Another major IPO in the crypto space! BitGo, the first crypto custody stock, is entering the US market. Can it repeat the explosive debut seen in previous IPOs?

Recently, the cryptocurrency market has become active again, $Bitcoin (BTC.CC)$ with a strong rebound to a two-month high of $97,900, just one step away from breaking through the $100,000 mark. This rally coincides with the US Senate Banking Committee preparing for a key vote on a cryptocurrency market structure bill, but the fate of the bill remains uncertain due to intense disputes between Wall Street banks and the cryptocurrency industry over stablecoin revenue rights.

Amidst this,custody giant $BitGo Holdings (BTGO.US)$has officially knocked on the door of a US IPO.In fact, since last year, after former US President Trump showed a positive embrace of the crypto industry, many crypto companies have accelerated their steps toward going public. However, the market reaction has been clearly divided.

Circle, the stablecoin issuer, surged over 169% on its debut day and has risen 365% compared to the offering price since listing, becoming one of the most notable cases in 2025.

Additionally, Bullish, invested in by Peter Thiel, soared nearly 84% on its first day, while FIGR, the first RWA stock, rose more than 24% on its debut, accumulating gains of 57% since listing. In contrast, Gemini had a relatively muted performance, rising only 14% on its first day.

So, what is BitGo, which is now eyeing a U.S. IPO? What does the company's fundamentals look like? This article provides an in-depth analysis for you.

What is BitGo?

BitGo is a leading digital asset service provider, founded in 2012.In May 2021, the company was acquired by Galaxy Digital, a Toronto Venture Exchange-listed American digital asset investment firm, for $1.2 billion.Currently, its trading platform averages over $15 billion in monthly transaction volume, covering more than 100 digital assets and tokens.

Positioning itself as a leading digital asset infrastructure service provider, BitGo is committed to offering global institutional clients a one-stop solution.The company’s business spans compliant custody, MPC multi-signature wallets, self-custody technology, liquidity, and infrastructure-as-a-service, driving the transformation of the global financial system into a digital asset economy with secure and reliable technological foundations. It has become the preferred partner for institutional investors, fintech platforms, traditional financial institutions, corporations, and high-net-worth individuals.

The company is one of the earliest and most core institutional-grade digital asset custody and infrastructure providers globally,and is known as the "venerable aristocrat" in the crypto field.。If BitGo successfully goes public in the U.S. this time, it will become the first "crypto custody stock."

Source: Company documents

As of June 30, 2025, BitGo supports over 1,400 digital assets, with Assets on Platform (AoP) totaling approximately $90.3 billion. It serves more than 4,600 clients and over 1.1 million end users across more than 100 countries and regions. BitGo's primary markets include key financial centers in the United States, Europe, and Asia, and it has obtained regulatory licenses in multiple regions to meet local compliance requirements.

Source: Company documents

The company’s current product portfolio consists ofself-custody wallets, qualified custody, liquidity and prime brokerage services, and Infrastructure-as-a-Service solutions,spanning four major segments:

1. Self-custody wallet solution supported by MPC technology:Allow clients to maintain autonomous control over digital assets while minimizing risk;

2. Qualified Custody Services:Safeguard client assets through cold storage in a strict regulatory framework, providing bankruptcy isolation, insurance coverage, and compliance audits;

3. Liquidity and Prime Brokerage Services:Including staking, lending, collateral management, and trade settlement to help clients manage and grow their digital assets flexibly;

4. Infrastructure as a Service:Covering 'white-glove' solutions such as stablecoin issuance, crypto-asset-as-a-service, and token management, offering institutional clients comprehensive support in technology, compliance, and operations.

Source: Company documents

How is the company performing?

In the first half of 2025, the company’s revenue surged to nearly $4.2 billion, compared to $1.12 billion in the same period in 2024, representing a 275% year-over-year increase; net profit was $12.6 million, down approximately 59% from $30.9 million in the same period in 2024.This 'revenue growth without profit' performance adds complexity to the IPO of this custody giant.

Source: Company documents

BitGo has apparently chosen a path of 'profit for market share'a strategic choice all infrastructure companies must face in their early stages.

Moreover, according to the balance sheet, as of June 30, 2025, the company's total assets were approximately $32 billion, total liabilities were $28.56 billion, cash and cash equivalents were about $55.586 million, with an additional $22.07 billion in stablecoin custodial deposits.

Summary

If Coinbase’s listing in 2021 is considered a milestone of the 'trading era,' then BitGo’s push for an IPO this time marks the official start of the 'compliant custody era.'

However, investors must not overlook the significant challenges still facing this field, such as high volatility of digital assets, changes in regulatory policies, and cybersecurity issues.

Additionally, large-scale investments in staking, stablecoins, and infrastructure, while capable of building long-term competitive barriers,have led to high costs in the short term, exacerbating operational risks.

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