Crypto custody startup BitGo reveals near fourfold revenue jump in US IPO filing

By Ateev Bhandari and Prakhar Srivastava

Sept 19 (Reuters) - Crypto custody startup BitGo's revenue nearly quadrupled in the first half of 2025, its filing for a U.S. initial public offering showed on Friday, following a string of stellar crypto debuts as investors flock to new listings.

U.S. IPOs are set to have one of the busiest issues since 2021 this fall, with crypto firms anchoring a market that was scuttled by tariff uncertainty in April.

Blowout day one receptions to stablecoin giant Circle CRCL.N, crypto exchange Bullish BLSH.N and blockchain lender Figure FIGR.O have reinforced investor appetite for the digital assets sector, which has made significant headway towards mainstream acceptance on marquee regulatory wins.

As Washington takes an increasingly welcoming stance on a sector that once was on the fringes of finance, ETF flows and institutional adoption have also upticked.

"Investors are increasingly viewing digital assets as an asset class in their own right, rather than purely speculative instruments," said Josef Schuster, CEO of IPO research firm IPOX.

Founded in 2013, BitGo is one of the largest crypto custody firms in the United States. It stores and protects digital assets for clients, a role that has gained importance as institutional interest in crypto grows.

It secured a valuation of $1.75 billion in a 2023 funding round.

BitGo reported a profit of $12.6 million on revenue of $4.19 billion for the six months ended June 30, compared with a profit of $30.9 million on revenue of $1.12 billion a year earlier.

BitGo intends to list on the New York Stock Exchange under the symbol "BTGO".

Goldman Sachs and Citigroup are the lead underwriters for the offering.