Bitgo, a Delaware corporation based in Palo Alto, filed with the Securities and Exchange Commission (SEC) on Sept. 19, 2025. The preliminary prospectus leaves blank the number of shares and price range, with the company and certain selling stockholders offering shares. The underwriters have a 30-day option to purchase additional stock.
The offering features a dual-class structure: Class A common stock carries one vote per share, while Class B carries 15 votes per share. Bitgo co-founder and CEO Michael Belshe is expected to control a majority of the voting power after the IPO, making Bitgo a “controlled company” under NYSE rules, even though the company says it does not currently intend to rely on related governance exemptions.
The underwriting syndicate includes Goldman Sachs, Citigroup, Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Keefe, Bruyette & Woods (a Stifel company), Canaccord Genuity, Cantor, Clear Street, Compass Point, Craig-Hallum, Wedbush Securities, Rosenblatt, and SoFi.
Bitgo positions itself as an institutional platform spanning self-custody wallets, qualified custody, liquidity, and prime services, and infrastructure-as-a-service. The company says its qualified custody is 100% supported by cold storage, assets are structured to be bankruptcy remote, audits include SOC 1 Type 2 and SOC 2 Type 2, and insurance coverage for qualified custody is up to $250 million.
Operationally, Bitgo reported approximately $90.3 billion in “Assets on Platform” for the six months ended June 30, 2025, more than 4,600 clients across 100+ countries, and support for over 1,400 digital assets as of the same date. The company reported $25.6 billion in assets staked for the quarter ended June 30, 2025.
As of June 30, 2025, the company had about 565 full-time employees across the U.S., Canada, Europe, Asia, Latin America, and the Middle East.
Bitgo’s summary financial data show total revenue of $3.081 billion for 2024 and $4.185 billion for the six months ended June 30, 2025 (in thousands), with a substantial portion tied to digital asset sales revenue and related costs. The 2024 digital asset sales cost was $2.531 billion, and it was $3.876 billion for the first half of 2025.
The Bitgo filing further outlines revenue streams across digital asset sales, staking, subscriptions, and services (including custody and wallet fees, lending, and crypto-as-a-service), stablecoin-as-a-service, and interest income. For stablecoin-as-a-service, Bitgo states that issued coins are fully backed by segregated reserve assets; deposits from stablecoin holders appear as a liability, and interest on reserve assets is recognized as revenue.
As of June 30, 2025, Bitgo stated that deposits from stablecoin holders were about $2.207 billion, matched by restricted cash and cash equivalents held for those holders. The Bitgo S-1 notes one active stablecoin-as-a-service client at the time of the prospectus, and fewer than ten active crypto-as-a-service clients, with fees tied to issuance, reserve management, processing, or use of specific infrastructure components.
Regulatory disclosures indicate Bitgo’s trust subsidiaries are regulated in South Dakota, New York, and Dubai, with additional oversight in Germany, Switzerland, and Denmark, among others. The company says it is not registered as a broker-dealer or investment adviser at the parent level, while a broker-dealer subsidiary (Portum Capital LLC) is subject to SEC and FINRA oversight.
Bitgo also highlights EU MiCA developments and says a subsidiary obtained a MiCA license from Germany’s BaFin in May 2025 to provide digital asset services in the EU. The prospectus emphasizes the company’s qualified-custodian framework, cold-storage model, and insurance, positioning these as institutional safeguards. Bitgo ties these operational features to its treasury approach and client relationships, noting integration with settlement rails it calls the Go Network.
Bitgo’s Wall Street entrance is less about champagne corks and more about ice-cold custody, dual-class voting, and billions in staked assets. If the IPO succeeds, it won’t just put “BTGO” on the ticker—it’ll test whether digital asset custody has finally earned a permanent seat at Wall Street’s board table.
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