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

Crypto custodian BitGo has filed its first public S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), planning to list Class A common stock on the New York Stock Exchange under the ticker BTGO. The filing provides a rare look at the company’s business scale. BitGo generated $4.19 billion in revenue in the first six months of 2025, nearly quadrupling the $1.12 billion recorded in the same period a year earlier. Profitability, however, tightened: net income for the half-year fell to $12.6 million, down from $30.9 million in the first half of 2024, as rising operating costs weighed on margins. In 2024, BitGo reported $3.08 billion in revenue and $156.6 million in net income, with $54.1 million attributable to common stockholders. Based in Palo Alto, BitGo was founded in 2013 and built its reputation by offering cold storage and multi-signature wallets for exchanges, hedge funds, and banks. The firm now manages over $90 billion in cryptocurrency on its platform, from 1.14 million users. These figures, however, remain concentrated in mostly five cryptocurrencies. Per the filing: “The value of…