Cryptodian Bitgo has submitted its first public S-1 registration statement to the US Securities and Exchange Commission (SEC), plan to mention class A ordinary shares on the New York Stock Exchange under the Ticker BTGO.
The submission offers a rare view of the business scale of the company. In the first six months of 2025, Bitgo generated $ 4.19 billion in income, so that the $ 1.12 billion was registered almost a year earlier in the same period.
However, profitability, however tightened: the net income for the six months fell to $ 12.6 million, a decrease of $ 30.9 million in the first half of 2024, because rising operating costs in weighed on margins.
In 2024, Bitgo reported $ 3.08 billion in income and $ 156.6 million in net income, with $ 54.1 million to be attributed to ordinary shareholders.
Bitgo, located in Palo Alto, was founded in 2013 and built up his reputation by offering cold storage and multi-signature portfolios for trade fairs, hedge funds and banks. The company now manages more than $ 90 billion in cryptocurrency on its platform, from 1.14 million users.
However, these figures remain concentrated in usually five cryptocurrencies.
Per submission: “The value of a majority of our AOP is and remains concentrated in a few digital assets of our customers, including Bitcoin, Sui, Solana, XRP ($ 2.99) and Ethereum, which form 48.5%, 20.1%, 5.7%, 3.9%and 3.0%of our AOP [Assets on Platform] From 30 June 2025 respectively. ”
The S-1 also outlines a dual class structure, which means that class B shareholders, including co-founder and CEO Mike Belshe, 15 votes per share compared to one voice for class A shares. This set -up ensures that Belshe will keep control after the offer, whereby Bitgo qualifies as a ‘controlled company’ according to NYSE rules.
Bitgo said that IPO yields would finance the development of technology, acquisitions and shares-based compensation and at the same time increase visibility and financial flexibility.
The IPO follows public list movements of other large companies in the cryptocurrency sector, including Circle, Gemini and the parent company Bullish van Coindesk.
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