- BitGo files for IPO, aiming for increased market presence.
- Michael Belshe to maintain control through dual-class shares.
- Over $90 billion assets under custody disclosed in filing.
BitGo, a leading U.S. crypto custody firm, filed for an IPO with the SEC, listing $90 billion in assets under custody, aiming to list on NYSE.
BitGo’s IPO signifies increased confidence in crypto custodial services, potentially affecting market dynamics and institutional strategies surrounding digital assets like Bitcoin and Ethereum.
BitGo, a U.S. crypto custody firm, filed an S-1 registration statement with the SEC for an IPO. This marks a significant step with over $90.3 billion in assets under custody.
Led by CEO Michael Belshe, the company provides services to over 4,600 institutional clients. Post-IPO, Belshe will keep control with Class B shares granting 90% voting power. Michael Belshe, CEO and Co-founder, BitGo, said, “Upon completion of this offering, the Class B shares … will represent approximately 90% of the voting power of our outstanding capital stock.”
The IPO is anticipated to influence major cryptocurrencies like BTC and ETH with potential market volatility. Historical trends suggest a spike in institutional investments.
Financially, BitGo reported $4.19 billion in revenue for H1 2025, signaling robust growth and increased investor interest.
The IPO engagement involves notable underwriters like Goldman Sachs and Citigroup. This backing could enhance confidence in the crypto market, drawing more institutional players.
Potential outcomes include heightened institutional player interest in cryptocurrencies and regulatory scrutiny affecting custody services. Historical IPOs, such as Coinbase, have shown similar impacts on market sentiment.
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