BitGo reveals fourfold revenue surge in US IPO filing

Crypto custody firm BitGo has unveiled plans to go public in the United States after reporting a sharp surge in revenue. The company’s initial public offering (IPO) filing highlights that its revenue nearly quadrupled in the first half of 2025, underscoring the accelerating growth of the digital asset sector.

According to its filing with the U.S. Securities and Exchange Commission, BitGo generated $4.19 billion in revenue for the six months ending June 30, 2025, up from $1.12 billion during the same period a year earlier.

However, profit went the other way, with net income declining to $12.6 million, compared with $30.9 million a year earlier. Analysts said the decline indicates growing costs as the company grows to supply demand from institutional clients.

BitGo, founded in 2013, is one of the largest crypto-custody companies in the United States. It focuses on storing and protecting digital assets for institutions. As mainstream custody has soared in popularity, investors new to the space see services such as BitGo’s as necessary.

The company’s last known valuation was $1.75 billion in a 2023 funding round.

BitGo to join IPO frenzy in crypto industry

BitGo plans to list its shares on the New York Stock Exchange under the “BTGO.” Goldman Sachs and Citigroup are leading underwriters, signaling Wall Street’s intense interest in digital asset infrastructure.

Its IPO arrived as the U.S. market picked up again following months of sluggishness in early 2025. Analysts predict the drop will be among the busiest periods for IPOs since 2021. However, unlike in previous years, the new wave is driven by crypto firms, which are now driving broader market activity.

Stablecoin issuer Circle, trading platform Bullish, and blockchain lender Figure have all made their stock market debuts this year. Both have captured strong first-day receptions, indicating that investors might be warming to the stocks of companies involved in cryptocurrencies. Their performances have engendered confidence that demand extends beyond retail traders, deep into institutional portfolios.

Factors driving this momentum, according to market experts, are numerous. Wins in Washington on the regulatory front have provided more certainty about how digital assets will be treated and reduced the fear of abrupt policy changes. Over time, the approval and expansion of crypto exchange-traded funds (ETFs) have ushered in billions of dollars worth of inflows, cementing digital currencies as components of mainstream investment portfolios.

“When it comes to digital assets, investors are now treating them as another asset class, not just something in the fantasy world where people can make billions of dollars every day,” said Josef Schuster, founder and chief executive officer of IPO research firm IPOX. The change in mindset has prompted large investment banks to pursue closer relationships with crypto firms, be it through direct investments or underwriting IPOs.

The clustering of crypto listings also plays a role in redrawing the narrative around the IPO market itself. Where technology or health care companies had once reigned over splashy debuts, digital asset companies are now coming to the fore. For BitGo, this rush of optimism is a well-timed backdrop to capitalize on increasing investor enthusiasm for companies that can handle infrastructure and security in the sector.

Crypto inches closer to the mainstream of finance

BitGo’s decision to seek a public listing indicates how much crypto has penetrated the financial mainstream. Though it was once dismissed as a fringe experiment, the industry now boasts billions in funding from institutional investment and increasingly ambitious regulations.

The steep revenue increase indicates increasing confidence in crypto infrastructure, particularly its custody vehicle, which secures the safety of assets for large investors. However, the drop in profit illustrates the tightrope of scaling businesses while keeping margins from deteriorating.

The BitGo IPO will provide investors with a litmus test for their belief that Wall Street has the fortitude (screw the tolerance) to back crypto infrastructure companies, which return value over the long term. Its performance could affect how regulators, institutions, and retail traders think about future similar listings.

If it succeeds, the offering could prompt other crypto companies to go public, cementing digital assets in global finance.

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