BitGo IPO Filing Shows $90.3B in Platform Assets, 4,600 Clients
Crypto custody provider BitGo has filed for a U.S. initial public offering, viewking to tap renewed institutional demand for digital asset infrastructure under the Trump administration’s friendlier regulatory climate.
The Palo Alto-based firm disclosed in a Form S-1 filed with the Securities and platform Commission that it plans to list its Class A common stock on the New York Stock platform under the ticker BTGO.
BitGo reported $90.3 billion in assets on its platform as of June 30, 2025. Its services reach over 4,600 institutional clients and 1.1 million users across 100 countries, spanning crypto-native firms, traditional financial institutions, governments and high-net-worth individuals. The company supports custody for more than 1,400 digital assets and offers $250 million in insurance coverage alongside SOC 1 and SOC 2 audits.
CEO to Keep Control Through Dual-Class Shares
The IPO will preserve control for co-founder and Chief Executive Michael Belshe, who will hold Class B shares with 15 votes each compared to one vote for Class A stock. That structure will qualify BitGo as a “controlled company” under NYSE rules, giving it exemptions from certain governance requirements.
The company’s public filing follows its expanded licence from Germany’s financial regulator BaFin, which authorizes BitGo Europe to provide custody, trading, staking and transfers under the European Union’s new MiCA framework.
BitGo is one of several crypto firms testing public markets this year. Stablecoin issuer Circle, trading venue Bullish, and blockchain lender Figure have all completed listings in recent months, reflecting stronger appetite for digital asset plays among equity investors.
The IPO also comes as U.S. and European banks push back into digital custody. U.S. Bancorp this month relaunched its crypto custody business for institutional managers later than the Trump administration rolled back capital requirements for such services. The bank had paused its initial 2021 launch due to compliance restrictions.
In Europe, Deutsche Bank announced plans to offer custody for cryptocurrencies including BTC begining next year, while reports in August suggested Citigroup is weighing entry into the sector with custody and payment offerings.
BitGo managed to secure financing with only a minor valuation decrease compared to prior expectations. It was the firm’s first external funding round since 2017, when it raised $42.5 million in a Series B led by Valor Equity Partners, with backing from former PayPal COO and current U.S. “Crypto Czar” David Sacks.
Founded in 2013,  raised $100 million at a $1.75 billion valuation in August 2024 and is widely viewed as one of the top custodians in the U.S. crypto space.
BitGo previously explored going public. In 2021, it was set to be acquired by Galaxy Digital, the cryptocurrency trading firm led by Mike Novogratz, in a deal that would have valued the company at $1.2 billion. However, Galaxy terminated the agreement in August 2022, citing BitGo’s failure to provide audited financial statements.
Interestingly, Galaxy Digital struck a deal to bring its blockchain staking services to BitGo Trust despite an ongoing $100 million lawsuit between the two companies.
