BitGo’s IPO Filing Reveals Fourfold Revenue Surge - Crypto Infrastructure’s Bullish Breakout Moment

BitGo just dropped a bombshell IPO filing—revenue quadrupled, signaling crypto's infrastructure is finally maturing beyond wild speculation.

The Numbers Don't Lie

Fourfold growth isn't just a lucky bounce—it's institutional money finally moving off the sidelines. While traditional finance still debates crypto's legitimacy, BitGo's metrics scream adoption.

Infrastructure Eats Theory

Custody solutions, security protocols, and enterprise-grade services are pulling real revenue while crypto Twitter argues about hypotheticals. The boring backend stuff is quietly building the next financial system.

Wall Street's Ironic Embrace

Same institutions that once called crypto a scam now scramble for exposure—through regulated, audited vehicles like BitGo, of course. Nothing converts skeptics like quadrupled revenue.

The bottom line? Crypto's infrastructure plays are becoming the safe bet in a volatile space—proving sometimes the real money isn't in trading tokens, but in selling the picks and shovels.

BitGo Holdings has publicly filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO). The filing reveals that the digital asset custody and infrastructure firm saw its revenue nearly quadruple in the first half of 2025, a significant indicator of the sector's accelerating growth.

The company's FORM S-1 filing, submitted on September 19, 2025, shows that revenue for the six months ending June 30, 2025, climbed to $4.19 billion, a sharp increase from $1.12 billion in the same period a year earlier. While revenue surged, the filing also noted a decline in net income, which Head of Research at BRN, Timothy Misir, attributes to the increased costs associated with scaling the company to meet rising institutional demand.

BitGo, founded in 2013, has applied to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol. The IPO is a major milestone for the company, which provides essential services like custody, wallets, and settlement for institutions managing digital assets. This move positions BitGo to capitalize on the increasing investor enthusiasm for the crypto infrastructure sector.

The IPO comes at a time when the U.S. market is experiencing a rebound in trading debuts, particularly from crypto firms. The listing of BitGo, along with other recent debuts by companies like Circle and Bullish, signifies a shift in the IPO landscape, with digital asset companies now playing a more prominent role. This trend is further fueled by regulatory clarity and the widespread adoption of crypto exchange-traded funds (ETFs), which have brought billions in institutional capital into the market.