BitGo Reports 4X Growth in First Half of 2025 as It Files for IPO

TLDR

Table of Contents

BitGo’s revenue surged to $4.19 billion in H1 2025, up from $1.12 billion.
BitGo reports $12.6M profit despite strong revenue growth in 2025.
BitGo plans to list on the NYSE under the ticker symbol “BTGO.”
The company now manages over $90 billion in assets for 4,600 clients.

Crypto custody company BitGo has reported a dramatic rise in revenue as it prepares for its upcoming initial public offering (IPO) in the U.S. The company’s filing shows that its revenue nearly quadrupled in the first half of 2025, reflecting the increasing demand for crypto infrastructure and security services. Despite the revenue growth, BitGo’s profits saw a decline, signaling growing costs as the firm expands its services for institutional clients.

Strong Revenue Growth Amid Growing Demand

BitGo’s filing with the U.S. The Securities and Exchange Commission (SEC) reveals that its revenue reached $4.19 billion for the first half of 2025, a sharp increase from $1.12 billion during the same period in 2024.

However, its net income dropped to $12.6 million from $30.9 million in the previous year. The firm attributes this decline to increased operational costs as it scales to meet demand from institutional investors who require robust crypto custody services.

As one of the largest crypto custody firms in the United States, BitGo plays a crucial role in storing and securing digital assets for institutional clients. With over $90 billion in assets under custody, the firm has become an important player in the rapidly growing digital asset sector. This surge in revenue highlights the increasing need for reliable and secure crypto custody solutions, especially as institutional interest in the cryptocurrency space continues to rise.

BitGo’s IPO Plans and Market Outlook

BitGo plans to list on the New York Stock Exchange (NYSE) under the ticker symbol “BTGO.” The company is backed by major financial institutions, including Goldman Sachs and Citigroup, who are leading the IPO as underwriters. BitGo’s IPO filing comes at a time when the U.S. IPO market is seeing a surge in activity, with crypto firms such as Circle, Bullish, and Figure also making successful market debuts this year.

Market analysts note that the strong reception of crypto companies during their IPOs signals growing confidence in the digital assets sector. Regulatory clarity and increasing institutional adoption of cryptocurrencies have played a significant role in shaping investor sentiment. As the U.S. government becomes more supportive of the sector, there is a growing belief that crypto-related companies are becoming a more mainstream investment class, rather than just speculative assets.

The Growing Importance of Crypto Custody Services

BitGo’s IPO reflects the growing importance of crypto custody services as digital assets become a mainstream investment class. The company, founded in 2013, has seen its client base expand significantly, with over 4,600 clients and 1.1 million users across more than 1,400 digital assets.

This growth mirrors the broader trend of institutional players entering the cryptocurrency market, which has fueled demand for services that ensure the safe storage and management of digital assets.

As more institutional investors look to gain exposure to cryptocurrencies, the need for trusted custodians like BitGo becomes more pronounced. The firm’s ability to safeguard billions in digital assets makes it a key player in the crypto ecosystem, and its upcoming IPO will provide a critical test for investor confidence in crypto infrastructure companies. The outcome of BitGo’s offering could influence the future trajectory of similar firms looking to go public in the coming years.

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