BitGo, one of the leading cryptocurrency custody companies, has released its financial results ahead of its initial public offering on the New York Stock Exchange (NYSE).
This is reported by Finway
Financial Performance and IPO Preparation
For the first half of 2025, BitGo reported a revenue of $4.19 billion, nearly four times higher than last year’s result. The company’s net profit during this period amounted to $12.6 million. According to the document submitted to the U.S. Securities and Exchange Commission (SEC), BitGo plans to list on the NYSE under the ticker BTGO, with Goldman Sachs and Citigroup serving as the lead underwriters.
User Base Growth and International Operations
As of June 30, 2025, the number of users of the BitGo service reached 1.15 million, representing an 18% increase compared to the same period in 2024.
In its documents, the company emphasizes its collaboration with the governments of the U.S., El Salvador, and Bhutan, as well as with organizations associated with political leaders. Specifically, BitGo serves as the custodian and infrastructure provider for the stablecoin USD1, which was launched in June 2025 by World Liberty Financial, affiliated with the current U.S. president.
“Active criticism of any political leaders or government entities with whom we have or are perceived to have relationships may lead to increased regulatory scrutiny, public criticism, or accusations of favoritism, conflicts of interest, or undue influence,” the document states.
In July, BitGo filed a confidential IPO application, rumors of which had emerged earlier in the year. Additionally, the company recently obtained a license from BaFin, allowing it to operate in the European Union as a regulated crypto service. BitGo has thus joined companies like Coinbase, Kraken, Bybit, Gemini, and Bitvavo, which already hold the necessary permits to operate in Europe.
Analysts note that the fall of 2025 could be one of the most active periods for the IPO market in the U.S. since 2021. The market debut of companies like Circle, Bullish, and Figure has already heightened investor interest in the cryptocurrency sector, which has recently achieved several significant regulatory victories.