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.<\/p>\n
The filing<\/a> provides a rare look at the company\u2019s 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. <\/p>\n 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.<\/p>\n In 2024, BitGo reported $3.08 billion in revenue and $156.6 million in net income, with $54.1 million attributable to common stockholders.<\/p>\n 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.<\/p>\n These figures, however, remain concentrated in mostly five cryptocurrencies. <\/p>\n Per the filing: \u201cThe 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.\u201d<\/p>\n 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 \u201ccontrolled company\u201d under NYSE rules.<\/p>\n BitGo said IPO proceeds would fund technology development, acquisitions, and stock-based compensation while boosting visibility and financial flexibility.<\/p>\n The IPO follows public listing moves from other major companies in the cryptocurrency sector, including Circle<\/a>, Gemini<\/a>, and CoinDesk\u2019s parent company Bullish.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Crypto custodian BitGo has filed its first public S-1 registration statement with the U.S. Securities and Exchange Commission…\n","protected":false},"author":2,"featured_media":27705,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[24220,114,85,23831,46,24221],"class_list":["post-27704","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bitgo","tag-business","tag-il","tag-ipo","tag-israel","tag-new-york-stock-exchange"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/27704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=27704"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/27704\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/27705"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=27704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=27704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=27704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}