Core Viewpoint - BitGo Holdings Inc. has officially initiated its IPO process in the context of a vibrant cryptocurrency market, showcasing significant revenue growth but a decline in net profit [2][3]. Group 1: Financial Performance - In the first half of 2025, BitGo's revenue surged to nearly $4.2 billion, up from $1.12 billion in the same period last year, marking a 275% year-over-year increase [2]. - The company's net profit was reported at $12.6 million, a decrease of approximately 59% compared to $30.9 million in the same period of 2024 [2]. Group 2: Market Context - BitGo's IPO application coincides with a new wave of IPOs in the U.S. cryptocurrency sector, driven by a favorable stance from former President Trump towards the industry [4]. - The market response to recent IPOs has been mixed, with Circle Internet Group Inc. seeing its stock price rise by 365% post-IPO, while Gemini Space Station Inc. experienced a 14% decline after raising $446 million [5]. Group 3: Company Overview - BitGo has established itself as a significant player in the cryptocurrency infrastructure space, with total assets under custody reaching approximately $90.3 billion, serving over 4,600 clients and 1.1 million users [6][7]. - The company supports more than 1,400 types of digital assets and launched a global OTC platform earlier this year to provide services such as spot trading, options, and margin lending [8]. Group 4: Valuation and IPO Details - As of the last round of private financing in August 2023, BitGo was valued at $1.75 billion [9]. - The IPO is being led by Goldman Sachs and Citigroup, with plans to list on the New York Stock Exchange under the ticker "BTGO" [9].

Group 1 - BitGo Holdings Inc. has officially initiated its IPO process in the context of a vibrant cryptocurrency market, with revenue soaring to nearly $4.2 billion in the first half of 2025, up from $1.12 billion in the same period last year, representing a 275% increase [1] - The company's net profit decreased to $12.6 million, down approximately 59% from $30.9 million in the same period of 2024, indicating a scenario of "increased revenue but decreased profit" which complicates the IPO [1] Group 2 - BitGo's IPO application coincides with a new wave of IPOs in the U.S. cryptocurrency sector, spurred by a favorable stance from former President Trump, leading several crypto companies to accelerate their public listings [2] - Market reactions to these IPOs have been mixed, with Circle Internet Group Inc. seeing its stock price surge by 365% after a $1.2 billion IPO, while Gemini Space Station Inc. experienced a 14% decline in stock price post-IPO, reflecting investor caution towards different business models [2] Group 3 - BitGo has established a significant business scale, with total assets under custody reaching approximately $90.3 billion, serving over 4,600 clients and 1.1 million users, and supporting more than 1,400 types of digital assets [3] - Earlier this year, BitGo launched a global OTC platform to provide spot, options, and margin lending services to clients such as hedge funds [3] Group 4 - According to PitchBook, BitGo's valuation was $1.75 billion in the last round of private financing in August 2023, with the IPO led by Goldman Sachs and Citigroup, planning to list on the NYSE under the ticker "BTGO" [4] - The company's co-founder and CEO, Michael Belshe, will have control over shareholder voting matters [4]