Crypto custodian BitGo is now planning for a US IPO following the footsteps of crypto exchange Gemini, while reporting a 4x revenue growth in the first half of 2025. This comes as the US IPO market remains red hot for 2025, with Fed rate cuts likely to bring additional liquidity push. The crypto custodian submitted an S-1 registration to the U.S. Securities and Exchange Commission (SEC) on September 19, while reporting $3 billion in revenue for 2024.
BitGo Clocks 4X Revenue Growth in H1 2025
As per the filing shared with the U.S. Securities and Exchange Commission (SEC) on September 19, the crypto custody firm reported net income of $12.6 million on revenue of $4.19 billion for the first half of the year 2025. This compares with net income of $30.9 million on revenue of $1.12 billion during the same period last year in 2024.
The development comes following the successful debut of crypto exchange Gemini on Nasdaq, earlier this week. Besides, the latest filing shows that BitGo plans to list its Class A Common stock on the New York Stock Exchange (NYSE) under the ticker BTGO. Banking giants Goldman Sachs and Citigroup will lead the offering.
According to the filing, BitGo co-founder and CEO Michael Belshe will retain the authority to determine the outcome of matters requiring shareholder approval. The California-based crypto custodian firm disclosed in July that it had confidentially filed for a US IPO, along with digital asset manager Grayscale.
As of now, BitGo caters to more than 4,600 clients and over 1.1 million users, while supporting over 1,400 digital assets. By the end of June 2025, the custodian had over $90.3 billion in assets on the platform.
US IPO Market Is Red Hot
In their recent report, Bloomberg noted that the latest Fed rate cut this week is setting the stage for an active U.S. IPO calendar. Companies across technology and services, and even the crypto space, are now preparing for fall listings. October is expected to be particularly busy, as 14 offerings this month have already raised $7 billion, the highest monthly total since 2020.
Within the crypto space, the Circle Internet Group Inc. (NASDAQ: CRCL) stood out as the most successful IPO, soaring 365% above its IPO price after a $1.2 billion offering in June. More recent debuts have been less stable, with Gemini Space Station Inc., led by the Winklevoss twins, falling 14% since raising $446 million in its IPO.
