serving over 4,600 clients and 1.1 million users, and supporting more than 1,400 types of digital assets.

Earlier this year, BitGo also launched a global over-the-counter (OTC) platform, providing spot, options, and margin lending services to clients such as hedge funds.

According to data provider PitchBook, BitGo was valued at $1.75 billion in its latest round of private funding in August 2023.

This IPO is underwritten by Goldman Sachs and Citigroup, with plans to list on the New York Stock Exchange (NYSE) under the ticker “BTGO.” The documents also reveal that company co-founder and CEO Michael Belshe will retain control over shareholder voting matters.

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