In a year when crypto companies have struggled to prove they can build more than hype, BitGo just dropped a number that turned heads: $3 billion in revenue for 2024. The disclosure came as the Palo Alto–based custodian filed paperwork for a long-anticipated IPO, positioning itself not just as a survivor of multiple bear markets but as one of the sector’s most profitable players.
The quiet giant of digital asset custody
Unlike the flashy exchanges or the influencer-driven projects, BitGo has always played in the background—storing assets for institutions, building infrastructure most retail traders never see. That low-profile approach may have been its edge. While others chased trading fees and marketing blitzes, BitGo leaned into being boring but indispensable: safekeeping billions in Bitcoin, Ethereum, and a growing universe of tokens for hedge funds, corporates, and even governments.
Now, with an IPO on the horizon, that quiet strategy looks shrewd. In an industry known for spectacular collapses—FTX, Celsius, Voyager—BitGo’s balance sheet reads like a rebuttal: stability sells.
Why $3 billion matters
Numbers can blur in crypto, but this one is stark. Coinbase, with all its global brand recognition and retail reach, reported around $5.4 billion in revenue last year. BitGo, a company most people outside finance barely know, is suddenly in that league. For Wall Street, that’s the kind of figure that can justify a multibillion-dollar public listing.
The details of BitGo’s filing aren’t yet public, but insiders expect a valuation north of $10 billion. That would put it alongside some of the biggest fintech players of the last decade—and well above many of the crypto names that flamed out before even getting close.
Timing is everything
Of course, context matters. The IPO chatter lands at a moment when U.S. regulators are sending mixed signals. On one hand, the SEC has loosened its grip on spot ETFs and started acknowledging crypto as an investable asset class. On the other, it continues to prosecute projects and exchanges with zeal. BitGo, with its institutional-first model and reputation for compliance, may be the rare player able to thread that needle.
Investors, for their part, have been hunting for “safe” crypto bets. A custodian that clears billions, avoids scandals, and keeps regulators relatively comfortable could be the kind of story public markets actually want to hear.
A turning point for crypto finance?
If the IPO goes forward as expected, it won’t just be another ticker symbol flashing across Nasdaq screens. It will mark the moment when a company built on custody—a service many retail users never think about—becomes a market narrative of its own.
And that’s the twist: in an industry obsessed with speculation, meme coins, and moonshots, BitGo’s big debut may remind everyone that sometimes the most profitable business in crypto is also the least glamorous.
