BitGo, a prominent crypto custody provider, has filed for an initial public offering (IPO) in the United States, signaling a renewed push into institutional digital asset markets amid growing confidence in blockchain infrastructure. The company intends to list its Class A common stock on the New York Stock Exchange under the ticker symbol โBTGO,โ according to its recent SEC filing with Form S-1. This move comes at a time when institutional interest in cryptocurrency continues to rebound, amid elevated demand for secure custody solutions.
As of June 30, 2025, BitGo reported managing approximately $90.3 billion in assets on its platform. Its diverse client base comprises over 4,600 entities and more than 1.1 million users across 100 countries. The firm supports more than 1,400 digital assets, including Bitcoin, Ethereum, and various non-fungible tokens (NFTs). Demonstrating its commitment to security and compliance, BitGo also mentions $250 million in insurance coverage and has successfully completed both SOC 1 and SOC 2 audits.
CEO Maintains Voting Control via Dual-Class Shares
BitGo’s co-founder and CEO, Michael Belshe, will retain significant control over the firmโs voting structure through a dual-class share arrangement. Holding Class B shares with 15 votes each, compared to one vote for Class A shares, Belsheโs voting power exempts BitGo from some of the governance standards typically required by NYSE-listed companies. This structure categorizes BitGo as a โcontrolled company,โ allowing more influence for leadership while pursuing its growth plans.
The move to seek public markets comes alongside strategic regulatory advancements, notably the extension of licensing from Germanyโs Federal Financial Supervisory Authority (BaFin). This license enables BitGoโs European subsidiary to offer a broad suite of services โ including crypto trading, custody, staking, and transfers under the EUโs Markets-in-Crypto-Assets (MiCA) framework.
Recent months have seen several crypto firms successfully enter public markets, such as stablecoin issuer Circle, digital asset exchange Bullish, and blockchain-based lender Figure. These IPO milestones present a positive outlook for the ongoing maturation of the crypto sector within traditional finance and blockchain-enabled DeFi markets.
Traditional Banks Re-enter the Crypto Space
Meanwhile, major financial institutions are rekindling their interest in cryptocurrency custody. US Bancorp recently resumed its digital asset custody services after regulatory changes rolled back previous restrictions introduced during the Trump administration, which had required banks to hold capital against their crypto activities. This re-entry illustrates rising institutional confidence in securing digital assets within regulated frameworks.
Additionally, top European banks like Deutsche Bank and Citigroup are exploring crypto custody and payment services, signaling broader acceptance of cryptocurrencies within mainstream finance. Deutsche Bank plans to allow client crypto storage, including Bitcoin, by next year, and reports indicate Citigroup is evaluating similar offerings, further integrating crypto markets into the traditional banking industry.
