BitGo Targets $90.3B Assets in U.S. IPO Filing 2025: Report

• BitGo, a leading crypto custodian, files for a U.S. IPO to list shares as BTGO.
• The firm manages $90.3B in assets, serving 4,600 clients and 1.1M users worldwide.
• CEO Michael Belshe keeps control with dual-class shares granting 15 votes each.

BitGo, Crypto Custodian, plans to go public in the U.S. A cryptocurrency custody start-up has filed for an I.P.O. The move underscores increasing confidence in digital asset infrastructure as institutions come back into favor under the Trump administration. BitGo intends to trade on the New York Stock Exchange under the symbol BTGO, according to its SEC Form S-1 registration filed Friday.

Source: SEC

The Palo Alto company said it had $90.3 billion in assets on its platform as of June 30, 2025. It connects more than 4,600 organisations and 1.1 million users in over 100 countries. BitGo — which has more than 1,400 digital assets on its platform — counts financial institutions, government entities, crypto-native companies and high-net-worth individuals among its clientele.

BitGo’s Security and Leadership Structure

BitGo also touts trust and security. The company has $250 million in insurance coverage. It has undergone Service Organization Control 1 and 2 audits, which provide regulators and clients with assurances of being in compliance. These are steps it is taking to position itself as a trustable steward for institutional investors.

Also Read: BitGo Gains EU Approval, Expands Crypto Custody Services Across Europe

Co-founder and Chief Executive Michael Belshe will retain control of the company. A dual-class structure means he would have Class B shares with voting power of 15 votes apiece, compared one vote for each Class A share — making BitGo a controlled company under NYSE rules, so it would be exempt from some governance practices.

The filing comes after a regulatory win in Europe. BitGo picked up an expanded license from the German regulator BaFin. This clearance, granted to its European branch, permits the firm to undertake trading and custody as well as staking and transfer services under the EU’s fresh Markets-in-Crypto-Assets regulation. BitGo’s license with the trust allows BitGo to gain a foothold in one of the most significant financial regions in the world.

Rising Wave of Crypto IPOs and Bank Reentry

The company’s I.P.O. coincides with a push by crypto firms to go public. All three have done recent offerings and are now iso and/or hypodesigned. Their listings are a sign investors have new confidence. The move by BitGo will help build momentum in the sector, which has lagged but has gained some favor over time with Wall Street capital markets.

US Bancorp restarted services for institutional managers earlier this month. The bank had initially rolled out with NYDIG in 2021, but suspended after facing regulatory headwinds. A Trump administration rollback removed a rule that forced banks to hold capital against crypto exposure, paving the way for its return.

In Europe, Deutsche Bank announced in July that it would offer crypto custody services to clients starting next year. Citigroup is also considering offering custody and settlement services. These changes indicate how traditional financial firms are moving in sync with the digital asset economy.

The platform’s potential listing represents a significant move for the company and potentially the broader market. With its robust regulatory positioning contrasted against sizable infrastructure, the company wants to get more institutional demand. As banks and cryptocurrency companies turn toward custody alike, platform’s IPO may present a crossroads where the service is widely adopted.

Also Read: BitGo Secures Key License In Crypto-Hub Singapore: Report