BitGo Files for US IPO to Meet Growing Institutional Demand for Digital Asset Custody
Crypto custody firm BitGo has officially filed for a US initial public offering (IPO) as it seeks to leverage the increasing institutional interest in digital asset infrastructure during the Trump administration. The company plans to list its Class A common stock on the New York Stock Exchange, using the ticker symbol “BTGO,” as stated in its Form S-1 registration with the SEC, filed on Friday.
Headquartered in Palo Alto, BitGo reported around $90.3 billion in assets on its platform as of June 30, 2025. The firm caters to a diverse clientele of over 4,600 entities and more than 1.1 million users spread across 100 countries.
BitGo’s Services and Unique Structure
BitGo provides support for over 1,400 digital assets and serves a blend of crypto-native businesses, financial institutions, government entities, and high-net-worth individuals. Notably, the firm offers $250 million in insurance coverage along with completion of Service Organization Control (SOC) 1 and SOC 2 audits.
Michael Belshe, BitGo’s co-founder and CEO, will maintain significant control through a dual-class share structure, owning Class B shares that grant him 15 votes each, compared to one vote for each Class A share. This arrangement classifies BitGo as a “controlled company” under NYSE regulations, which exempts it from certain governance requirements.
The filing for the IPO follows BitGo’s recent receipt of an extended license from Germany’s Federal Financial Supervisory Authority (BaFin), enabling its European division to offer trading, custody, staking, and transfer services in alignment with the EU’s Markets-in-Crypto-Assets (MiCA) framework.
In recent months, various crypto firms have achieved successful public market launches, including stablecoin issuer Circle, crypto exchange Bullish, and blockchain-based lending platform Figure. Earlier this month, US Bancorp reintroduced its digital asset custody services for institutional investors after regulatory changes by the Trump administration repealed an SEC rule that mandated banks to maintain capital reserves against crypto-related activities.
Originally launched in 2021 alongside NYDIG, the service was temporarily halted due to compliance issues. With the rule rescinded, US Bancorp has made its return to the crypto market.
Additionally, an increasing number of traditional financial institutions are entering the crypto custody space. In July, Deutsche Bank, Germany’s largest bank, announced plans to enable its customers to store cryptocurrencies, such as Bitcoin, starting next year. Moreover, in August, it emerged that Citigroup was considering the introduction of cryptocurrency custody and payment services.
