BitGo’s IPO Blitz: Can a $90 Billion Crypto Custodian Bring Wall Street Into the Next Bull Era?

Think of BitGo as a giant digital vault for cryptocurrencies. Since 2013, it has built a reputation for keeping assets safe in a market known for volatility, hacks, and sudden crashes. Now, the company is making a bold move: filing to go public on the New York Stock Exchange under the ticker “BTGO.” With $90 billion worth of digital assets locked under its care, this step could mark a turning point not only for BitGo but also for the wider crypto industry.

On September 19, 2025, BitGo filed its Form S-1 with the U.S. Securities and Exchange Commission. The numbers in the filing were striking. As of June 30, BitGo was securing assets for 4,600 institutions and 1.1 million individual users spread across more than 100 countries. The platform supports over 1,400 digital tokens, is backed by $250 million in insurance, and has passed strict security audits. Even more impressive, BitGo’s revenue in the first half of 2025 jumped to $4.19 billion four times higher than the same period in 2024 while net income reached $12.6 million.

The company’s founder and CEO, Mike Belshe, will retain control through super-voting shares, making BitGo a “controlled company” even after the IPO. Big players like Goldman Sachs and Citigroup are underwriting the offering, while BitGo has also secured a license from Germany’s BaFin regulator to expand operations across Europe under the EU’s MiCA framework. This is not just a listing; it is a full-scale push to bring crypto custody into the financial mainstream.

Crypto custody, the business of storing digital assets securely may not sound as flashy as trading or NFTs, but it is essential for the ecosystem. Institutions such as banks, hedge funds, and pension funds will not touch crypto without secure custody providers. BitGo’s decision to go public means its financials will be fully transparent, making it easier for conservative investors to evaluate and trust the company.

The timing is also important. After years of cautious approaches, large U.S. banks are once again dipping into crypto services, encouraged by a more favorable regulatory climate. With BitGo’s IPO, institutions could have a clear and regulated path to enter the market, potentially opening the door for billions of dollars in new investments.

The announcement of BitGo’s IPO quickly spread across online forums and social media. Optimists saw it as a validation of crypto’s long-term potential. A popular sentiment was that if custody services can generate billions in revenue, then the foundation for a sustainable industry is already in place. Enthusiasts predicted strong demand for BTGO shares once trading begins, framing it as a milestone similar to Coinbase’s 2021 listing but with an even stronger focus on institutional trust.

Skeptics were quick to highlight concerns. The dual-class share structure gives Belshe outsized control, which some investors see as a red flag. Others pointed out that BitGo has faced controversy in the past, such as its involvement in the Wrapped Bitcoin issues of 2024, when partnerships triggered instability for MakerDAO. Critics warn that while the company recovered, governance decisions could still become sticking points for shareholders.

BitGo’s Public Offering: A New Chapter for Crypto Adoption and Trust

BitGo’s public offering could significantly impact the crypto world beyond just the initial excitement. For big institutions, having a publicly listed custody provider means lower risk and more trust, which could speed up the use of Bitcoin, Ethereum, and other digital currencies. For everyday investors, the advantages might be less direct but still important, more secure platforms, stronger digital infrastructure, and potentially higher prices as big players buy in. This move might encourage other crypto companies to go public too. Firms like Circle and Bullish have already done so, and if BitGo is successful, others like Fireblocks or Anchorage might follow. This could lead to a major shift in the crypto industry, as traditional public offerings bring more credibility and financial support to what was once seen as an outsider sector.

There is a lot of speculation about BitGo’s potential value, with some experts predicting it could be worth over $5 billion when it goes public due to its growing revenue and managed assets. If the launch goes well, it could positively affect the entire market, enhancing the overall reputation of cryptocurrencies. There is also a possibility of intense competition in the custody sector, with predictions that it could handle over $1 trillion in assets by 2027. However, there are still hurdles to overcome. A drop in crypto prices could hurt BitGo’s earnings, and concerns about how the company is run might affect its stock. Also, while the current market conditions are favorable, regulatory uncertainties could arise again.

BitGo’s public offering is more than just another company going public. It reflects the growing maturity of the crypto space, where security and trust are becoming more important. If successful, this could lead to wider adoption among institutions, improve the market’s infrastructure, and start a new phase of growth. Whether it leads to a major market surge or just a steady advancement, BitGo is making a significant gamble that the future of crypto is tied to Wall Street.