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BitGo Holdings has publicly filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO). The filing reveals that the digital asset custody and infrastructure firm saw its revenue nearly quadruple in the first half of 2025, a significant indicator of the sector's accelerating growth.
The company's Form S-1 filing, submitted on September 19, 2025, shows that revenue for the six months ending June 30, 2025, climbed to $4.19 billion, a sharp increase from $1.12 billion in the same period a year earlier. While revenue surged, the filing also noted a decline in net income, which Head of Research at BRN, Timothy Misir, attributes to the increased costs associated with scaling the company to meet rising institutional demand.
BitGo, founded in 2013, has applied to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol BTGO. The IPO is a major milestone for the company, which provides essential services like custody, wallets, and settlement for institutions managing digital assets. This move positions BitGo to capitalize on the increasing investor enthusiasm for the crypto infrastructure sector.
The IPO comes at a time when the U.S. market is experiencing a rebound in trading debuts, particularly from crypto firms. The listing of BitGo, along with other recent debuts by companies like Circle and Bullish, signifies a shift in the IPO landscape, with digital asset companies now playing a more prominent role. This trend is further fueled by regulatory clarity and the widespread adoption of crypto exchange-traded funds (ETFs), which have brought billions in institutional capital into the market.
