BitGo Files for IPO with $90B in Assets Under Custody

BitGo’s IPO filing with the Securities and Exchange Commission reveals a company operating at massive scale within the cryptocurrency custody space. As of June 30, 2025, the firm reported approximately $90.3 billion in assets on its platform, serving more than 4,600 entities and over 1.1 million end users across 100 countries. This extensive global reach positions BitGo as one of the largest specialized custodians in the digital asset industry.

The company’s revenue performance shows explosive growth, with nearly $4.2 billion generated in the first half of 2025 compared to $1.1 billion during the same period in 2024. This nearly fourfold increase demonstrates the accelerating adoption of institutional crypto services. However, net profit for the period declined to $12.6 million from $30.9 million a year earlier, suggesting significant investments in expansion and compliance that may be weighing on bottom-line results despite robust top-line growth.

BitGo’s corporate governance will feature a dual-class share structure that ensures co-founder and CEO Michael Belshe maintains control post-IPO. Class B shares, which Belshe will hold, carry 15 votes each compared to one vote per Class A share that will be offered to public investors. This arrangement makes BitGo a ‘controlled company’ under New York Stock Exchange rules, though the filing notes the company does not currently intend to make use of governance exemptions available to such entities.

The decision to maintain founder control through super-voting shares reflects a trend among technology companies seeking public markets while preserving the vision and strategic direction of their founding teams. This structure provides stability in leadership while potentially raising questions about shareholder influence in corporate decisions. The ticker symbol ‘BTGO’ will represent the Class A common stock on the NYSE, marking another crypto-native company joining traditional financial markets.

BitGo’s IPO filing comes amid significant regulatory expansion, particularly in Europe where the company recently obtained an extended license from Germany’s Federal Financial Supervisory Authority (BaFin). This approval enables BitGo’s Frankfurt-based subsidiary to operate under the EU’s Markets in Crypto-Assets (MiCA) framework, allowing the firm to offer trading, custody, staking, and transfer services to institutional investors throughout the European Union.

The timing of BitGo’s public offering also coincides with renewed traditional finance interest in crypto custody services. Weeks before the filing, US Bancorp re-entered the crypto space by relaunching its digital asset custody services, a move facilitated by regulatory changes that rolled back previous Securities and Exchange Commission requirements forcing banks to hold capital against crypto-related activities. This competitive landscape suggests growing institutional demand for regulated crypto services, with both crypto-native firms like BitGo and traditional financial institutions positioning themselves to capture market share.

The combination of regulatory clarity, expanding service offerings, and increasing institutional adoption creates a favorable environment for BitGo’s public market debut. The company’s ability to navigate complex regulatory frameworks across multiple jurisdictions, combined with its substantial assets under custody and global client base, positions it as a bellwether for the institutional crypto custody sector as it prepares to test public market appetite for crypto infrastructure companies.