BitGo Becomes Latest Crypto Firm Planning Public Listing

BitGo has become the latest cryptocurrency company planning to enter the stock market.

The crypto custody provider filed Friday (Sept. 19) for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. The filing listed net income of $12.6 million on revenue of $4.19 billion for the first half of the year, compared with net income of $30.9 million on revenue of $1.12 billion during the same period of 2024.

The company had announced in July that it had confidentially filed for its IPO. This year has also seen BitGo debut its over-the-counter trading desk in February, and in April launch the expansion of its Solana staking rewards program.

BitGo is part of a wave of companies in the digital assets sector going public in the wake of recent U.S. legislation governing the crypto space.

But as PYMNTS has written, this shift was happening even before those bills became law in July. For example, another milestone towards crypto’s mainstream journey happened in June month stablecoin issuer Circle went public.

Circle’s market debut “represents more than a successful fundraising event. It marks a broader cultural and economic shift,” that report said.

“For years, cryptocurrencies have lived at the margins of institutional finance, oscillating between hype cycles and regulatory crackdowns,” PYMNTS wrote.

“With Circle’s entry into the public market, a new chapter looks set to begin. With blue-chip banks underwriting the deal and retail investors clamoring for shares, the traditional finance world appears more open than ever to embracing digital assets.”

Other recent listings in this space include cryptocurrency exchange Gemini, and blockchain platform Figure Technology Solutions.

PYMNTS spoke earlier this month with Todd Stevens, Figure’s chief capital officer, after the company’s stock surged on its first day of trading.

The positive momentum from the jump, Stevens said, which raised about $787 million for the firm, “tells us that investors are very interested in this possibly being a pivotal moment around companies adopting these types of technologies and really driving toward the future of capital markets … and how assets travel from buyer to seller.”

That future, he said, includes Figure’s blockchain-centered philosophy on lending and asset settlement. “All we’re saying is our preferred method — and we think the market’s coming along with this — is to do this across a blockchain rail,” he said.