EddieJayonCrypto
21 Sep 25
BitGo reports $12.6M profit and $4.19B revenue, eyeing NYSE IPO. Institutional backing signals crypto's mainstream rise.
BitGo’s Surging Profit and IPO Plans Signal Crypto’s Mainstream Leap BitGo, one of the U.S.’s leading cryptocurrency custodians, is riding a wave of growth that’s reshaping the digital asset landscape. For the first half of 2023, the company reported a profit of $12.6 million on revenue of $4.19 billion—a staggering leap from the $30.9 million profit it recorded in the same period a year earlier, when revenue stood at $1.12 billion. The numbers tell a story of resilience and expansion, even as the crypto market has weathered volatility and regulatory uncertainty. 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 billionaire Michael Novogratz. The deal collapsed, however, when BitGo failed to provide audited financial statements—a setback that underscored the challenges of scaling a crypto business in a sector still grappling with transparency and regulation. Now, BitGo is turning the page, eyeing a public listing on the New York Stock Exchange under the ticker symbol **BTGO**. The move comes as the crypto industry gains unexpected momentum. The Trump administration’s recent signals of support for digital assets have fueled optimism, with investors increasingly viewing cryptocurrencies as a legitimate asset class rather than a speculative fad. “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. BitGo’s IPO is being underwritten by Wall Street heavyweights Goldman Sachs and Citigroup, a clear sign of institutional confidence. For a company that has long operated in the shadows of the crypto world, this step marks a pivotal shift. As institutional interest in digital assets surges, BitGo’s role as a custodian—safeguarding clients’ crypto holdings—has never been more critical. The firm’s financials paint a picture of a business adapting to a maturing market. While its 2023 profit is lower than the previous year’s, the massive revenue growth reflects expanding services and a broader client base. This is a sector where scale matters, and BitGo’s ability to grow despite macroeconomic headwinds suggests it’s positioning itself for long-term success. As BitGo prepares to go public, the question isn’t just about its financials—it’s about what this move means for the future of crypto. Will traditional markets fully embrace digital assets, or will the sector remain a niche play? For now, BitGo’s IPO is a bold bet on the latter, signaling that the line between Wall Street and the blockchain is blurring faster than ever.