It appears the world of digital peculation has produced yet another spectacle! BitGo, a custodian of those most ephemeral of fortunes – cryptocurrencies – has deigned to seek the approval of the American public market with an Initial Public Offering. One can only assume they hope to find an audience less discerning than the art critics of Paris. 🎭 And naturally, this audacious endeavor unfolds under the benevolent gaze of a certain former President, whose administration apparently possesses a peculiar fondness for these… innovations.
BitGo’s Revenue: A Most Curious Sum
On a Friday, a day generally reserved for quiet contemplation and, perhaps, the discreet disposal of regrettable investments, BitGo submitted its S-1 filing to the American Securities and Exchange Commission. They aspire to grace the New York Stock Exchange with their presence, fluttering under the ticker symbol “BTGO.” How utterly glamorous. 💅
This is not, it seems, a sudden whim. A preliminary draft had been circulated earlier in the summer, hinting at a desire to join the ranks of other crypto companies indulging in the pleasures of public markets-Circle, Bullish, and Figure, to name a few. One almost feels pity for the shareholders, doesn’t one?
The filing reveals that, as of June of this year, BitGo held a rather astonishing $90.3 billion in assets. Quite a sum, though one suspects a considerable portion exists only in the imagination. Their revenue, we are told, has blossomed from a modest $1.1 billion in the first half of last year to a positively exuberant $4.2 billion. A growth rate that would make even a tulip bulb speculator blush! 💐
But, as is often the case with these grand pronouncements of wealth, there’s a catch. The co-founder and CEO, a Mr. Mike Belshe, shall retain a commanding voting power through a rather clever arrangement of shares. It seems BitGo intends to remain a “controlled company,” which, in plain English, means that the opinions of ordinary shareholders are, shall we say, less important. The company itself, in a particularly charming piece of understatement, suggests they might dispense with any protections offered to stockholders at any moment. How delightfully candid! 😇
“Although we do not currently intend to rely on any such exemptions, we may do so in the future and if we utilize any of the exemptions, you will not have the same protections as those afforded to stockholders of companies that are subject to such governance requirements” and “Management - Controlled Company Status” for more information.
Naturally, others are scrambling for a piece of this particular pie. Gemini and Grayscale are also contemplating a public debut. One can only hope they’ve packed a generous supply of champagne and a healthy dose of skepticism.
The Trump Effect: A Most Convenient Narrative
The rise of these crypto ventures is, we are reliably informed, correlated with the recent election result. A “clearer regulatory regime,” they say. One suspects this simply translates to less interference from those pesky regulators who insist on things like investor protection. And, of course, the delightful trend of companies adding digital assets to their balance sheets-a “crypto treasury,” as they call it. It’s all frightfully modern. 🧐
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2025-09-21 16:14