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Palo Alto-based BitGo has officially filed to go public, announcing plans to trade under the ticker “BTGO” on the New York Stock Exchange, a move that cements its role in bridging digital assets and traditional finance. The BitGo US IPO marks a watershed moment for custody providers as institutional demand for regulated crypto infrastructure surges.
Founded in 2013, BitGo is among the industry’s most established custodians, safeguarding more than $90 billion in digital assets for a global roster of banks, asset managers, and fintech firms. The firm’s expansion into stablecoin infrastructure including acting as custodian for the Trump-linked World Liberty stablecoin which underscores its growing influence across the crypto ecosystem.
“The BitGo US IPO is another clear sign that investors are increasingly viewing digital assets as an asset class in their own right,” — Josef Schuster, CEO of IPOX.
BitGo’s SEC filing highlights a surge in business performance. In the first half of 2025, the firm reported $4.19 billion in revenue, nearly quadrupling year-over-year. Net income reached $12.6 million, down from $30.9 million the year prior, but the top-line growth underscores the rapid pace at which institutions are integrating crypto solutions.
For context, BitGo generated $3 billion in revenue and $157 million in profit in 2024. Analysts say the growth trajectory reflects a broader institutional push into regulated custody and infrastructure solutions.
“Even with earnings volatility, the BitGo US IPO shows how vital custody has become in the digital asset economy,” — Clara Medalie, Director of Research at Kaiko.
The BitGo US IPO is part of a wave of digital asset firms stepping into public markets in 2025. Stablecoin issuer Circle, which went public in June, has seen its valuation climb more than sevenfold since listing.
Other notable entrants include eToro, which debuted in May, and Galaxy Digital, which moved its listing from Toronto to Nasdaq earlier this year. Meanwhile, Gemini, founded by the Winklevoss twins, has confidentially filed for a U.S. IPO, signaling confidence among exchanges despite a volatile regulatory backdrop.
San Francisco-based Figure Technology Solutions also raised $787.5 million in its own IPO this summer, with investor demand forcing an increase in both share count and price just days before its debut.
Together, these offerings reflect a shifting narrative: rather than avoiding U.S. capital markets, crypto firms are increasingly seeing public listings as a path to credibility, capital, and growth.
The BitGo US IPO also highlights the changing U.S. regulatory climate. While recent years were marked by lawsuits and enforcement actions, 2025 has seen regulators soften their stance amid growing institutional adoption and pressure to keep innovation onshore.
Goldman Sachs and Citigroup, two of Wall Street’s largest banks, are leading the underwriting for BitGo’s offering which is a move analysts see as validation of custody as a critical segment of the digital asset economy.
Still, risks remain. Heightened scrutiny around stablecoins, including BitGo’s role in the politically charged World Liberty project, could draw regulatory fire. Volatile crypto markets also mean revenue streams may fluctuate sharply.
“Custody is one of the safest bets in crypto infrastructure, but the exposure to stablecoins and market cycles still poses challenges,” — Marcus Sotiriou, Market Analyst at GlobalBlock.
For crypto investors, the BitGo US IPO is more than a listing — it’s a bellwether for whether Wall Street is ready to fully embrace digital asset infrastructure. If the IPO performs strongly, it could open the door for a wave of custody, exchange, and blockchain firms to follow.
BitGo’s track record of compliance, including its 100% reserve custody and high-profile partnerships, positions it as a trusted name in an industry often criticized for opacity. Its role as custodian for major stablecoin projects signals both opportunity and risk offering steady revenue while placing the company in the crosshairs of regulators.
Looking ahead, the success of the BitGo US IPO could help set valuation benchmarks for peers like Gemini, Kraken, and Anchorage. Conversely, a lukewarm reception could temper enthusiasm for crypto infrastructure IPOs in the near term.
For now, investors will be watching closely as BitGo prepares to join the ranks of publicly traded digital asset pioneers, testing whether institutional demand can sustain growth in an industry still defined by volatility.
