BitGo Files for IPO Amid Explosive Growth, Signaling Institutional Crypto Adoption

BitGo, the largest independent cryptocurrency custodian in the U.S., has submitted its S-1 registration for an initial public offering on the New York Stock Exchange under the ticker "BTGO." The filing reveals staggering financial performance, with revenue surging to $4.19 billion in 2024—a nearly fourfold increase from $1.12 billion the previous year.

Goldman Sachs and Citigroup, both existing backers, will lead the underwriting alongside other major investment banks. The company's custody platform now safeguards over $90.3 billion in digital assets for more than 4,600 institutional clients, ranging from traditional asset managers to crypto-native funds.

This MOVE follows closely on the heels of Gemini's successful market debut, underscoring Wall Street's growing appetite for digital asset infrastructure. BitGo plans a dual-class share structure, granting enhanced voting rights to Class B shareholders while offering Class A shares to public investors.