BitGo, a prominent player in the crypto custody sector, has officially submitted its application for a US initial public offering (IPO). The firm seeks to leverage the growing institutional interest in digital asset infrastructure amid a shifting regulatory landscape under the Trump administration.
According to its Form S-1 registration filed with the Securities and Exchange Commission (SEC), BitGo plans to list its Class A common stock on the New York Stock Exchange, operating under the ticker symbol “BTGO.” As of June 30, 2025, the Palo Alto-based company reported an impressive $90.3 billion in assets under management. The firm’s clientele includes over 4,600 organizations and more than 1.1 million individual users across 100 different countries.
BitGo’s service offerings extend to more than 1,400 digital assets, catering to a diverse array of clients, including crypto-focused firms, financial institutions, government entities, and wealthy individuals. In addition to demonstrating its robust operational framework, BitGo is backed by $250 million in insurance and has successfully completed Service Organization Control (SOC) 1 and SOC 2 audits, underscoring their commitment to security and compliance.
In a notable governance provision, Michael Belshe, BitGo’s co-founder and CEO, will retain significant voting power through a dual-class share structure. This arrangement allows him to hold Class B shares, which provide him with 15 votes per share, in stark contrast to the single vote afforded to Class A shares. As a result, BitGo qualifies as a “controlled company” under NYSE regulations, thus exempting it from certain governance standards.
The timing of this IPO application aligns with BitGo’s recent achievements, including an extended license from Germany’s Federal Financial Supervisory Authority (BaFin). This approval enables BitGo’s European operations to offer trading, custody, staking, and transfer services compliant with the European Union’s Markets-in-Crypto-Assets (MiCA) framework.
Successfully navigating the public market landscape, BitGo follows the footsteps of several other crypto entities that have recently made impactful stock market entries. Companies like stablecoin issuer Circle, cryptocurrency exchange Bullish, and blockchain-based lending firm Figure have all celebrated notable debuts, showcasing a resurgent interest in crypto equities.
In the broader context of traditional finance’s evolution in the crypto space, US Bancorp made headlines this month by revamping its digital asset custody services for institutional investment managers. This move comes after the Trump administration rolled back previous regulatory constraints that required banks to hold additional capital against their crypto activities, allowing US Bancorp to reintroduce its service, which was temporarily suspended due to compliance issues.
Moreover, established financial institutions are increasingly entering the crypto custody arena. Notably, Deutsche Bank, Germany’s largest bank, announced plans to enable its clients to store cryptocurrencies, including Bitcoin, by next year. Additionally, Citigroup has reportedly begun exploring opportunities to provide cryptocurrency custody and payment services.
As the crypto landscape continues to evolve and adapt to regulatory changes, BitGo’s ambitious IPO filing signifies a pivotal moment for the firm as well as the broader industry, poised to reflect the mounting institutional appetite for digital asset management.
