Bitgo, one of the main cryptocurrency custodians in the United States, He submitted to the Bolsa y Validos (SEC) commission his application for the initial public offer (IPO), with which he plans to quote on the New York Stock Exchange under the “BTGO” symbol. The company accompanies this step with the dissemination of strong growth in its income during the first half of 2025.
According to form S-1, Bitgo reported income for USD 4.19 billion in that period, In front of the USD 1.12 billion of the same period of 2024. However, net profits fell from USD 30.9 million to USD 12.6 million, due to higher operating costs derived from investments in infrastructure, licenses and international expansion.
The company with headquarters in Palo Alto reported that It manages approximately USD 90.3 billion in digital assets as of June 30, 2025. Its customer base includes more than 4,600 entities and 1.1 million users in more than 100 countries. It also offers support to native companies of the sector, financial institutions, governments and people with high heritage.
The firm also highlights its insurance coverage for USD 250 million and the Culmination of audits Soc 1 y Soc 2, Relevant Standards in Safety and Internal Controls. These elements reinforce their role as institutional custodian in a market that demands confidence and operational solidity.
This step brings the company to Wall Street, after they announced in July this year its intention to quote in NYSE, as Cryptonotcias reported. Once the regulator review process is completed, and depending on market conditions, the company could disseminate information about the number and price range of its actions.
Bitgo adapts to regulations
The co -founder and CEO, Michael Belshewill retain the strategic control of the company through a dual shareholding structure. Class B actions will grant 15 votes per title, in the face of a vote of class A. This makes Bitgo a “controlled company” under the NYSE standards, which exempts it from complying with other governance standards.
In parallel, Bitgo obtained an expanded license from the German BAFIN authority, allowing its European subsidiary to offer sale services, custody, staking and transfers under the framework of the Mica regulation of the European Union. This approval strengthens its presence in mature markets and opens the door to capture institutional clients that demand greater legal certainty.
Market context and growing competition
Bitgo’s IPO occurs in an environment of renewed institutional interest in cryptocurrencies. In recent months, Circle, Bullish, Gemini and Blockchain Figure also joined public markets, evidencing an increasing appetite due to digital infrastructure.
At the same time, traditional banks have intensified their foray into the sector. Deutsche Bank announced that it will allow to store cryptocurrencies for its customers from 2026, while Citigroup evaluates custody services and payments. In the United States, US Bancorp reactivated its digital asset custody service after regulatory changes promoted by the Trump administration.
This panorama reinforces competition between digital native custodians and historical financial entities, which could press the margins of companies such as Bitgo.
With this iPo, Bitgo seeks to capitalize on the renewed institutional appetite and consolidate as a leader in the custody of digital assets. Its success will depend on balancing rapid growth with operational efficiency, diversifying services and maintaining regulatory safety and compliance standards in an increasingly competitive market.