US’s Largest Custodian Firm BitGo Files S-1 Registration for IPO

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BitGo, the biggest independent crypto custodian in the US, has filed for an IPO on the New York Stock Exchange under the ticker “BTGO.” Backed by Goldman Sachs and Citigroup, the filing showed BitGo’s revenue jumped to $4.19 billion in 2024, almost 4x higher than the year before.

This explosive growth puts BitGo at the front of crypto’s march onto Wall Street,  setting the stage for institutional trust.

BitGo Files S-1 Registraion for IPO

On September 19 announce that BitGo has officially filed its S-1 registration with the SEC, confirming plans for an initial public offering. This filing comes just days after crypto exchange Gemini successfully made its market debut.

BitGo seems ready to follow that momentum, planning to list its Class A common stock on the New York Stock Exchange under the ticker “BTGO.” The company will use a dual-class structure, giving Class B shareholders more voting power.

Meanwhile, Goldman Sachs and Citigroup will lead the underwriting of BitGo’s IPO, alongside other major investment banks, signaling mainstream financial interest in digital asset infrastructure.

What BitGo Brings to the Table

The filing revealed explosive growth, with revenue soared to $4.19 billion, nearly 4x from $1.12 billion in the last year. The company now safeguards over $90.3 billion in digital assets, serving more than 4,600 institutional clients, from asset managers to crypto funds.

2025 is a banner year for BitGo, its assets under custody have surged from $30.8 billion last year to over $100 billion, reflecting the rapid institutional adoption of crypto and a $4 trillion global sector rally. 

However, platform users jumped to 1.04 million, marking consistent institutional and retail adoption.

Busy Month for IPOs

BitGo’s filing arrives at a time when the U.S. IPO market is heating up again. The Federal Reserve’s recent rate cuts have boosted liquidity, encouraging more companies to go public. 

Recent data shows that October alone has already raised $7 billion across 14 offerings, the busiest month for IPOs since 2020.

In the crypto sector, excitement is building as firms like Circle and Gemini test investor appetite. Circle’s IPO was a huge success earlier this year, while Gemini’s debut has been more volatile. BitGo’s move now adds another major player to the growing list of crypto firms aiming to cement their place on Wall Street.