Bitgo has filed a fourth amended Form S-1 with U.S. regulators, outlining plans for an initial public offering that would bring the digital asset custody firm to the New York Stock Exchange under the ticker “BTGO.”
Bitgo Files Amended S-1In the filing, Bitgo reported supporting more than 1,550 digital assets and safeguarding approximately $104 billion in assets on platform as of Sept. 30, 2025. The company said it served more than 5,100 clients and roughly 1.18 million users across more than 100 countries, reflecting its focus on large-scale institutional adoption rather than retail trading.
Financially, the filing shows a sharp increase in activity during 2025. Bitgo estimates total revenue for the year ended Dec. 31, 2025, in a range of $16.02 billion to $16.10 billion, up from $3.08 billion in 2024. Most of that revenue stems from digital asset sales activity conducted on a principal basis, with corresponding costs nearly matching revenue.
Despite thin operating margins, Bitgo expects to post a modest operating profit of between $3.2 million and $3.5 million for 2025, compared with an operating loss of nearly $7 million the prior year. Management attributed the improvement to increased trading volumes, a growing client base and the launch of new services.
Governance, however, is likely to draw close attention from investors. Bitgo plans to maintain 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, co-founder and CEO Michael Belshe would control more than half of the company’s voting power following the offering.
Because of this structure, Bitgo will qualify as a “controlled company” under New York Stock Exchange (NYSE) rules, allowing it to rely on certain governance exemptions. The company said it does not currently plan to use those exemptions, though it acknowledged it may do so in the future.
Bitgo will not receive proceeds from shares sold by existing stockholders, and it cautioned that the offering remains subject to market conditions and regulatory review. Still, the amended filing places the company firmly on the runway to public markets, complete with scale, ambition and a governance structure investors will have to weigh carefully.
FAQ What is Bitgo planning? Bitgo plans to go public through an initial public offering on the New York Stock Exchange under the ticker BTGO. How much revenue did Bitgo report for 2025? The company estimates total revenue between $16.02 billion and $16.10 billion for 2025. Who controls voting power at Bitgo? Co-founder Michael Belshe is expected to retain majority voting control through Class B shares.
