Crypto custody leader BitGo has revealed a staggering jump in revenue, nearly quadrupling in the first half of 2025, as it files for a U.S. initial public offering (IPO). The move positions the firm as one of the most significant crypto companies to step into public markets this year.
The California-based firm disclosed in its SEC filing that revenue soared to $4.19 billion between January and June 2025, up from $1.12 billion during the same period last year. However, despite this impressive revenue growth, profits slipped to $12.6 million, a sharp decline from $30.9 million a year earlier. Analysts attribute the drop to rising operational costs as BitGo scales to meet institutional demand for secure digital asset custody.
BitGo Poised to Enter Public Markets
Founded in 2013, BitGo has cemented its role as a trusted custodian for institutions seeking to safeguard their digital assets. Its IPO, planned under the ticker “BTGO” on the New York Stock Exchange, will be underwritten by Wall Street giants Goldman Sachs and Citigroup. This underscores the growing alignment between traditional finance and the crypto sector.
The listing comes during a renewed wave of IPOs in the U.S., with crypto companies leading the charge. Firms such as Circle, Bullish, and Figure have already tested the waters this year, drawing strong investor interest. Market experts suggest this enthusiasm reflects a broader acceptance of crypto as a legitimate asset class rather than a speculative niche.
BitGo’s previous valuation stood at $1.75 billion in a 2023 funding round, but its latest performance may significantly boost its market standing. Investors view custody services as essential infrastructure, especially as crypto adoption spreads into mainstream finance.
Crypto Listings Redefine IPO Trends
The surge in crypto IPOs is reshaping the U.S. market, which once leaned heavily on tech and healthcare debuts. Regulatory clarity in Washington and the rise of crypto exchange-traded funds (ETFs) have also helped fuel this trend. Josef Schuster, CEO of IPOX, noted that investors are increasingly treating digital assets as part of traditional portfolios, a shift that benefits companies like BitGo.
As it prepares for its IPO, BitGo is entering the market at a pivotal moment. With institutional confidence climbing and Wall Street backing firmly in place, the company is well positioned to ride the momentum of crypto’s mainstream integration.
If successful, BitGo’s public debut could mark not just a milestone for the company, but also a turning point for the broader digital asset industry.
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