BitGo Posts Record Revenue on Path to IPO
Date: 2025-09-22 Author: Gabriel Deangelo Categories: BUSINESS
Custodial platform BitGo has released its financial results in preparation for its initial public offering on the New York Stock Exchange. From January to June 2025, its revenue reached $4.19 billion, nearly four times the previous year's figures. Despite the impressive turnover, net profit was $12.6 million.
The company, founded in 2013 and valued at $1.75 billion in 2023, plans to go public under the ticker symbol BTGO. Goldman Sachs and Citigroup have been appointed as the IPO bookrunners. A September 19 SEC filing also indicated that its user base grew by 18% year-over-year, reaching 1.15 million clients by the end of June.
In its Form S-1 filing, BitGo emphasized its work with government agencies and international organizations. Among its partners are the governments of the United States, El Salvador, and Bhutan. The company also serves as custodian and technical operator of USD1, a stablecoin launched in June by World Liberty Financial, which is associated with the current US president. However, the filing cautions that any political ties could lead to increased regulatory oversight and public criticism.
It's worth noting that BitGo filed a confidential IPO back in July, rumors of which had been circulating since the beginning of the year. At the same time, the company received a license from BaFin, allowing it to operate in the EU as a regulated crypto service. This joins players like Coinbase, Kraken, Bybit, Gemini, and Bitvavo, who already hold European licenses.
According to analysts, the fall of 2025 could be one of the busiest periods for US IPOs since 2021. The successful public offerings of Circle, Bullish, and Figure demonstrated strong investor interest in the crypto sector. This interest is fueled by the industry's recent regulatory victories, heightening anticipation for upcoming listings, including BitGo.
