Crypto custodian BitGo is making a splash in the digital asset world with a staggering $4.19 billion in earnings for the first half of 2025.
As the company prepares to go public with plans for a New York Stock Exchange listing, it’s boasting record profits and expanding global reach. Plus, BitGo has a dual-share structure that keeps CEO Michael Belshe firmly at the helm, setting the stage for a high-stakes debut in an increasingly bullish crypto IPO market.
Summary
- BitGo files for U.S. IPO after $4.19 billion revenue surge in first half of 2025
- CEO Michael Belshe to retain control via dual-class voting share structure
- IPO momentum grows as crypto firms tap public markets for expansion
As per reports, the company’s earnings nearly quadrupled to $4.19 billion in the first half of 2025. The Palo Alto-based firm reported a net profit of $12.6 million during the six months.
Founded in 2013, BitGo ranks among the most prominent crypto custody institutions in the United States and was valued at $1.75 billion in 2023.
The company plans to list on the New York Stock Exchange under the ticker BTGO, with Goldman Sachs and Citigroup serving as lead underwriters for the offering.
BitGo co-founder retains control
BitGo’s Belshe will retain control through a dual-class share structure. The Class B shares carry 15 votes each compared to one vote for Class A shares offered to public investors.
This arrangement qualifies BitGo as a “controlled company” under NYSE rules and exempts it from certain governance standards.
The company has expanded its global reach by securing an extended license from Germany’s Federal Financial Supervisory Authority. This allows its European arm to offer trading, custody, staking and transfer services under the EU’s Markets-in-Crypto-Assets framework.
BitGo’s client base includes crypto-native firms, financial institutions, governments and high-net-worth individuals. The company has completed Service Organization Control audits.
Strong crypto IPO market momentum continues
The BitGo IPO filing joins a wave of successful crypto public market debuts in recent months. Stablecoin issuer Circle, crypto exchange Bullish, and blockchain-based lending firm Figure have all seen strong reception from public market investors.
IPO research firm IPOX CEO Josef Schuster noted that “investors are increasingly viewing digital assets as an asset class in their own right, rather than purely speculative instruments.”
U.S. IPOs are experiencing one of their busiest periods since 2021. Crypto firms are also anchoring a market revival following earlier regulatory uncertainty.
Washington’s increasingly welcoming stance toward crypto has created favorable conditions for companies like BitGo to access public capital markets and scale their operations.
