 while profit fell to $12.6M.){kind=link}
BitGo, a U.S. crypto custody firm, said it nearly quadrupled revenue in the first half of 2025 and filed for a U.S. IPO on Friday. The filing shows revenue rose to $4.19 billion for the six months ended June 30, with profit of $12.6 million, Reuters reported.
The firm plans to list on the New York Stock Exchange under the ticker BTGO. The move comes as investors warm to crypto stocks after several strong new listings and clearer rules in Washington. BitGo filed the paperwork with Goldman Sachs and Citigroup as the lead underwriters.
Market context
This fall is shaping up as a busy period for U.S. IPOs, as several crypto-related listings have drawn large interest from investors. Early demand for firms such as Circle, Bullish and Figure helped push more money toward the sector. That appetite followed steps by regulators that gave some firms clearer paths to mainstream markets.
Financial snapshot
BitGo said revenue for H1 2025 was $4.19 billion, and that compares with $1.12 billion in the same period a year earlier. Net income fell to $12.6 million from $30.9 million a year ago.
The company said it grew revenue quickly as more institutions used its custody services. BitGo had a valuation of $1.75 billion after a 2023 funding round.
Why are investors paying attention?
Institutional cash is moving into crypto again, and ETF flows and more adoption by big firms have lifted demand. Regulators in Washington have also signalled friendlier treatment for parts of the industry.
Josef Schuster, CEO of IPO research firm IPOX, said investors are starting to treat digital assets as their own asset class instead of only risky bets. That view helped make recent crypto IPOs popular on their first trading days.
Services and role
Founded in 2013, BitGo stores and secures digital assets for clients. Custody services are vital for institutions that hold crypto.
The firm protects keys and manages storage. As banks and funds look to add crypto to portfolios, custody has grown in importance.
Deal details
BitGo will seek a listing on the New York Stock Exchange under the symbol BTGO.
Goldman Sachs and Citigroup are the lead underwriters for the deal, and the filing gives investors a clearer view of the company’s recent growth and its plans for public markets.
Related developments: RuneSoul funding
In a separate item, RuneSoul, a Web3 gaming infrastructure project, closed a $4 million strategic financing round. The round was led by Bitgo Capital, an investment arm related to the custody group.
AccelByte Fund and IGC Guild also took part. RuneSoul said the funds will help build its platform and expand partnerships in gaming.
What to watch next?
Investors will watch pricing and demand when BitGo sets terms for the IPO. Market conditions and appetite for new listings will matter.
The success of recent crypto debuts may help, but each deal faces its own tests. How regulators act in the coming months will also affect interest.
BitGo’s rise in revenue and its move toward a public listing mark a big step for a custody firm that has been building for over a decade. The company’s results show fast top-line growth. Still, profit fell from last year.
The offering will test whether investors keep backing crypto firms as they move from private markets onto public exchanges.