BitGo Files for US IPO, Managing $90 Billion in Digital Assets

Crypto custody giant BitGo has officially filed for a U.S. Initial Public Offering (IPO), aiming to list on the New York Stock Exchange under the ticker "BTGO." The move comes as the firm manages approximately $90.3 billion in assets under custody as of June 30, 2025, signaling a significant step in the institutionalization of digital assets.

Key Takeaways

• BitGo, a major crypto custodian, has filed for a U.S. IPO.

• The company currently holds $90.3 billion in assets under custody.

• The firm plans to list on the New York Stock Exchange under the ticker "BTGO."

• BitGo CEO Michael Belshe will retain control via a dual-class share structure.

• The IPO coincides with increased institutional interest and regulatory clarity in the crypto space.

BitGo's Market Position and IPO Details

BitGo, headquartered in Palo Alto, California, reported substantial assets under custody, reaching $90.3 billion as of June 30, 2025. This figure represents a significant increase from earlier in the year, highlighting the growing demand for secure digital asset infrastructure. The company serves a broad client base, including over 4,600 entities and more than 1.1 million users across 100 countries. BitGo supports over 1,400 digital assets and boasts $250 million in insurance coverage, along with SOC 1 and SOC 2 audit completions, underscoring its commitment to institutional-grade security and compliance.

The firm intends to list its Class A common stock on the New York Stock Exchange. Co-founder and CEO Michael Belshe will maintain control through a dual-class share structure, where Class B shares carry 15 votes each, compared to one vote for Class A shares. This structure classifies BitGo as a "controlled company" under NYSE rules, exempting it from certain governance requirements.

Industry Trends and BitGo's Strategic Moves

The filing occurs amidst a resurgence of institutional interest in digital assets, partly influenced by regulatory shifts. The Trump administration's rollback of an SEC rule requiring banks to hold capital against crypto activities has paved the way for traditional financial institutions to re-enter the crypto custody space. U.S. Bancorp, for instance, has relaunched its digital asset custody services. Furthermore, major banks like Deutsche Bank and Citigroup are exploring or planning to offer cryptocurrency custody services to their clients.

BitGo has also been expanding its global reach, securing an extended license from Germany's Federal Financial Supervisory Authority (BaFin). This allows its European arm to offer trading, custody, staking, and transfer services under the EU's Markets-in-Crypto-Assets (MiCA) framework. This strategic move positions BitGo to capitalize on evolving regulatory landscapes internationally.

Broader Market Context and Competitors

BitGo's IPO follows a trend of crypto firms making their public market debuts, including stablecoin issuer Circle, crypto exchange Bullish, and blockchain lending firm Figure. These listings reflect a maturing crypto sector, with companies demonstrating stable client bases and predictable cash flows. BitGo's strong financial performance, including $4.19 billion in revenue for the first half of 2025, positions it as a key player in this evolving market. Analysts suggest that BitGo's public offering could set a precedent for future crypto-related IPOs, attracting broader investor interest in the digital asset infrastructure space.

Sources

• BitGo files for US IPO with $90B in assets under custody — TradingView News, TradingView.

• BitGo Files for US IPO With $90 Billion in Custody, Cointelegraph.

• BitGo’s $90B IPO Bridges Traditional Finance and Digital Assets, AInvest.

• Cementing Crypto’s Wall Street Bridge, AInvest.

• A Strategic Inflection Point in the Crypto Custody Market, AInvest.

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