BitGo Goes Public: Wall Street’s New Crypto Darling 🤑📈

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Well, slap my wallet and call me crypto-curious! BitGo, the Palo Alto-based digital asset babysitter, has decided it’s time to play with the big kids on Wall Street. 🏦💼

On September 18, these tech wizards filed their S-1 registration with the SEC, because nothing says “we’ve made it” like a mountain of paperwork. 📄✨ Their plan? To list on the NYSE under the ticker BTGO, because nothing screams “serious business” like a four-letter acronym. 🚀

BitGo’s NYSE Dream: A Tale of Two Share Classes 🍿

Here’s the kicker: they’re adopting a dual-class share structure, which is just a fancy way of saying “Mike Belshe still calls the shots.” Class A shareholders get one vote per share, while Class B holders get 15 votes each. Democracy? More like a dictatorship with a side of blockchain. 👑🤷‍♂️

“Michael Belshe will basically be the crypto king of this castle, controlling everything from board elections to whether we all get acquired by a rogue AI. Oh, and we’re a ‘controlled company’ on the NYSE, which means we get to skip some of the boring governance rules. Because who needs oversight when you’re this cool?” 🕶️💅

Apparently, going public will help BitGo raise capital, boost visibility, and expand financial flexibility. Translation: they want more money to buy fancier servers and maybe a few more beanbag chairs for the office. 💸🛋️

The funds will go toward working capital, tech development, and potential acquisitions, plus covering those pesky stock-based compensation taxes. Because nothing says “we’re grown-ups now” like paying taxes. 😢💰

Meanwhile, BitGo’s filing is just the latest in a crypto IPO frenzy. Circle, Gemini, Bullish, and Grayscale all jumped on the bandwagon earlier this year, proving that crypto is no longer just for nerds in basements. 🌐🚀

Bitwise CEO Hunter Horsley pointed out that this new wave of listings has already racked up nearly $100 billion in combined market cap. “Crypto is an industry,” he tweeted, probably while sipping a $15 latte. ☕💡

“People are finally realizing crypto isn’t just for buying jpegs of monkeys. It’s for buying jpegs of monkeys and then selling them for a profit. Capitalism, baby!” 🎨💵

IPO Filing Reveals $4 Billion Revenue Boom (But Where’s the Profit? 🤔)

BitGo’s decision to go public comes after a jaw-dropping financial performance. They reported $4.19 billion in revenue in the first half of 2025, up from $1.12 billion the year before. That’s a lot of zeroes, folks. 📊💥

But here’s the twist: their net income dropped to $12.6 million from $30.9 million in 2024. Apparently, scaling infrastructure for institutional clients is expensive. Who knew? 🏗️💸

“Only $12 million in profit on $4 billion in revenue? That’s like buying a Ferrari and only driving it to the grocery store. These guys need to step up their game. But hey, more public crypto companies are good for the industry, and I’m curious how high they’ll be valued,” said Bobby Ong, CoinGecko’s co-founder, probably while refreshing his portfolio. 🚗💨

Over the years, BitGo has become the go-to crypto custodial service, holding over $100 billion in assets. They’ve got licenses in the EU, Singapore, and are even chasing a banking charter in the US. Talk about overachievers. 🏆🌍

But here’s the catch: their business is still mostly focused on a handful of major tokens. As of June 30, 2025, Bitcoin, Sui, Solana, XRP, and Ethereum made up over 80% of their assets. Diversity? Not so much. 🍕📉

Staking activity was equally concentrated, with Sui, Solana, and Ethereum dominating the scene. Because why spread the love when you can just double down on the same three tokens? 🤷‍♀️💎

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2025-09-20 12:02