Crypto Custodian BitGo Files for $90 Billion US IPO – Breaking Down the Landmark Move

BitGo just dropped a bombshell IPO filing—valuing itself at a staggering $90 billion. That’s not just a number; it’s a statement.

Why This IPO Matters

Institutional custody has long been crypto’s missing link. BitGo’s move signals that wall-street-grade security is finally hitting the mainstream—and investors are paying attention.

The $90 Billion Question

Let’s be real: that valuation isn’t just about cold storage. It’s about trust, scalability, and the sheer gravitational pull of institutional money flooding into digital assets. Traditional finance might scoff, but they’re the ones still using fax machines.

What’s Next?

If this IPO sails through, it could redefine how traditional markets interact with crypto. More players, more liquidity, and yes—more regulatory scrutiny. Bring it on.

Final take: $90 billion isn’t a moonshot—it’s a down payment on the future of finance. And for the skeptics? Well, there’s always bonds.

BitGo Records $4.2 Billion Revenue In First Half Of 2025

On Friday, September 19, BitGo submitted an S-1 filing with the US Securities and Exchange Commission (SEC) for an initial public offering. The crypto custodian aims to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol “BTGO,” the document revealed.

This latest filing comes after BitGo initially submitted a confidential draft version of S-1 IPO document in July. The firm is looking to join a strong list of recent public debuts in the United States by crypto companies, including Circle, Bullish, and Figure.

In the S-1 filing, BitGo disclosed that it held around $90.3 billion worth of assets on its platform as of June 2025. Meanwhile, the crypto custody firm also claimed to have witnessed a revenue growth in the first half of the year, with $4.2 billion compared to $1.1 billion in the first six months of 2024.

Based on the terms of the S-1, BitGo co-founder and CEO Mike Belshe will retain majority voting power under a dual-class share structure, holding Class B shares with 15 votes each. This detail will ensure that BitGo remains a “controlled company” under NYSE rules. 

The filing read:

Although we do not currently intend to rely on any such exemptions, we may do so in the future and if we utilize any of the exemptions, you will not have the same protections as those afforded to stockholders of companies that are subject to such governance requirements” and “Management - Controlled Company Status” for more information.

As already mentioned, several crypto firms have seen notable public market debuts over the past few months. Meanwhile, other major companies, including Gemini and Grayscale, are also looking to go public in the United States.

Crypto Firms Continue To Flourish Under Trump

Following the election of Donald TRUMP as US president, the US crypto landscape has witnessed a positive shift. This change has arrived on the back of a clearer regulatory regime, as seen with the introduction of crypto-focused bills such as the GENIUS Stablecoin Act.

Moreover, the “crypto treasury” frenzy is also another example to point at, as more publicly traded firms are actively acquiring digital assets on their balance sheet. This rise in the institutional adoption of cryptocurrencies can be seen in the continuous growth of the market, with various assets reaching multiple all-time highs in the past few months.