BitGo Files for $90B Crypto Custody IPO as BTGO

BitGo’s SEC filing reveals the staggering scale of its cryptocurrency custody operations, with $90.3 billion in assets on its platform as of June 30, 2025. The Palo Alto-based company serves a global client base spanning more than 4,600 organizations and 1.1 million users across over 100 countries. This extensive reach encompasses financial institutions, government entities, crypto-native companies, and high-net-worth individuals, positioning BitGo as a critical infrastructure provider in the digital asset ecosystem.

The platform’s comprehensive offering includes support for more than 1,400 digital assets, making it one of the most diverse custody solutions in the market. This breadth of coverage is particularly significant as institutional investors increasingly seek exposure to a wider range of cryptocurrencies beyond Bitcoin and Ethereum. BitGo’s massive asset base and client network demonstrate the growing institutional adoption of digital assets and the critical role that secure custody solutions play in facilitating this transition.

BitGo’s leadership structure ensures continuity with co-founder and CEO Michael Belshe retaining control through a dual-class share arrangement. Class B shares grant Belshe 15 votes each compared to one vote per Class A share, making BitGo a controlled company under NYSE rules. This structure provides stability but also exempts the company from certain corporate governance requirements typically expected of public companies.

The company has built its reputation on security and trust, boasting $250 million in insurance coverage and completion of Service Organization Control 1 and 2 audits. These SOC audits provide regulators and clients with assurance that BitGo maintains proper internal controls and compliance standards. These security measures are crucial for attracting institutional clients who require enterprise-grade protection for their digital asset holdings and regulatory compliance verification.

BitGo’s IPO filing follows significant regulatory victories, particularly in Europe where the company obtained an expanded license from German regulator BaFin. This clearance allows BitGo’s European branch to offer trading, custody, staking, and transfer services under the EU’s Markets-in-Crypto-Assets (MiCA) regulation. The European expansion provides BitGo with access to one of the world’s most significant financial regions and demonstrates the company’s ability to navigate complex regulatory environments.

The timing of BitGo’s public offering coincides with a broader resurgence of institutional interest in cryptocurrency services. Recent policy changes under the Trump administration, including the rollback of rules that forced banks to hold capital against crypto exposure, have paved the way for traditional financial institutions to re-enter the space. US Bancorp recently restarted services for institutional managers, while Deutsche Bank announced plans to offer crypto custody services starting next year, with Citigroup also considering similar offerings.

This convergence of regulatory clarity, traditional finance re-entry, and growing institutional demand creates an ideal environment for BitGo’s public debut. The company’s robust infrastructure, regulatory compliance, and established client base position it to capitalize on the increasing institutional adoption of digital assets, potentially making the BTGO listing a landmark moment for the cryptocurrency custody sector.