BitGo's revenue soars to $10 billion as the crypto custody giant prepares for IPO

Cryptocurrency asset custody company BitGo officially launches its US IPO, which could be the most significant financing event in the crypto industry in 2026. According to the latest news, BitGo plans to list on the New York Stock Exchange, issuing 11.8 million shares at a price of $15 to $17 per share, raising up to $201 million. More notably, its performance is impressive—revenue in the first three quarters of 2025 has already reached $10 billion, with an estimated full-year revenue of around $16 billion. Founded in 2013, this custody company is becoming a key part of crypto financial infrastructure.

The True Face of Performance Growth

BitGo’s numbers are indeed remarkable. According to the prospectus, revenue in the first three quarters of 2025 reached $10 billion, compared to $1.9 billion in the same period of 2024, an increase of over 400%. This is not inflated growth—net profit is approximately $35.3 million, and net income attributable to the parent company is about $8.1 million, also showing growth from $5.1 million in the same period last year.

Where does this growth come from? The key lies in the surge in institutional demand for compliant custody services. The rise of spot ETFs, improved regulatory frameworks, and over 5,100 institutional clients seeking secure custody have all driven BitGo’s business expansion.

Strategic Significance of Upgrading to a Compliant Identity

An IPO is just the surface; more important is BitGo’s recent conditional approval from the OCC (Office of the Comptroller of the Currency), making it a national trust bank. What does this mean?

Legal Status Transformation

• Upgraded from a private custody company to a federally regulated trust bank
• Gained federal trust authority and fiduciary responsibilities
• Not only safekeeping private keys but also providing legal accountability and governance frameworks
• This is the foundation of trust for institutional investors

Business Scope Expansion

According to relevant information, BitGo is also expanding its institutional OTC trading platform and adding derivatives trading functions. Client collateral will be stored in its regulated custody institution. This indicates that BitGo is evolving from a simple asset custodian to a comprehensive institutional-grade infrastructure.

Consolidating Market Position

As of September 30, 2025, BitGo’s platform custody assets reached $104 billion, supporting over 1,550 digital assets. This scale places it among the top in the crypto custody field.

It is worth noting that BitGo is controlled by Sun Yuchen, which brings additional market attention and resource support. Goldman Sachs and Citigroup participating as lead underwriters also reflect traditional financial institutions’ recognition of BitGo’s business model.

Industry Significance of the IPO

BitGo’s listing is not just a corporate financing event but a milestone in the compliance process of the crypto industry. It indicates that:

• Crypto custody has moved from the gray area to institutionalization and compliance
• Institutional-grade infrastructure is becoming a core competitive advantage in the crypto ecosystem
• Participation of traditional financial institutions is increasing
• The crypto industry is attracting more mainstream capital

Compared to Galaxy Digital’s 2022 decision to abandon acquiring BitGo at half the valuation, now listing at nearly $2 billion valuation shows that the industry’s recognition of the value of compliant custody is upgrading.

Summary

BitGo’s IPO reflects three trends in the crypto industry: the certainty of performance growth, the importance of a compliant identity, and the explosive increase in institutional demand. The $10 billion revenue in the first three quarters may seem astonishing, but behind it lies real business expansion and institutional trust accumulation. Whether this listing will succeed largely depends on the continued prosperity of the crypto market and ongoing institutional demand for compliant custody. For the industry, this is a signal—the construction of crypto financial infrastructure is accelerating, and platforms that obtain compliant status will gain a greater competitive advantage.