Crypto Custodian Bitgo has filed his first public S-1 registration statement to US Securities and Exchange Commission (SEK)Planning of listing Class A Common Stock at New York Stock Exchange Under 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, almost quadrupling of the $ 1.12 billion that was recorded in the same period a year earlier.
However, profitability is tightened: Net revenue for the half -yearly fell to $ 12.6 million, down from $ 30.9 million in the first half of 2024, as rising operating costs weigh on the margins.
By 2024, Bitgo reported $ 3.08 billion in revenue and $ 156.6 million in net income, with $ 54.1 million attributed to joint shareholders.
Based in Palo Alto, Bitgo was founded in 2013 and built his reputation by offering cold storage and multi-signature wallets for exchanges, hedge funds and banks. The company is now managing over $ 90 billion in cryptocurrency on its platform from 1.14 million users.
However, these numbers remain concentrated in mostly five cryptocurrencies.
According to the filing: “The value of a majority of our AOP has been and continues to be concentrated in a few digital assets that our clients have, including Bitcoin, SUI, Solana, XRP and Ethereum, which amounts to 48.5%, 20.1%, 5.7%, 3.9%and 3.0%of our AOP [Assets on Platform] Per. June 30, 2025, respectively. “
The S-1 also outlines a double class share structure, giving Class B shareholders, including co-founder and CEO Mike Belshe, 15 votes per year. Share compared to a voice for Class A share. This setup ensures that Belshe will maintain control after the tender, with Bitgo, which qualifies as a “controlled company” according to NYSE rules.
Bitgo said IPO revenue would finance technology development, acquisitions and stock-based compensation while increasing visibility and economic flexibility.
IPO follows public listing movements from other major companies in the Cryptocurrency sector, including Circle, Gemini and Coindesk’s parent company Bullish.
