BitGo на пути к IPO: хранилище с активами в $90 млрд привлекает внимание инвесторов Headline: BitGo on the Path to IPO: $90 Billion Custodian Attracts Investor Attention

Crypto custodian BitGo has submitted an application for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC).

The company aims to list its Class A common shares on the New York Stock Exchange (NYSE) under the ticker symbol BTGO, with Goldman Sachs and Citi serving as lead underwriters.

As outlined in its S-1 filing, BitGo held assets worth approximately $90.3 billion on its platform as of June 30. The custodian’s clientele includes around 4,600 businesses and affluent individuals, along with over 1.1 million end users.

BitGo supports more than 1,400 digital currencies and offers insurance coverage of up to $250 million.

In the first half of the year, the firm’s revenue surged to nearly $4.2 billion, compared to $1.1 billion in the same period last year. However, net profit decreased from $30.9 million to $12.6 million on a year-over-year basis.

Co-founder and CEO Mike Belshe will maintain a controlling stake after the IPO due to his ownership of Class B shares, which carry 15 votes each.

This structure allows the custodian to be classified as a «controlled company» under NYSE regulations. BitGo indicated in its filing that it does not intend to take advantage of the management benefits associated with this status.

Since the beginning of the year, several companies in the industry have gone public on U.S. exchanges amid favorable regulatory changes. Notable examples include the stablecoin issuer Circle, centralized lending platform Figure, cryptocurrency exchanges Bullish and Gemini. Kraken is also considering similar plans.

In February, Belshe stated that conducting an IPO helps crypto firms «build trust in digital assets,» highlighting the critical elements of comprehensive due diligence, accompanying processes, and SEC oversight.

It is worth noting that following a $100 million funding round in 2023, investors valued BitGo at $1.75 billion.