Bitgo cryptographic custodian has submitted its first Public Registry S-1 statement to the United States Stock Exchange and Securities Commission (SECOND)planning to list common class A actions in the New York Stock Exchange under the BTGO ticket.
The presentation provides a rare look at the company’s commercial scale. Bitgo generated $ 4.19 billion in revenues in the first six months of 2025, almost quadrupling the $ 1.12 billion registered in the same period of the previous year.
Profitability, however, harden: net income for half a year fell to $ 12.6 million, below $ 30.9 million in the first half of 2024, since increasing operating costs weighed on the margins.
In 2024, Bitgo reported $ 3.08 billion in revenues and $ 156.6 million in net revenues, with $ 54.1 million attributable to common shareholders.
Based in Palo Alto, Bitgo was founded in 2013 and built his reputation by offering cold storage and multiple signature wallets for exchanges, coverage funds and banks. The firm now manages more than $ 90 billion in cryptocurrencies on its platform, of 1.14 million users.
However, these figures remain concentrated in mainly five cryptocurrencies.
According to the presentation: “The value of the majority of our AOP has concentrated, and remains concentrated in some digital assets held by our customers, including Bitcoin, Sui, Solana, XRP and Ethereum, which constitute 48.5%, 20.1%, 5.7%, 3.9%and 3.0%of our AOP [Assets on Platform] As of June 30, 2025, respectively.
The S-1 also describes a structure of double class actions, giving class B shareholders, including co-founder and CEO Mike Belshe, 15 votes per action compared to a vote for class Actions A. That configuration ensures that Belshe will retain control after the offer, with Bitgo qualifying as a “controlled company” under the NYSE rules.
Bitgo said IPO’s income would finance the development of technology, acquisitions and compensation based on actions while increasing visibility and financial flexibility.
The OPI follows the public listed movements of other important companies in the cryptocurrency sector, including Circle, Gemini and the Coindesk Bullish matrix company.
