BitGo Files S-1 for IPO, Reveals Stunning $3B Revenue in

BitGo drops S-1 bombshell—$3 billion revenue signals crypto's Wall Street takeover.

The Infrastructure Play

While traders chase memecoins, BitGo built the plumbing. Custody services, institutional wallets, and enterprise-grade security—boring business that prints real money. Their 2024 revenue proves infrastructure plays outperform speculative assets every time.

IPO Timing Genius or Desperation?

Filing during a bull market? Brilliant. Banking on crypto's legitimacy narrative? Even better. But let's be real—Wall Street loves a good crypto story almost as much as it loves charging 2-and-20 for mediocre returns.

Final Thought: The suits finally get it—crypto's real value isn't in tokens, but in the picks and shovels. Too bad most traditional finance firms still think 'HODL' is a typo.

Financial performance and platform growth

The filing reveals BitGo’s return to profitability, with a $156.5 million net income in 2024 compared to a $2.1 million loss in 2023.

Key business metrics demonstrate substantial platform expansion, with Assets on Platform reaching $89.9 billion in 2024, nearly tripling from $30.8 billion in 2023.

Client growth accelerated to 2,615 from 1,367 year-over-year, while assets staked surged to $31.8 billion from $6 billion. The user base expanded to 1.04 million from 959,813, reflecting growing institutional and retail adoption.

Six-month 2025 data shows continued momentum with $90.3 billion in assets on the platform and 4,621 clients, indicating accelerating market penetration. Operating expenses totaled $3.09 billion in 2024, primarily driven by $2.53 billion in digital asset sales costs.

Market position and regulatory strategy

BitGo specializes in institutional crypto custody solutions and trading platform infrastructure, positioning itself as regulatory frameworks mature.

The company recently obtained approval under the EU’s Markets in Crypto-Assets framework, enabling pan-European custody services across all member states.

The firm pursues a national bank charter in the US, which WOULD allow deeper integration with traditional banking infrastructure. This dual regulatory approach positions BitGo for expansion as institutional adoption accelerates globally.

The preliminary prospectus indicates existing shareholders will sell shares alongside the company’s offering, though specific share counts and pricing remain undisclosed. It also clarifies that co-founder and CEO Michael Belshe will maintain significant control through the dual-class structure.

The offering represents another crypto-native firm entering public markets as the digital asset sector matures.