tl;dr
BitGo reports $12.6M profit in 2024 H1, up from $30.9M a year earlier, as it targets NYSE listing, signaling crypto's growing legitimacy.
**BitGo’s Surging Profits Signal Crypto’s Growing Legitimacy as It Sets Sights on the NYSE**
BitGo, one of the U.S.’s leading crypto custody firms, is riding a wave of optimism as it reports a staggering turnaround in its financials. For the first half of 2024, the company posted a profit of $12.6 million on revenue of $4.19 billion—a massive leap from the $30.9 million profit it recorded in the same period a year earlier, when revenue stood at just $1.12 billion. The numbers paint a picture of a sector in transformation, where crypto is no longer just a niche playground but a mainstream financial asset.
But BitGo’s journey hasn’t been without hurdles. In 2021, the firm was poised to be acquired by Galaxy Digital, the financial services arm of crypto investor Michael Novogratz. The deal fell apart, however, due to BitGo’s failure to provide audited financial statements—a red flag that underscored the challenges of scaling a crypto business in an industry still grappling with regulatory and operational transparency. Yet here we are, years later, with BitGo not only surviving but thriving, now eyeing a public offering on the New York Stock Exchange under the ticker **BTGO**.
The timing couldn’t be better. A surge in institutional interest, coupled with the Trump administration’s growing support for digital assets, has created a tailwind for crypto firms. “Investors are increasingly viewing digital assets as an asset class in their own right, rather than purely speculative instruments,” says Josef Schuster, CEO of IPO research firm IPOX. This shift in perception is fueling a wave of crypto companies rushing to go public, and BitGo is positioning itself at the forefront.
The IPO’s lead underwriters—Goldman Sachs and Citigroup—signal serious institutional backing. Their involvement suggests that Wall Street is no longer just dabbling in crypto; it’s betting big. For BitGo, the move represents a pivotal step toward mainstream acceptance. As a custodian, the firm’s role is critical: it safeguards digital assets for clients, a service that’s become indispensable as hedge funds, corporations, and even governments explore crypto.
Yet the road ahead isn’t without risks. Regulatory scrutiny remains a wildcard, and the crypto market’s volatility could test even the most seasoned players. Still, BitGo’s financials and strategic moves hint at a broader truth: crypto is no longer a fringe experiment. It’s a sector with real, scalable businesses—and investors are taking notice.
As BitGo prepares to list on the NYSE, one question lingers: Will this be the moment crypto finally earns its seat at the table, or just another chapter in the industry’s rollercoaster ride? The numbers say the former. The market will decide.