Bitgo has submitted a fourth amended Form S-1 with U.S. regulators as part of plans for an initial public offering that would list the company on the New York Stock Exchange under the ticker "BTGO." The filing specifies an offering of 11.8 million shares of Class A common stock and an expected IPO price range of $15 to $17 per share, though final terms have not been set.
Bitgo's IPO Plans and Details
The amended registration frames the offering size and the price band without finalizing the deal. Bitgo intends to sell Class A shares in the offering while maintaining a separate class of shares with different voting rights. Investors and market participants will evaluate the final prospectus once terms and conditions are set.
Company Overview and Financial Performance
Founded in 2013, Bitgo presents itself as a digital asset infrastructure provider for institutional clients, offering custody, staking, liquidity services and related infrastructure. The company reported support for more than 1,550 digital assets and said it safeguards approximately $104 billion in assets on its platform, serving over 5,100 clients and about 1.18 million users across more than 100 countries.
Financially, Bitgo estimates total revenue for 2025 in a range between $16.02 billion and $16.10 billion and expects to post a modest operating profit for the year. New service lines contributed to revenue growth, including Stablecoin‑as‑a‑Service, and the company also recorded staking revenue in the hundreds of millions.
Governance and Share Structure
Bitgo plans to retain a dual‑class share structure in which Class B shares carry 15 votes each compared with one vote per Class A share. As a result of that allocation of voting rights, co‑founder and CEO Michael Belshe would control more than half of the company’s voting power after the offering, and the company will qualify as a "controlled company" under NYSE rules.
Being a controlled company gives Bitgo the option to rely on certain NYSE governance exemptions; the filing notes the company does not currently intend to use those exemptions but acknowledged they could be used in the future. Governance structure and voting control are likely to be key considerations for investors assessing the listing.
Regulatory Developments
The filing also highlights recent regulatory progress: a Bitgo trust subsidiary received approval to convert into a federally regulated national trust bank under oversight from the Office of the Comptroller of the Currency (OCC). The company presents this change as strengthening its standing with institutional clients and adjusting its regulatory posture.
For context on regulatory developments affecting custody and control, see the overview of SEC and crypto rules, which discusses related supervisory topics and market implications.
Additional Services and Revenue Streams
Alongside custody and staking, Bitgo identified new revenue lines that contributed to 2025 results. Stablecoin‑as‑a‑Service generated tens of millions in revenue after launching earlier in the year, while staking revenues were reported in the high hundreds of millions.
The company continues to emphasize institutional adoption and new product launches as drivers of scale. For a technical view of product expansions, Bitgo's recent feature additions include developments such as Lightning Network support in its custody offerings.
Why this matters
If you run from one to a thousand mining devices in Russia, Bitgo's IPO itself does not change how your rigs operate or how you pay for electricity and equipment. The filing is mainly relevant to institutions and investors who custody large balances or use institutional trading services, rather than to individual mining operations.
That said, the company's regulatory step with its trust subsidiary and the governance choices it makes can influence how exchanges, custodians and large clients interact with institutional custody providers. Over time, those shifts can affect liquidity and service options that miners use to convert or custody mined assets.
What to do?
- Review custody arrangements: if you use third‑party custody, confirm which services and regulatory protections your provider offers and whether those change as firms list or reorganize.
- Keep operational basics solid: maintain secure key management, up‑to‑date backups and reliable payout procedures so a custody or market change does not disrupt your operations.
- Monitor institutional services: watch announcements from major custodians and exchanges for any changes to fees, custody terms or supported rails that could affect how you sell or store mined coins.
Stay informed about prospectus updates and regulatory notices related to custody firms you rely on, and consult your service providers if you expect any change in custody terms or market access tied to corporate or regulatory developments.
