BitGo files for US IPO with $90B in assets under custody
BitGo, a leading crypto custody firm, has officially filed for an initial public offering with the U.S. SEC, submitting a Form S-1 to list its Class A common stock on the New York Stock Exchange under the ticker symbol BTGO. According to the filing, the company reported managing about $90.3 billion in assets on its platform as of June 30, 2025, highlighting its significant role in digital asset infrastructure.
The IPO structure includes a dual-class share system, designed to ensure that the firm’s founders retain long-term influence and decision-making control. By pursuing a public listing, BitGo aims to strengthen its position in the growing institutional crypto market, attract wider investment, and showcase its stability as a trusted player in safeguarding digital assets.
What the BitGo IPO filing NYSE BTGO reveals
BitGo’s S-1 says the company supported 1,400+ digital assets and served 4,600+ entities and 1.1 million+ users across ~100 countries by mid-2025. The prospectus also reports H1-2025 revenue of ~$4.2 billion and net income of ~$12.6 million (down year-over-year), reflecting volatile crypto market dynamics and scaling costs. Reuters+3SEC+3SEC+3
Governance details in the BitGo IPO filing NYSE BTGO
The company will have Class A (1 vote/share) and Class B (15 votes/share) common stock. CEO Michael Belshe will hold Class B shares, retaining voting control an arrangement that typically qualifies an issuer as a “controlled company” under NYSE rules, exempting it from some board-independence requirements.
Europe expansion under MiCA
In September 2025, BitGo Europe secured an extension of its BaFin authorization—building on its May 2025 MiCA license to offer regulated crypto trading alongside custody, staking, and transfer services. The added permissions allow institutions to source liquidity through BitGo’s platform while keeping assets in MiCA-compliant cold storage.
U.S. bank custody returns
U.S. Bancorp announced on Sept. 3, 2025 that U.S. Bank has resumed institutional bitcoin custody, including support for bitcoin ETFs, after the SEC repealed accounting bulletin SAB-121 earlier this yearNa change that had previously made crypto custody capital-intensive for banks. NYDIG remains the sub-custodian.
Crypto IPO window reopens
BitGo’s filing follows a string of crypto-adjacent IPOs. Circle (CRCL) more than doubled in its June 5 NYSE debut; Bullish (BLSH) jumped sharply on Aug. 14; and Figure (FIGR) priced above range and opened strong on Sept. 11. The run underscores renewed investor appetite as policy signals and institutional adoption improve. Reuters+2CoinDesk+2
<section id=”howto”> <h3>How to locate and read BitGo’s S-1 efficiently</h3> <ol> <li id=”step1″><strong>Step 1:</strong> Go to the SEC’s EDGAR site and search “BitGo Holdings, Inc. S-1”.</li> <li id=”step2″><strong>Step 2:</strong> Open the latest filing and read the <em>Prospectus Summary</em> for the business model and risk overview.</li> <li id=”step3″><strong>Step 3:</strong> Check “Selected Financial Data” and “MD&A” for revenue, net income, and drivers.</li> <li id=”step4″><strong>Step 4:</strong> Review “Risk Factors” and “Regulation” for crypto-specific compliance and market risks.</li> <li id=”step5″><strong>Step 5:</strong> Examine “Principal and Selling Stockholders” and “Description of Capital Stock” for the dual-class and control terms.</li> </ol> <p><em>Note: Process may vary by issuer and update cycles. Confirm you’re reading the most recent amendment.</em></p> </section>
Context & Analysis
Analysis: BitGo’s timing leverages a more permissive US policy stance (including the rollback of SAB-121) and Europe’s MiCA framework, which together are clarifying compliance paths for large financial institutions. The firm’s scale and audits (SOC 1/SOC 2) plus insurance support its institutional pitch, but dual-class control and crypto market cyclicality remain key investor diligence points.
Conclusion
BitGo has filed its S-1, preparing for a New York Stock Exchange debut under the ticker BTGO. The company pairs its large institutional scale with a dual-class share structure that preserves founder control, while also benefiting from new EU trading permissions to expand its global reach and regulatory standing.
The next steps include the SEC’s review process, where possible amendments may outline pricing and offering size. Success will also hinge on overall market conditions for crypto listings, with investor sentiment and recent public debuts in the sector shaping the window for BitGo’s anticipated entry to public markets.
FAQs
Q : What is BitGo’s ticker?
A : BTGO on the New York Stock Exchange, subject to SEC effectiveness.
Q : How large is BitGo today?
A : ~$90.3B assets on platform as of 2025-06-30; 1,400+ supported assets; 4,600+ clients; 1.1M+ users.
Q : Who controls BitGo after the IPO?
A : CEO Michael Belshe via Class B (15 votes/share) in a dual-class structure.
Q : What changed for US bank crypto custody?
A : The SEC’s SAB-121 accounting bulletin was rolled back in 2025; U.S. Bank relaunched institutional bitcoin custody (including ETF support).
Q : What is the European license update?
A : BaFin extended BitGo Europe’s permissions to include regulated crypto trading under MiCA.
Q : How does the filing compare with other crypto IPOs?
A: It follows Circle, Bullish, and Figure, which saw strong debuts in 2025.
Q : Does the BitGo IPO filing NYSE BTGO include a price range?
A : Not yet; pricing and share counts typically arrive in later S-1/A amendments.