Finance
What to know:
- BitGo, the self-proclaimed crypto custodian, has finally filed its S-1 with the SEC. They want to list their Class A shares on the NYSE under the ticker BTGO. A little ambitious, don’t you think?
- Profit? Not so much. The company’s net income for the first half of 2025 dropped to $12.6 million from a more impressive $30.9 million a year ago. Oops.
- But hey, BitGo does manage a whopping $90 billion in crypto. Too bad most of it is just five coins. Talk about putting all your eggs in one basket.
Ah, BitGo, the great guardian of your digital riches. It has filed its first public S-1 registration statement with the U.S. Securities and Exchange Commission (SEC). You know, just a little light paperwork to list their Class A stock on the New York Stock Exchange under the ticker BTGO. All in all, pretty typical IPO stuff. Just a few hundred million dollars at stake, no big deal.
Here’s a fun fact: BitGo brought in $4.19 billion in revenue in the first half of 2025. Not bad, right? It’s almost four times what they pulled in during the same period last year. So, everything’s fine, right? Well, about that. Profitability is, shall we say, a bit more delicate. Their net income dropped to $12.6 million from $30.9 million last year. Guess someone needs a new calculator, huh?
In case you were wondering about their historical performance, last year BitGo posted $3.08 billion in revenue and $156.6 million in net income. And let’s not forget that $54.1 million chunk of that was for common stockholders. So, you know, nothing to cry about if you’re holding a piece of that stock.
Oh, and in case you didn’t know, BitGo is based in Palo Alto. Founded back in 2013, they built their reputation by offering cold storage and multi-signature wallets to the big boys-hedge funds, exchanges, and banks. Today, they manage a casual $90 billion in cryptocurrency across 1.14 million users. Impressive, right? Or maybe just a little too concentrated in five digital assets: Bitcoin, Sui, Solana, XRP, and Ethereum. In fact, over 80% of their assets are tied up in those five. Diversification? What’s that?
According to the filing, “The value of a majority of our AoP has been, and continues to be, concentrated in a few digital assets held by our clients, including Bitcoin, Sui, Solana, XRP, and Ethereum, which constitute 48.5%, 20.1%, 5.7%, 3.9%, and 3.0% of our AoP [Assets on Platform] as of June 30, 2025, respectively.” Yeah, good luck with that.
Oh, and here’s the cherry on top: The S-1 reveals a dual-class share structure. CEO Mike Belshe-because of course he’s the one with all the power-gets 15 votes per Class B share, while the poor peasants holding Class A shares only get one. Nice way to keep control after the IPO, Mike! BitGo will, therefore, remain a “controlled company” under NYSE rules. It’s almost like a crypto monarchy.
So, what’s BitGo planning to do with all that IPO cash? According to them, it’s all about funding technology development, acquisitions, and-wait for it-stock-based compensation. Ah yes, who doesn’t love a little extra cash for the execs? Not to mention boosting their visibility and financial flexibility. Because nothing says stability like crypto in the hands of a few select people.
So there you have it. BitGo is following in the footsteps of other crypto big shots like Circle, Gemini, and CoinDesk’s parent company Bullish in going public. The question is, will the public actually care? Only time will tell.
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2025-09-20 18:12