BitGo Files for U.S. IPO
- BitGo filed for a U.S. IPO revealing $90 billion under custody.
- Significant growth is seen in crypto custody by institutions.
- High-profile partnerships enhance BitGo’s market positioning.
BitGo has announced its U.S. IPO filing, revealing over $90 billion in assets under custody, signaling a major step for the company founded by Mike Belshe in 2013.
This move highlights growing institutional acceptance and regulatory progress within the crypto custody sector, with BitGo planning business expansion and seeing significant revenue growth despite lower net income.
BitGo has officially filed for a U.S. IPO, disclosing $90 billion in assets under custody. This move signals a strong push towards institutional adoption, emphasizing the company’s position in the crypto custody sector.
The filing reveals $4.19 billion revenue for H1 2025, indicating growth. Co-Founder and CEO Mike Belshe, an industry veteran in digital asset security, leads BitGo’s strategic expansion into staking and cross-jurisdictional compliance.
The IPO reflects growing interest from institutional clients, including Hana Financial and SK Telecom. This indicates a shift towards greater integration of traditional financial entities into the crypto space.
BitGo’s IPO aims to support expansion, with proceeds allocated to bolster business infrastructure. However, while revenues soared, net income dropped due to increased operating costs, illustrating the financial complexities of rapid growth.
“We aim to leverage the IPO proceeds for business expansion including staking, DeFi, and cross-jurisdictional compliance infrastructure.” – Mike Belshe, Co-Founder & CEO, BitGo
Galaxy Digital and Coinbase’s past public listings serve as precedents, highlighting the potential benefits and challenges of entering public markets. These prior events demonstrated temporary market volatility.
Insights suggest that BitGo’s move may increase crypto asset exposure, particularly for BTC and emerging alt layer-1s like Solana and Sui. The IPO’s impact on regulatory positioning could spur further institutional confidence.
