BitGo to Go Public with $90 Billion in Assets

BitGo files for IPO with SEC, plans NYSE listing under BTGO.

The cryptocurrency custodian BitGo has submitted an application to the U.S. Securities and Exchange Commission (SEC) for an IPO.

The company plans to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker BTGO. Goldman Sachs and Citi will serve as lead underwriters.

According to the S-1 form, as of June 30, BitGo held assets worth approximately $90.3 billion on its platform. The custodian’s client base comprises around 4,600 enterprises and high-net-worth individuals, as well as over 1.1 million end users.

BitGo supports more than 1,400 digital currencies and provides insurance coverage of up to $250 million.

In the first half of the year, the firm’s revenue grew to nearly $4.2 billion, up from $1.1 billion the previous year. However, net profit decreased from $30.9 million to $12.6 million year over year.

BitGo co-founder and CEO Mike Belshe will retain a controlling stake after the IPO by holding Class B shares, each with 15 votes.

This structure allows the custodian to be considered a “controlled company” under NYSE rules. BitGo stated in its application that it does not intend to use the management exemptions afforded by such status.

Since the beginning of the year, several industry companies have gone public in the U.S. amid favorable regulatory changes. These include the stablecoin issuer Circle, the centralized lending platform Figure, and the cryptocurrency exchanges Bullish and Gemini. Kraken is also considering similar plans.

In February, Belshe stated that conducting an IPO helps crypto firms “ensure trust in digital assets.” He cited due diligence, accompanying processes, and SEC oversight as key components.

Back in 2023, following a $100 million funding round, investors valued BitGo at $1.75 billion.