BitGo Files for IPO with $3B Revenue, Signaling Institutional Crypto Adoption Surge

BitGo has taken a decisive step toward becoming a publicly traded company, filing its S-1 registration statement on September 19. The crypto custody firm revealed staggering financials, including projected 2024 revenue exceeding $3 billion—a more than 200% increase from its $926 million performance in 2023. This explosive growth trajectory continues into 2025, according to six-month figures disclosed in the filing.

The prospectus showcases BitGo's remarkable turnaround, swinging from a $2.1 million loss in 2023 to $156.5 million net income this year. Platform metrics tell an equally compelling story: Assets under custody nearly tripled to $89.9 billion, while staked assets skyrocketed from $6 billion to $31.8 billion year-over-year. Client numbers nearly doubled to 2,615 institutional accounts.

BitGo plans to list Class A shares on the NYSE under ticker "BTGO," maintaining a dual-class structure that preserves voting power for insiders. The filing confirms earlier confidential submissions to the SEC in July, marking a watershed moment for institutional crypto infrastructure providers.