BitGo, a prominent digital asset custodian, has disclosed substantial financial performance metrics ahead of its anticipated Initial Public Offering (IPO) on the New York Stock Exchange (NYSE). The company reported revenue of $4.19 billion for the first half of 2025, a significant increase from the prior year, alongside a net profit of $12.6 million. This financial transparency coincides with an 18% year-over-year growth in its user base, indicating expanding market penetration.
The filing with the U.S. Securities and Exchange Commission (SEC) on September 19, 2025, details BitGo’s progress as it prepares for its public debut under the ticker BTGO. Founded in 2013 and valued at $1.75 billion in 2023, the company has positioned itself as a key player in the digital asset infrastructure space. Goldman Sachs and Citigroup are slated to serve as lead underwriters for the offering, signaling significant institutional backing.
During the six months concluding June 30, 2025, BitGo’s platform attracted 1.15 million users. This growth underscores the increasing adoption of digital asset services and BitGo’s capacity to scale its operations. The company’s Form S-1 filing also highlights its engagement with governmental entities, including the United States, El Salvador, and Bhutan, as well as organizations associated with political figures.
A notable partnership mentioned is BitGo’s role as custodian and infrastructure provider for USD1, a stablecoin launched in June 2025 by World Liberty Financial. This entity is affiliated with the current President of the United States. The company acknowledges the potential implications of such affiliations, stating in its filing that “active criticism of any political leaders or governmental bodies with whom we have or are perceived to have relationships may lead to increased regulatory scrutiny, public criticism, or accusations of favoritism, conflicts of interest, or undue influence.”
This IPO filing follows a confidential submission made in July, with rumors of a public offering circulating since early in the year. Further solidifying its market position, BitGo recently secured a license from BaFin, the German Federal Financial Supervisory Authority, enabling it to operate as a regulated crypto service provider within the European Union. This move places BitGo alongside established global exchanges such as Coinbase, Kraken, Bybit, Gemini, and Bitvavo, all of which hold official European operational permits.
Industry analysts are observing a potentially robust IPO market in the latter half of 2025, with expectations that it could be the most active since 2021. The successful public listings of companies like Circle, Bullish, and Figure have reportedly fueled investor confidence in the cryptocurrency sector, which has seen a series of favorable regulatory developments.
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