According to Bloomberg , BitGo Holdings Inc., a US cryptocurrency custody company, officially submitted an initial public offering (IPO) application to the US Securities and Exchange Commission (SEC) today (20). According to the filing, BitGo achieved revenue of US$4.19 billion and net profit of US$12.6 million in the first half of 2025. The platform managed assets of up to US$90.3 billion, serving more than 1,400 digital assets, 4,600 institutional clients and 1.1 million users.
Crypto industry capitalization, BitGo leads the custody track
BitGo's IPO application comes as the US Federal Reserve's interest rate cuts have increased the capital market's openness to new economy companies. Recent IPOs include stablecoin issuer Circle and Gemini, founded by the Winklevoss twins. Circle's stock price has surged 365% since its IPO, while Gemini's has retreated 14%. This demonstrates that amidst the crypto IPO boom, market volatility and opportunities coexist.
BitGo expands its product line, fueled by growing demand from institutional investors
BitGo launched its global over-the-counter (OTC) trading service earlier this year, offering spot, options trading, and leveraged lending to further meet the diverse needs of institutional investors in crypto asset allocation. According to the filing, BitGo CEO Michael Belshe will have leadership over key company decisions. Goldman Sachs and Citigroup are leading the IPO, which is expected to be listed on the New York Stock Exchange under the ticker symbol BTGO.
