Bitgo Holdings Inc. has officially filed a Form S-1 with the U.S. Securities and Exchange Commission, marking a major step toward becoming a publicly traded company. The digital asset infrastructure and custody firm said it plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol BTGO.
The preliminary prospectus does not yet specify the number of shares to be offered or the proposed price range. The filing indicates that both the company and certain existing shareholders may sell shares in the offering, while underwriters will hold a 30-day option to purchase additional shares.
Dual-Class Structure Keeps Voting Power Concentrated
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 filing, co-founder and CEO Michael Belshe is expected to retain majority voting control after the IPO, which would make Bitgo a “controlled company” under NYSE rules.
Although companies with that designation may rely on certain governance exemptions, Bitgo said it does not currently intend to use those exemptions. Even so, the structure makes clear that the company wants to access public capital markets without relinquishing strategic control.
Institutional Custody Is at the Center of the Pitch
Bitgo presents itself as a broad institutional platform rather than a pure-play wallet provider. In its filing, the company describes services spanning self-custody wallets, qualified custody, liquidity, prime services, and infrastructure-as-a-service. The prospectus repeatedly stresses institutional safeguards, which remain central to Bitgo’s market identity.
Among the operational claims highlighted in the filing, Bitgo says its qualified custody offering is backed 100% by cold storage. It also says client assets are structured to be bankruptcy remote, and that its systems and controls have undergone SOC 1 Type 2 and SOC 2 Type 2 audits. In addition, the company disclosed insurance coverage of up to $250 million for qualified custody.
That combination of cold storage, legal segregation, third-party audits, and insurance appears designed to reassure institutional investors and public market participants that digital asset custody can meet the standards expected in traditional finance.
Platform Scale Reaches Tens of Billions
Bitgo’s filing provides a detailed snapshot of its operating 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, it said it served more than 4,600 clients across over 100 countries and supported more than 1,400 digital assets.
The company also disclosed approximately $25.6 billion in assets staked for the quarter ended June 30, 2025. These figures suggest that Bitgo is positioning itself not only as a secure storage provider, but also as a full-service institutional crypto platform participating in custody, settlement, and yield-related infrastructure.
Bitgo reported having around 565 full-time employees as of June 30, 2025, spread across the United States, Canada, Europe, Asia, Latin America, and the Middle East. That geographic footprint underscores the company’s effort to build a globally distributed compliance and service model around institutional crypto adoption.
Financials Show Strong Reported Revenue Growth
The S-1 includes summary financial data that show total revenue of $3.081 billion for 2024 and $4.185 billion for the six months ended June 30, 2025, as presented in thousands. A substantial portion of that revenue is tied to digital asset sales and the associated costs of those sales.
Specifically, Bitgo reported $2.531 billion in digital asset sales costs for 2024 and $3.876 billion in such costs for the first half of 2025. These figures indicate that headline revenue should be viewed in the context of significant pass-through or trading-related activity, which is important for investors evaluating the company’s margin profile and business mix.
The filing outlines several revenue streams, including digital asset sales, staking, subscriptions and services, stablecoin-as-a-service, and interest income. Subscription and service revenue includes custody and wallet fees, lending, and crypto-as-a-service offerings. This diversified model suggests Bitgo is trying to broaden revenue beyond custody alone and tie client relationships to multiple products.
Stablecoin Services Add Another Layer
Bitgo also used the filing to explain how its stablecoin-as-a-service business works. The company said coins issued through this business are fully backed by segregated reserve assets. Deposits from stablecoin holders are recorded as liabilities, while interest earned on reserve assets is recognized as revenue.
As of June 30, 2025, Bitgo reported about $2.207 billion in deposits from stablecoin holders, matched by restricted cash and cash equivalents held on their behalf. The filing notes that the company had one active stablecoin-as-a-service client at the time of the prospectus and fewer than ten active crypto-as-a-service clients. Fees in those segments are tied to issuance, reserve management, transaction processing, or use of specific infrastructure components.
That disclosure is significant because it shows Bitgo is participating in one of the fastest-growing areas of digital asset infrastructure, even if the client base disclosed in the filing remains relatively concentrated at this stage.
Regulatory Footprint Spans the U.S., Europe, and Dubai
Regulation is another major theme in the prospectus. Bitgo said its trust subsidiaries are regulated in South Dakota, New York, and Dubai, with additional oversight in jurisdictions including Germany, Switzerland, and Denmark. At the parent-company level, Bitgo said it is not registered as a broker-dealer or investment adviser.
However, the filing states that broker-dealer subsidiary Portum Capital LLC is subject to oversight by the SEC and FINRA. The company also highlighted developments under the European Union’s MiCA framework, disclosing that a subsidiary obtained a MiCA license from Germany’s BaFin in May 2025. That license allows it to provide digital asset services across the EU under the bloc’s evolving regulatory regime.
By emphasizing this regulatory architecture, Bitgo appears to be making a broader argument: that crypto infrastructure firms with strong compliance credentials may be better positioned to win institutional clients and public-market confidence.
A Test Case for Public-Market Appetite
Bitgo’s move toward a public listing arrives at a time when investors are paying closer attention to the infrastructure side of the digital asset industry. Unlike retail-facing trading platforms that often dominate headlines, custody providers sit at the foundation of institutional market participation. Their role in safekeeping assets, supporting staking, enabling settlement, and interfacing with regulated clients makes them a critical part of crypto’s long-term integration with traditional finance.
If the IPO proceeds successfully, Bitgo’s debut would represent more than a ticker launch. It would serve as a market test of whether institutional crypto custody has matured enough to command durable support on Wall Street. With BTGO, investors will be evaluating not only growth and revenue, but also governance, regulatory execution, business concentration, and the broader question of how digital asset infrastructure fits into public equity markets.
For now, the filing shows a company trying to present itself as secure, regulated, global, and increasingly diversified. Whether public investors embrace that narrative will become clearer once pricing terms and market conditions are revealed.