BitGo Holdings Inc., a digital asset custody and infrastructure provider, has filed a Form S-1 with the U.S. Securities and Exchange Commission as it moves toward an initial public offering. The company also applied to list its Class A common stock on the New York Stock Exchange under the ticker BTGO. The preliminary prospectus does not yet specify the number of shares to be sold or the expected price range, indicating that those terms will be determined later. The filing states that both the company and certain selling stockholders may participate in the offering, and underwriters will have a 30-day option to purchase additional shares.
A dual-class structure gives control to management
One of the most notable features of the filing is BitGo’s dual-class share structure. Under the proposed setup, Class A shares carry one vote per share, while Class B shares carry 15 votes per share. According to the prospectus, co-founder and chief executive officer Michael Belshe is expected to retain majority voting control after the IPO. That would make BitGo a “controlled company” under NYSE rules, although the company said it does not currently intend to rely on the governance exemptions available to such issuers.
The underwriting group includes a long list of major financial institutions, among them Goldman Sachs, Citigroup, Deutsche Bank Securities, Mizuho, Wells Fargo Securities, KBW, Canaccord Genuity, Cantor, Clear Street, Compass Point, Craig-Hallum, Wedbush, Rosenblatt, and SoFi. The breadth of the syndicate underscores the level of institutional interest surrounding a public market debut by a crypto infrastructure company focused on custody and related services rather than retail trading alone.
BitGo pitches itself as institutional crypto infrastructure
In the filing, BitGo presents itself as an institutional platform spanning multiple segments of the digital asset market. Its business lines include self-custody wallets, qualified custody, liquidity, prime services, and infrastructure-as-a-service. The company emphasizes that its qualified custody offering is backed by 100% cold storage, that client assets are structured to be bankruptcy remote, and that its controls have been audited under SOC 1 Type 2 and SOC 2 Type 2 frameworks. It also says insurance coverage for qualified custody reaches up to $250 million.
Those claims are central to BitGo’s public-market narrative. Rather than positioning itself primarily as a speculative crypto business, the company is framing its value proposition around security architecture, compliance, and institutional-grade operating standards. In an environment where many investors remain cautious about digital assets, those details may play a key role in how the IPO is received.
Platform assets topped $90.3 billion as of mid-2025
Operational metrics disclosed in the prospectus provide a snapshot of BitGo’s scale. For the six months ended June 30, 2025, the company reported approximately $90.3 billion in Assets on Platform. As of the same date, BitGo said it served more than 4,600 clients in over 100 countries and supported more than 1,400 digital assets. The company also reported $25.6 billion in assets staked for the quarter ended June 30, 2025.
BitGo’s workforce stood at about 565 full-time employees as of June 30, 2025, spread across the United States, Canada, Europe, Asia, Latin America, and the Middle East. That global footprint aligns with the company’s positioning as a multi-jurisdictional service provider for institutions seeking custody, wallet infrastructure, settlement connectivity, and yield-related services.
Revenue mix includes trading-related activity, staking, services, and interest income
The filing also offers a closer look at BitGo’s financial profile. Summary financial data show total revenue of $3.081 billion for 2024 and $4.185 billion for the six months ended June 30, 2025, as presented in the prospectus in thousands of dollars. A significant portion of that activity was tied to digital asset sales revenue and corresponding costs. For example, the company listed digital asset sales costs of $2.531 billion in 2024 and $3.876 billion in the first half of 2025.
Beyond digital asset sales, BitGo said its revenue streams include staking, subscriptions, service fees, custody and wallet fees, lending, crypto-as-a-service, stablecoin-as-a-service, and interest income. This mix suggests that BitGo is seeking to diversify beyond pure custody and build a broader institutional platform with multiple fee-generating channels. At the same time, the filing indicates that some lines of business remain relatively concentrated in terms of active customer count.
Stablecoin services remain small in client count but sizable in balances
BitGo’s prospectus provides specific details about its stablecoin-as-a-service business. The company states that coins issued through this business are fully backed by segregated reserve assets. Deposits from stablecoin holders are recorded as a liability, while interest generated on reserve assets is recognized as revenue.
As of June 30, 2025, BitGo reported approximately $2.207 billion in deposits from stablecoin holders, matched by restricted cash and cash equivalents held on their behalf. However, the prospectus also noted that the company had only one active stablecoin-as-a-service client at the time of the filing. In addition, BitGo said it had fewer than ten active crypto-as-a-service clients, with fees tied to issuance, reserve management, processing, or the use of specific infrastructure modules. Those figures indicate that while the balances involved may be meaningful, parts of the business are still concentrated in a limited client base.
Global regulation and MiCA licensing support expansion case
Regulatory disclosures form another important part of the IPO story. BitGo said its trust subsidiaries are regulated in South Dakota, New York, and Dubai, while it is also subject to additional oversight in Germany, Switzerland, and Denmark, among other jurisdictions. The parent company itself is not registered as a broker-dealer or investment adviser, according to the filing, but its broker-dealer subsidiary, Portum Capital LLC, is overseen by the SEC and FINRA.
The company also highlighted developments related to the European Union’s MiCA framework. BitGo said a subsidiary obtained a MiCA license from Germany’s BaFin in May 2025, allowing it to provide digital asset services across the EU. That regulatory milestone could strengthen BitGo’s case with investors looking for crypto firms that can operate within increasingly formalized legal frameworks in major markets.
A key test for crypto custody on Wall Street
BitGo’s planned IPO is significant not just because another crypto-native company is seeking public-market capital, but because of what the company represents within the industry. BitGo is not pitching itself as a consumer exchange or a speculative token issuer. Instead, it is presenting a case built on custody, regulated infrastructure, institutional workflows, settlement rails, and security controls. The filing also points to integration with what it calls the Go Network, linking custody capabilities with settlement and operational infrastructure.
If the offering moves forward successfully, the BTGO listing could become a broader signal for how equity investors value digital asset custody businesses with institutional positioning. It may also serve as a test of whether crypto custody has matured enough to claim a durable place within Wall Street’s public company landscape.