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BitGo

Bullzilla's $0.00000575 price sparks presale momentum
Crypto Trends

BitGo rockets to $4.2b earnings, eyes NYSE debut for IPO

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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.



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Crypto Custodian BitGo Reports $90 Billion In US IPO Filing - Details
GameFi Guides

Crypto Custodian BitGo Reports $90 Billion In US IPO Filing – Details

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to the latest report, crypto custody company BitGo has filed an initial public offering (IPO) in the United States. This strategic move comes as several digital asset firms look to take advantage of the improving climate under United States President Donald Trump’s administration.

BitGo Records $4.2 Billion Revenue In First Half Of 2025

On Friday, September 19, BitGo submitted an S-1 filing with the US Securities and Exchange Commission (SEC) for an initial public offering. The crypto custodian aims to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol “BTGO,” the document revealed.

This latest filing comes after BitGo initially submitted a confidential draft version of S-1 IPO document in July. The firm is looking to join a strong list of recent public debuts in the United States by crypto companies, including Circle, Bullish, and Figure.

In the S-1 filing, BitGo disclosed that it held around $90.3 billion worth of assets on its platform as of June 2025. Meanwhile, the crypto custody firm also claimed to have witnessed a revenue growth in the first half of the year, with $4.2 billion compared to $1.1 billion in the first six months of 2024.

Source: SEC

Based on the terms of the S-1, BitGo co-founder and CEO Mike Belshe will retain majority voting power under a dual-class share structure, holding Class B shares with 15 votes each. This detail will ensure that BitGo remains a “controlled company” under NYSE rules. 

The filing read:

Although we do not currently intend to rely on any such exemptions, we may do so in the future and if we utilize any of the exemptions, you will not have the same protections as those afforded to stockholders of companies that are subject to such governance requirements” and “Management - Controlled Company Status” for more information.

As already mentioned, several crypto firms have seen notable public market debuts over the past few months. Meanwhile, other major companies, including Gemini and Grayscale, are also looking to go public in the United States.

Crypto Firms Continue To Flourish Under Trump

Following the election of Donald Trump as US president, the US crypto landscape has witnessed a positive shift. This change has arrived on the back of a clearer regulatory regime, as seen with the introduction of crypto-focused bills such as the GENIUS Stablecoin Act.

Moreover, the “crypto treasury” frenzy is also another example to point at, as more publicly traded firms are actively acquiring digital assets on their balance sheet. This rise in the institutional adoption of cryptocurrencies can be seen in the continuous growth of the market, with various assets reaching multiple all-time highs in the past few months.

The total crypto market capitalization on the daily timeframe | Source: TOTAL chart on TradingView

Featured image from Shutterstock, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Bitgo Discloses Its Financials In Latest Sec Filing Ahead Of Ipo
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BitGo Discloses its Financials in Latest SEC Filing Ahead of IPO

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BitGo, a U.S.-based cryptocurrency custody firm, has said that its revenue in the first half of 2025 was $4.19 billion, almost four times what it was the year before. The firm also stated that its net profit was $12.6 million in its IPO filing with the U.S. Securities and Exchange Commission (SEC). 

The disclosure comes amid BitGo officially filing an S-1 registration statement to go public via an IPO. The company intends to list on the New York Stock Exchange (NYSE) under the ticker symbol BTGO, with investment banks Goldman Sachs and Citigroup serving as underwriters. 

In its SEC filing, which the company made public on September 20, 2025, it cited that the finances are for the years ending December 31, 2022-2024, plus the first half of 2025. The company wants to raise capital, give investors access to liquidity, and maybe take advantage of its strong financial performance. The papers show that the company has made notable profit recently and is likely betting on investors being interested in digital asset custody as the use of cryptocurrencies and institutional demand for them grows. 

SEC engages BitGo on Project Crypto

As part of the SEC’s Project Crypto program, BitGo executives, including CEO Mike Belshe and VP of Corporate Development J. Baylor Myers, met with SEC Chairman Paul Atkins earlier this month on September 12. The main points of the discussion focused on updating custody rules for digital assets and strengthening cybersecurity and private key protections. 

Also Read: Trust Wallet Token Price Surges 30% to $1.26 Following CZ X Post



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Durant shirt from the back (鸣轩 冷/Unsplash)
Crypto Trends

BitGo Files for IPO With $4.2B in H1 2025 Revenue, $90B in Crypto on Platform

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Crypto custodian BitGo has filed its first public S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), planning to list Class A common stock on the New York Stock Exchange under the ticker BTGO.

The filing provides a rare look at the company’s business scale. BitGo generated $4.19 billion in revenue in the first six months of 2025, nearly quadrupling the $1.12 billion recorded in the same period a year earlier.

Profitability, however, tightened: net income for the half-year fell to $12.6 million, down from $30.9 million in the first half of 2024, as rising operating costs weighed on margins.

In 2024, BitGo reported $3.08 billion in revenue and $156.6 million in net income, with $54.1 million attributable to common stockholders.

Based in Palo Alto, BitGo was founded in 2013 and built its reputation by offering cold storage and multi-signature wallets for exchanges, hedge funds, and banks. The firm now manages over $90 billion in cryptocurrency on its platform, from 1.14 million users.

These figures, however, remain concentrated in mostly five cryptocurrencies.

Per the filing: “The value of a majority of our AoP has been, and continues to be, concentrated in a few digital assets held by our clients, including Bitcoin, Sui, Solana, XRP, and Ethereum, which constitute 48.5%, 20.1%, 5.7%, 3.9%, and 3.0% of our AoP [Assets on Platform] as of June 30, 2025, respectively.”

The S-1 also outlines a dual-class share structure, giving Class B shareholders, including co-founder and CEO Mike Belshe, 15 votes per share compared with one vote for Class A stock. That setup ensures Belshe will retain control after the offering, with BitGo qualifying as a “controlled company” under NYSE rules.

BitGo said IPO proceeds would fund technology development, acquisitions, and stock-based compensation while boosting visibility and financial flexibility.

The IPO follows public listing moves from other major companies in the cryptocurrency sector, including Circle, Gemini, and CoinDesk’s parent company Bullish.



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Sec Engages Bitgo On &Quot;Project Crypto&Quot; To Modernize Regulation
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SEC Engages BitGo on “Project Crypto” to Modernize Regulation

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BitGo Inc., a leading developer of institutional digital asset infrastructure, had a meeting with U.S. Securities Exchange Commission (SEC) Chairman Paul Atkins on September 10, 2025 and appropriate personnel to discuss the agency’s “Project Crypto” initiative. The meeting included two of BitGo’s leadership figures: Co-Founder and CEO Mike Belshe and Vice President of Corporate Development J. Baylor Myers.

The focus of the discussion was to refresh custody rules, increase market transparency, and adopt recommendations from the President Trump crypto working group.

Why did SEC meet BitGo?

BitGo’s delegation, led by Belshe and Myers, presented their perspective on adapting existing custody rules for digital assets. The discussion focused on the need for clear guidelines for market participants and the role of qualified custodians in ensuring investor protection. The agenda, which was also attached to the SEC memo, included topics such as:

Custody Rule Enhancements: BitGo aims to give best practices for secure storage, such as multi-signature wallets, and offer guidance on how to modify existing rules to mitigate crypto-specific risks such as private key management and cyber security threats.

Congressional Bills: The company delegates wish to discuss how the SEC can utilize its authority to enact change that is incremental to pending market structure bills and the GENIUS Act.

Market Structure: BitGo will present its view of how broker-dealers and investment advisers can compliantly manage crypto transactions in a changing regulatory environment.

The meeting follows SEC Chairman Paul Atkins’ landmark speech in July, where he unveiled “Project Crypto” and signaled a pivot away from the prior administration’s enforcement-heavy approach. The initiative seeks to establish clear rules for crypto asset distributions, custody, and trading.

The meeting with BitGo is a clear indication that the SEC is actively seeking input from industry leaders as it develops its new framework. At the same time, BitGo’s request also reflects an increasing interest among industry champions to engage actively with regulators.

Also Read: SEC Delays Franklin Solana ETF Decision to November 2025



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Bitmine Adds $201 Million In Eth To Treasury Via Bitgo Wallet
Crypto Trends

BitMine Adds $201 Million in ETH to Treasury via BitGo Wallet

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BitMine Immersion Technologies has made another major move in the crypto market, adding 46,255 Ethereum (ETH) worth $201 million to its ETH treasury. The data comes from blockchain analytics platform Onchain Lens, which cited Arkham in tracking the transaction.

According to Onchain Lens, BitMine received the funds from a BitGo wallet across three addresses. While one address was confirmed as BitMine’s, two others remain unmarked.

The analytics firm said it linked those addresses to BitMine through forensic analysis and its internal algorithmic tools. However, BitMine has not yet confirmed the purchase.

BitMine Targets 5% of Ethereum Supply

If the unmarked wallets are BitMine’s, then with these transactions, it now holds 2,126,018 ETH, valued at nearly $9.3 billion. This move also aligns with the company’s goal to control 5% of Ethereum’s total supply. For now, it is the world’s largest corporate holder of ETH.

Just two days earlier, BitMine had reported that its total Ethereum holdings reached 2.069 million tokens. The timing of this new inflow further strengthens its dominant position in the Ethereum treasury race.

BitMine is not only focusing on Ethereum. On Monday, it announced a $20 million strategic investment in Eightco Holdings (OCTO) as part of a $270 million PIPE deal.

This investment backs Eightco’s plan to make Worldcoin (WLD) its primary treasury asset, showing BitMine’s wider interest in shaping the future of digital asset treasuries.

Bitmine’s Stock on the Rise

The aggressive crypto approach of BitMine has also increased investor confidence. On Wednesday, shares of BitMine (BMNR) closed up 2.24% at $45.6 on the NYSE. Over the past six months, the stock has soared 500%, reflecting confidence in its treasury expansion and bold market moves.

Having its eyes on the Ethereum leadership, BitMine remains one of the most significant actors in the crypto treasury market.

Also Read: Eightco Adopts Worldcoin Treasury Reserve Stock Soars 1000%





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Hyperliquid holding above critical support: volume surge hints at breakout
GameFi Guides

BitGo expands support to the Hyperliquid ecosystem with HyperEVM

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BitGo has announced support for HyperEVM, bringing secure access and custody for institutional users in the Hyperliquid ecosystem.

Summary

  • BitGo has expanded its custody solution to institutions participating in Hyperliquid’s HyperEVM.
  • The platform now supports HYPE custody, self-custody and governance.

BitGo said in an update that its custody solution was now live for Hyperliquid (HYPE), bringing access to HyperEVM to institutions. 

The integration, BitGo noted, allows for qualified custody with institutional investors able to participate further in the leading on-chain trading ecosystem. Basically, users can tap into BitGo’s secure custody service as they interact with assets on the HyperEVM, including the native token HYPE.

Users can now have access via self-custody wallets, decentralized applications, as well as participate in governance. The platform’s products also include stablecoins, staking solutions, settlement, real-world assets, collateral, and wealth management.

BitGo’s support comes a few days after Anchorage Digital Bank added custody support to HYPE, integrating institutional-grade security into the HyperEVM.

Hyperliquid’s growth

HyperEVM is the Ethereum (ETH)-compatible smart contract layer of Hyperliquid, key to its decentralized finance traction. Currently, the Hyperliquid L1 has over $2.53 billion in total value locked and more than $5.58 billion in stablecoin market cap.

As interest in DeFi grows, BitGo’s support will allow institutional clients eyeing Hyperliquid to confidently participate in the platform’s ecosystem.

Meanwhile, as crypto.news highlighted on August 26, spot volumes on the platform soared to $3.5 billion on the day, marking a new 24-hour all-time high. 

Notably, the surge to the new peak aligns with a spike in Bitcoin and Ethereum deposits. The milestone sees Hyperliquid rank as the second-largest trading venue for spot BTC on both centralized and decentralized exchanges.

Interest in HYPE as the Hyperliquid ecosystem grows has recently pushed open interest in the altcoin to a new all-time high. As of writing, data from Coinglass showed open interest at $2.17 billion.



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