BitGo Files for IPO With $4.2B in H1 2025 Revenue, $90B in Crypto on Platform

Core Insights - BitGo has filed its first public S-1 registration statement with the SEC, planning to list Class A common stock on the NYSE under the ticker BTGO [1] - The company generated $4.19 billion in revenue in the first half of 2025, nearly quadrupling from $1.12 billion in the same period a year earlier [1] - BitGo's net income for the first half of 2025 fell to $12.6 million, down from $30.9 million in the first half of 2024 due to rising operating costs [2] Company Overview - BitGo, founded in 2013 and based in Palo Alto, is known for offering cold storage and multi-signature wallets for exchanges, hedge funds, and banks [3] - The firm manages over $90 billion in cryptocurrency on its platform, serving 1.14 million users [3] - The majority of assets on the platform are concentrated in five cryptocurrencies: Bitcoin (48.5%), Sui (20.1%), Solana (5.7%), XRP (3.9%), and Ethereum (3.0%) as of June 30, 2025 [4] Share Structure and Control - The S-1 filing outlines a dual-class share structure, with Class B shareholders, including CEO Mike Belshe, having 15 votes per share compared to one vote for Class A stock [4] - This structure ensures that Belshe retains control of the company post-offering, qualifying BitGo as a "controlled company" under NYSE rules [4] IPO Proceeds and Market Context - Proceeds from the IPO are intended to fund technology development, acquisitions, and stock-based compensation, while also enhancing visibility and financial flexibility [5] - The IPO follows similar public listing efforts from other major companies in the cryptocurrency sector, such as Circle, Gemini, and Bullish [5]