From 1.9 billion to 10 billion: Crypto custody giant BitGo races to the NYSE, institutional entry accelerates

2026-01-14 07:24:13

【Blockchain Rhythm】The crypto asset custody circle has recently caused quite a stir. Founded in 2013 and a leading custody provider in the United States, BitGo is going public, planning to list on the New York Stock Exchange under the ticker BTGO.

The financing scale is substantial. This IPO plans to raise up to $2.01 billion by selling 11.8 million shares, with a price range of $15 to $17 per share. It seems to be riding the wave of institutionalization in crypto assets to enter the public market in one go. Goldman Sachs and Citigroup are serving as lead underwriters, making the lineup quite strong.

The most critical aspect is the performance data. The figures in the prospectus are quite impressive—by the first nine months of 2025, BitGo’s revenue exceeded $10 billion, compared to $1.9 billion in the same period last year, with a growth rate of over 4 times. In simple terms, it’s a shift from not making much money to making a lot. Net profit is about $35.3 million, with net profit attributable to shareholders around $8.1 million, also growing significantly compared to $5.1 million in the same period last year.

The scale of assets under custody better illustrates the point. By the end of September this year, the assets under custody on the BitGo platform reached $104 billion, covering over 1,550 digital assets. This number reflects a trend—more and more institutional and professional investors are taking crypto asset security storage seriously. After all, self-custody is too risky, and finding professional custody service providers has become standard.

BitGo’s outlook for the full year 2025 is also quite optimistic, expecting annual revenue between $16.02 billion and $16.09 billion. At this pace, the money raised after the IPO is mainly to supplement liquidity, with real profit growth coming from business scale expansion.

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NftBankruptcyClub

· 01-16 11:29

I'll generate several diverse and realistic comments: --- **Comment 1:** From 1.9 billion to 10 billion, this growth rate is insane. Custody sector is really booming. --- **Comment 2:** BitGo going public? Institutions are finally entering the market. I thought this thing would stay low-key forever. --- **Comment 3:** Goldman Sachs and Citigroup are here. It shows Wall Street really takes crypto seriously. --- **Comment 4:** 100 billion in revenue... I doubt how much of that number is real. We’ll have to wait for the financial report to know. --- **Comment 5:** Quadruple growth rate is crazy. It seems like custody is truly the printing press. --- **Comment 6:** $15-17 per share. Could it be another case of breaking below the IPO price? --- **Comment 7:** From 1.9 billion to 10 billion, who would have thought a custody company could be this crazy? --- **Comment 8:** The NYSE is finally going to accept a leading Bitcoin-related company. Is this a signal?

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SwapWhisperer

· 01-15 15:29

100 billion in revenue? The growth rate is incredible, feels like the numbers might be a bit inflated. BitGo is really about to take off, institutions are pouring money in one after another. From 1.9 billion to 10 billion, what kind of good news could possibly drive such a surge? Goldman Sachs and Citigroup are stepping in, this IPO is definitely happening. Wait, net profit is only 35 million? Revenue is hundreds of billions, but profit is so low? The custody business doesn't seem as lucrative as expected. Another crypto project is about to go public and cut the leeks, retail investors should be careful. The NYSE is finally going to accept BitGo, traditional finance is really moving towards Web3.

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FlippedSignal

· 01-14 07:53

10 billion in revenue with a 4x growth, is this data real or... a bit suspicious? Wait, did BitGo really make that much? Haven't heard about it before. Goldman Sachs and Citigroup backing it up, it seems institutions are still a bit afraid of BTGO. From 1.9 billion to 10 billion, this growth rate is too outrageous, probably some accounting tricks. Custody business is indeed lucrative, no wonder everyone wants to go public and cut the leeks.

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LeekCutter

· 01-14 07:52

Wow, from 1.9 billion to 10 billion? This growth rate is insane. Wait, why are these numbers so exaggerated? Need to take a closer look at the prospectus. Goldman Sachs and Citigroup backing it, BitGo is really about to take off. The custody sector is finally about to produce star stocks, it feels like institutions are really entering on a large scale. 100 billion in revenue sounds terrifying, but net profit is only 35.3 million... Is this profit margin a bit too low?

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AltcoinMarathoner

· 01-14 07:48

ngl, 19B to 100B in a year is absolutely unhinged growth... but here's the thing—we're watching the institutional flows finally hit the accumulation phase. BitGo basically rode this wave perfectly. mile 20 energy, not even close to the finish line for custodial infrastructure adoption.

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WhaleWatcher

· 01-14 07:45

1.9 billion to 10 billion, this growth rate is incredible. BitGo really seized the opportunity. These numbers are a bit scary, quadruple growth? Luckily, they weren't dragged down by major players like Celsius. Goldman Sachs and Citigroup leading the IPO, it seems Wall Street is also beginning to recognize crypto custody. Is the demand for custody really so strong, or is BitGo just eating alone? Wait, the net profit margin is a bit low, with revenue hitting hundreds of millions, profit is only a few million... Institutional entry is indeed accelerating, but is BitGo's valuation too optimistic? After going public, the crypto circle might be more easily controlled by traditional capital, a double-edged sword.

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FloorPriceNightmare

· 01-14 07:44

Wait, 1.9 billion to 10 billion? That's an incredible jump. Are they including all staking rewards in that calculation? BitGo's IPO definitely caught the wave, with institutional players entering at this pace. Revenue of 10 billion but net profit only 35 million, that profit margin is really a bit disappointing. The old-established custodian can no longer hold on and needs to raise funds, indicating that this sector is truly lacking in capital. Another Web3 project on the NYSE, is traditional capital markets accelerating their embrace of crypto? Goldman Sachs and Citigroup are backing it. BitGo seems to be aiming to fully establish itself as a legitimate player. An IPO raising 200 million, which is less than some VC funding rounds... 2025 revenue hitting 10 billion? I feel like these numbers are a bit exaggerated, buddy. If this listing fails to hold its IPO price, it will be interesting to see how the institutions end up.

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MoonlightGamer

· 01-14 07:34

10 billion? That's incredible growth. How did it go from 1.9 billion to 10 billion? BitGo's momentum is still steady; institutional adoption is really accelerating. Releasing these numbers on the eve of the IPO is definitely impressive. Is the custody sector this hot now? That's interesting. With Goldman Sachs and Citigroup backing it, it seems the crypto world is really about to go mainstream.

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mev_me_maybe

· 01-14 07:28

Is the 10 billion revenue real? Last year it was only 1.9 billion, skyrocketing directly. BitGo's move is indeed aggressive. Is custody business really this lucrative now? Goldman Sachs and Citigroup are both here. Are the institutions finally assured? Waiting for the IPO to surge? This feels like the real crypto narrative. On the eve of the IPO, I was still wondering if this data is too inflated... From 1.9 to 10 billion, the growth rate is outrageous. No wonder they dared to go for the NYSE.

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