The crypto custody startup BitGo reportedly achieved a nearly fourfold increase in revenue during the first six months of the year.
The Palo Alto, California-based firm disclosed the information in its filing for a US initial public offering (IPO) on Friday, Reuters reports.
BitGo reported a profit of $12.6 million on revenue of $4.19 billion from January to June of this year. A year earlier, the company recorded a profit of $30.9 million on revenue of $1.12 billion.
BitGo is one of the largest crypto custody firms in the US. The company stores and safeguards digital assets for clients, an important role amid growing institutional interest in crypto. Michael Novogratz’s financial services firm, Galaxy Digital, was supposed to acquire the crypto custodian in 2021, but the deal did not push through due to BitGo’s failure to deliver audited financial statements.
BitGo is now joining a number of crypto companies planning to go public as the Trump administration’s support for digital assets boosts optimism for the sector.
Says Josef Schuster, CEO of IPO research firm IPOX,
“Investors are increasingly viewing digital assets as an asset class in their own right, rather than purely speculative instruments.”
BitGo plans to list on the New York Stock Exchange under the symbol BTGO. The lead underwriters for the offering are the Wall Street titans Goldman Sachs and Citigroup.
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