BitGo Files for US IPO With $90 Billion in Custody

Crypto custody firm BitGo has filed for a US initial public offering (IPO), aiming to capitalize on the renewed institutional demand for digital asset infrastructure under the Trump administration.

The firm aims to list its Class A common stock on the New York Stock Exchange under the ticker symbol “BTGO,” according to its Form S-1 registration with the SEC dated Friday.

The Palo Alto-based company reported approximately $90.3 billion in assets on its platform as of June 30, 2025. Its client base spans over 4,600 entities and more than 1.1 million users across 100 countries.

BitGo supports over 1,400 digital assets and serves a mix of crypto-native firms, financial institutions, governments and high-net-worth individuals. The firm also touts $250 million in insurance coverage and completion of Service Organization Control (SOC) 1 and SOC 2 audits.

Related: US Federal Agencies Outline Key Risks for Banks Eyeing Crypto Custody

BitGo CEO to retain voting power

BitGo co-founder and CEO Michael Belshe will maintain control through a dual-class share structure, holding Class B shares with 15 votes each, compared to one vote for Class A shares. This setup qualifies BitGo as a “controlled company” under NYSE rules, exempting it from certain governance standards.

The IPO filing comes as BitGo has secured an extended license from Germany’s Federal Financial Supervisory Authority (BaFin), allowing its European arm to offer trading, custody, staking and transfer services under the EU’s Markets-in-Crypto-Assets (MiCA) framework.

A number of crypto firms have seen strong public market debuts in recent months, including stablecoin issuer Circle, crypto exchange Bullish and blockchain-based lending firm Figure.

Related: Binance taps Spain’s BBVA to offer safer crypto custody post-FTX: FT

US Bancorp reenters crypto custody

Earlier this month, US Bancorp relaunched its digital asset custody services for institutional investment managers after a regulatory rollback by the Trump administration that reversed an SEC rule requiring banks to hold capital against crypto-related activity.

The bank originally launched the service in 2021 with NYDIG but paused it due to compliance constraints. Now, with the rule rescinded, US Bancorp has reentered the crypto space.

Meanwhile, a growing number of traditional financial institutions have been moving into crypto custody.

In July, Germany’s biggest bank, Deutsche Bank, announced plans to allow its clients to store cryptocurrencies, including Bitcoin, next year. Furthermore, in August, it was reported that Citigroup was weighing plans to offer cryptocurrency custody and payment services.

Magazine: Bitcoin’s long-term security budget problem: Impending crisis or FUD?