BitGo Holdings Inc., one of the world’s leading providers of digital asset custody, has officially filed for an initial public offering (IPO) in the United States, signaling strong investor appetite for crypto-related companies despite ongoing market volatility.
In a filing with the U.S. Securities and Exchange Commission, the Palo Alto-based firm reported $4.19 billion in revenue for the first half of the year, a sharp rise from $1.12 billion in the same period of 2023. Net income, however, dipped to $12.6 million compared to $30.9 million a year earlier.
The company’s move comes as a new wave of cryptocurrency firms prepares to go public, buoyed by supportive policy signals from Washington and improved market conditions following the Federal Reserve’s recent interest rate cut. While the number of shares and pricing details for BitGo’s IPO remain undisclosed, the offering will be led by Goldman Sachs and Citigroup, with shares expected to trade on the New York Stock Exchange under the ticker BTGO.
BitGo, co-founded by CEO Michael Belshe, confidentially filed for its IPO in July after being valued at $1.75 billion last year, according to PitchBook. The firm manages over 1,400 digital assets across a client base of more than 4,600 institutions and 1.1 million users. As of June, it held approximately $90.3 billion in assets. Earlier this year, BitGo expanded its services with a global over-the-counter trading desk for spot, options, and margin lending, targeting demand from hedge funds and other institutional investors.
The company’s filing follows a series of high-profile crypto IPOs in 2024. Circle Internet Group, the stablecoin issuer, has seen its shares soar more than 365% since its $1.2 billion debut in June, while Gemini Space Station Inc., founded by Cameron and Tyler Winklevoss, faced a 14% decline after its $446 million listing.
