BitGo files S-1 form for IPO, revealing $3B revenue in 2024

BitGo published its S-1 registration statement on Sept. 19, confirming plans for an initial public offering while revealing over $3 billion in revenue for 2024.

Financial data shared by Bloomberg ETF analyst James Seyffart revealed a preliminary prospectus with significant revenue growth, from $926 million in 2023 to over $3 billion in 2024, representing more than 200% year-over-year expansion.

Six-month figures show revenue acceleration continuing into 2025, demonstrating sustained momentum in institutional crypto adoption.

Additionally, the filing confirms confidential paperwork submitted to the SEC on July 21 as the crypto custody firm prepares for a public market debut.

BitGo Holdings plans to list Class A common stock on the New York Stock Exchange under the ticker “BTGO.” The company will maintain a dual-class structure, with Class A shares carrying one vote per share and Class B shares holding fifteen votes each.

Financial performance and platform growth

The filing reveals BitGo’s return to profitability, with a $156.5 million net income in 2024 compared to a $2.1 million loss in 2023.

Key business metrics demonstrate substantial platform expansion, with Assets on Platform reaching $89.9 billion in 2024, nearly tripling from $30.8 billion in 2023.

Client growth accelerated to 2,615 from 1,367 year-over-year, while assets staked surged to $31.8 billion from $6 billion. The user base expanded to 1.04 million from 959,813, reflecting growing institutional and retail adoption.

Six-month 2025 data shows continued momentum with $90.3 billion in assets on the platform and 4,621 clients, indicating accelerating market penetration. Operating expenses totaled $3.09 billion in 2024, primarily driven by $2.53 billion in digital asset sales costs.

Market position and regulatory strategy

BitGo specializes in institutional crypto custody solutions and trading platform infrastructure, positioning itself as regulatory frameworks mature.

The company recently obtained approval under the EU’s Markets in Crypto-Assets framework, enabling pan-European custody services across all member states.

The firm pursues a national bank charter in the US, which would allow deeper integration with traditional banking infrastructure. This dual regulatory approach positions BitGo for expansion as institutional adoption accelerates globally.

The preliminary prospectus indicates existing shareholders will sell shares alongside the company’s offering, though specific share counts and pricing remain undisclosed. It also clarifies that co-founder and CEO Michael Belshe will maintain significant control through the dual-class structure.

The offering represents another crypto-native firm entering public markets as the digital asset sector matures.

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