Bitgo Files for U.S. IPO Amid Growing Institutional Demand
Bitgo, a crypto custody firm, has submitted an application for an early public offering (IPO) in the U.S., likely aiming to tap into the rising demand for digital asset infrastructure following recent regulatory changes under the Trump administration.
The company is looking to list its Class A common stock on the New York Stock Exchange, using the ticker symbol “BTGO.” This information was detailed in the S-1 registration form filed with the SEC.
Based in Palo Alto, Bitgo has reported approximately $90.3 billion in assets on its platform as of June 30, 2025. Their client base includes over 4,600 entities and more than 1.1 million users across 100 countries.
Bitgo supports a wide variety of digital assets—over 1,400, in fact—catering to a diverse clientele that includes crypto-native companies, financial institutions, governments, and affluent individuals. The firm has also completed $250 million in insurance coverage and achieved SOC 1 and SOC 2 audit compliance.
CEO Retains Voting Power
Michael Belshe, the co-founder and CEO of Bitgo, maintains significant control through a dual-class stock system, where he holds Class B shares that provide 15 votes each, compared to the single vote for Class A shares. This structure permits Bitgo to be classified as a “controlled company” under NYSE regulations, allowing it to bypass certain governance standards.
This IPO filing comes after Bitgo obtained a renewed license from Germany’s Federal Financial Supervisory Authority (BAFIN), enabling its European divisions to offer a range of services—including trading, custody, and staking—under the EU’s Crypto Assets (MICA) framework.
Recently, several crypto firms have launched their IPOs in favorable market conditions, including stablecoin issuer Circle and crypto exchange Bullish.
US Bancorp Re-enters Crypto Custody Space
In another development, US Bancorp has reinitiated its digital asset custody services for institutional investment managers this month, following a rollback of regulations by the Trump administration that previously mandated banks to hold capital for crypto-related activities.
The bank initially started these services in partnership with NYDIG in 2021 but halted them due to compliance issues. With the recent regulatory changes, US Bancorp has decided to reenter the crypto market.
Meanwhile, traditional financial institutions are increasingly eyeing the crypto custody arena. Deutsche Bank, for example, announced plans to allow clients to store cryptocurrencies, including Bitcoin, starting next year. Additionally, Citigroup has been reported to be considering the introduction of crypto custody and payment services.
