Crypto Gustodian Bitgo filed his first S-1 registration declaration from the public to the Securities and Exchange Commission of the United States (SECOND)Providing to list the ordinary shares in class A on the New York Stock Exchange under the BTO BTGO.
The deposit offers a rare overview of the business scale of the company. Bitgo generated $ 4.19 billion in income in the first six months of 2025, almost quadruple the $ 1.12 billion recorded during the same period a year earlier.
Profitability, however, tightened: net profit for the semester dropped $ 12.6 million, compared to $ 30.9 million in the first half of 2024 because the increase in operating costs weighed on the margins.
In 2024, Bitgo declared $ 3.08 billion in income and $ 156.6 million in net profit, with $ 54.1 million attributable to ordinary shareholders.
Based in Palo Alto, Bitgo was founded in 2013 and built its reputation by offering cold storage and multi-signating portfolios for exchanges, hedge funds and banks. The company now manages more than $ 90 billion in cryptocurrency on its platform, compared to 1.14 million users.
These figures, however, remain concentrated in most of the five cryptocurrencies.
According to the file: “The value of a majority of our PDO has been, and continues to be concentrated in some digital assets held by our customers, including Bitcoin, Suit, Solana, XRP and Ethereum, who constitute 48.5%, 20.1%, 5.7%, 3.9%and 3.0%of our AOP [Assets on Platform] As of June 30, 2025, respectively. »»
The S-1 also describes a double-class actions structure, giving class B shareholders, in particular the co-founder and CEO Mike Belshe, 15 votes per share against a vote for class A actions. This configuration guarantees that Belshe will retain control after the offer, Bitgo qualifying as “controlled company” according to the rules of Nlysis.
BitGO said that the product IPO would finance the development of technology, acquisitions and stock remuneration while stimulating visibility and financial flexibility.
The IPO follows the public list of extensions of other large companies in the cryptocurrency sector, including Circle, Gemini and the parent company of Coindesk.
