BitGo Revenue Soars Ahead of U.S. IPO Filing

Crypto custody startup BitGo has revealed a nearly fourfold increase in revenue for the first half of 2025 as it prepares for its U.S. initial public offering (IPO). According to its IPO filing released on Friday, the firm reported revenue of $4.19 billion and a profit of $12.6 million for the six months ending June 30, up from $1.12 billion in revenue and $30.9 million in profit during the same period last year. The IPO plans to list the company on the New York Stock Exchange under the ticker symbol BTGO, with Goldman Sachs and Citigroup serving as lead underwriters.

Institutional Interest Drives Growth

Founded in 2013, BitGo is among the largest crypto custody providers in the United States, safeguarding digital assets for institutional and corporate clients. The surge in revenue reflects growing institutional demand for secure crypto storage solutions as the digital asset sector moves toward mainstream adoption.

“Investors are increasingly viewing digital assets as an asset class in their own right, rather than purely speculative instruments,” said Josef Schuster, CEO of IPO research firm IPOX. This sentiment has been reinforced by a series of successful crypto IPOs and strong market debuts for firms such as Circle, Bullish, and Figure, signaling investor confidence in the sector.

IPO Timing and Market Environment

The upcoming BitGo IPO arrives at a time when U.S. IPO activity is set to see one of its busiest periods since 2021. While uncertainty surrounding tariffs earlier this year had slowed public offerings, crypto firms have emerged as a driving force behind the market revival. Strong initial-day performances of recent crypto listings, especially from stablecoin issuers and blockchain lenders, have reaffirmed investor appetite.

Moreover, regulatory clarity in Washington has encouraged mainstream participation. ETF flows, institutional adoption, and a growing recognition of digital assets as a legitimate investment vehicle have all contributed to the favorable environment. This climate has provided a boost to BitGo and other crypto infrastructure companies seeking public capital.

Financial Performance Highlights

BitGo’s financial performance underscores its rapid growth trajectory. In H1 2025, revenue jumped to $4.19 billion, nearly quadrupling from $1.12 billion in H1 2024. Profit declined from $30.9 million to $12.6 million, reflecting higher operating expenses and strategic investments to support scaling operations, compliance, and technology development.

The company’s 2023 funding round had valued BitGo at $1.75 billion, highlighting its strong market position. With the IPO, BitGo aims to raise additional capital to expand its services, enhance platform security, and capitalize on rising demand for institutional-grade crypto custody.

Strategic Importance of Custody Solutions

As the crypto ecosystem grows, secure custody has become a critical element for institutional investors, exchanges, and corporate treasuries. BitGo’s services include multi-signature wallets, cold storage solutions, and insured custodial offerings, all designed to reduce risk in an increasingly complex market.

The firm’s expansion and IPO also come as regulatory bodies and mainstream financial institutions engage more directly with digital assets, providing a backdrop of legitimacy and long-term growth potential.

Looking Ahead

Analysts expect the BitGo IPO to be closely watched as a benchmark for the crypto custody sector. A successful listing would not only validate investor confidence but could also signal broader acceptance of digital assets in traditional finance.

With a robust revenue trajectory, a proven custody platform, and growing institutional adoption, BitGo’s upcoming market debut is shaping up to be one of the most significant events in the 2025 IPO calendar for the cryptocurrency industry.

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