From 1.9 billion to 10 billion: Crypto custody giant BitGo races to the NYSE, institutional entry accelerates

【Blockchain Rhythm】The crypto asset custody circle has recently caused quite a stir. Founded in 2013 and a leading custody provider in the United States, BitGo is going public, planning to list on the New York Stock Exchange under the ticker BTGO.

The financing scale is substantial. This IPO plans to raise up to $2.01 billion by selling 11.8 million shares, with a price range of $15 to $17 per share. It seems to be riding the wave of institutionalization in crypto assets to enter the public market in one go. Goldman Sachs and Citigroup are serving as lead underwriters, making the lineup quite strong.

The most critical aspect is the performance data. The figures in the prospectus are quite impressive—by the first nine months of 2025, BitGo’s revenue exceeded $10 billion, compared to $1.9 billion in the same period last year, with a growth rate of over 4 times. In simple terms, it’s a shift from not making much money to making a lot. Net profit is about $35.3 million, with net profit attributable to shareholders around $8.1 million, also growing significantly compared to $5.1 million in the same period last year.

The scale of assets under custody better illustrates the point. By the end of September this year, the assets under custody on the BitGo platform reached $104 billion, covering over 1,550 digital assets. This number reflects a trend—more and more institutional and professional investors are taking crypto asset security storage seriously. After all, self-custody is too risky, and finding professional custody service providers has become standard.

BitGo’s outlook for the full year 2025 is also quite optimistic, expecting annual revenue between $16.02 billion and $16.09 billion. At this pace, the money raised after the IPO is mainly to supplement liquidity, with real profit growth coming from business scale expansion.