BitGo entered 2026 as the first crypto-custody pure-play to trade on the New York Stock Exchange, holding $63.0 billion in Assets on Platform across 5,569 institutional clients per its Q1 2026 financial results. Three SEC and OCC-filed documents anchor the figures: the SEC S-1 registration statement; the BitGo Q1 2026 earnings release; and the OCC conditional-approval announcement.
Key Takeaways
- BitGo priced its SEC-registered initial public offering at $18.00 per share for 11,821,595 shares of Class A common stock, with shares expected to begin trading on the New York Stock Exchange under the ticker BTGO on January 22, 2026.
- The Q1 2026 SEC earnings release reported $63.0 billion in Assets on Platform and $11.8 billion in Assets Staked, with the client roster growing to 5,569 institutions, up 42.0% year over year.
- The OCC conditionally approved BitGo Bank and Trust, National Association in its December 12, 2025 five-charter cohort alongside Ripple, Fidelity Digital Assets, Paxos and First National Digital Currency Bank, converting the firm from a state-chartered trust company to a federally chartered national trust bank.
- The SEC-filed S-1 of September 19, 2025 disclosed approximately $3.1 billion in total revenue for fiscal year 2024, against $926.3 million for fiscal year 2023, topline expansion reflecting gross accounting of digital-asset-sales revenue rather than recurring custody fees alone.
- BitGo’s platform supports 186 of the top 250 digital assets by market capitalization as of Q1 2026, with the next-closest institutional providers covering 134, 134, and 121, respectively.
- According to the SEC S-1, the custody business operated with approximately 565 full-time employees across various regions, with over 4,600 clients across more than 100 countries as of June 30, 2025, disclosed in the baseline.
Editor’s Choice
- Assets on Platform: Approximately $90.3 billion as of June 30, 2025 (S-1 baseline).
- Mid-year 2025 milestone: Assets under custody pushed past $90 billion in July 2025, up from $60 billion at the start of the year.
- Q1 2026 net loss: $(60.7) million, compared with $(25.7) million in the prior-year period.
- Bitcoin treasury: 2,449 BTC valued at approximately $167.1 million on the Q1 2026 balance sheet.
- 2025 blockchain additions: 28 new networks integrated, including Aptos, Babylon, Base, Berachain, and Hyperliquid.
- Insurance coverage of up to $250 million for assets held in qualified custody, retained under the new national trust bank charter.
BitGo Assets on Platform and Custody Scale
By the numbers: BitGo opened public-company life with $63.0 billion in Assets on Platform, $11.8 billion in Assets Staked, 5,569 institutional clients, and 1.2 million end-users on its Q1 2026 print, accompanied by a 2,449 BTC treasury worth roughly $167.1 million plus $186.6 million in cash and equivalents.
| Metric | Value | Period |
|---|---|---|
| Assets on Platform | $90.3 billion | June 30, 2025 (S-1) |
| Assets on Platform | $63.0 billion (reported) | Q1 2026 |
| Assets Staked | $25.6 billion | Q2 2025 (S-1) |
| Assets Staked | $11.8 billion (reported) | Q1 2026 |
| Number of Clients | over 4,600 | June 30, 2025 |
| Number of Clients | 5,569 | Q1 2026 |
| Number of Users | 1.2 million | Q1 2026 |
| Supported Digital Assets | over 1,400 | June 30, 2025 |
Source: BitGo Holdings S-1 Registration Statement (Sept 19, 2025); BitGo Q1 2026 Financial Results (May 13, 2026)
The reported vs normalized gap matters. The normalized line reads expansion against the headline contraction.
BitGo Revenue and Earnings Performance
Recent Developments
- May 13, 2026: BitGo reported Q1 2026 financial results with $3,773.6 million in revenue, 5,569 clients, and $11.8 billion in Assets Staked.
- May 12, 2026: BitGo launched institutional-grade custody and staking for Hyperliquid (HYPE), extending validator support to the new Layer 1.
- March 23, 2026: BitGo introduced its Model Context Protocol (MCP) server, enabling AI agents and large language model clients to interact with the regulated custody and trading stack programmatically.
- January 22, 2026: BitGo Holdings’ shares were expected to begin trading on the New York Stock Exchange under ticker BTGO, following an SEC-effective registration statement dated January 21, 2026.
- January 23, 2026: The IPO offering was expected to close at the $18.00 per-share pricing, with the underwriters retaining a 30-day option to purchase up to an additional 1,770,000 shares.
- December 12, 2025: The Office of the Comptroller of the Currency announced conditional approval of five national trust bank charter applications, including BitGo Bank and Trust, National Association.
BitGo Institutional Client Base and Geographic Coverage
| Metric | Value |
|---|---|
| Q1 2026 Clients | 5,569 |
| YoY Growth | +42.0% |
Source: BitGo Q1 2026 Financial Results (May 13, 2026)
The client mix the company reports stretches from leading exchanges, corporations, and private investors to nation states. That client roster touches every category the platform’s API layer serves, plus the settlement and trading services the stablecoins infrastructure supports.
BitGo Digital Asset and Blockchain Coverage
BitGo Staking Platform Statistics
Staking is the recurring-revenue line the company surfaces most often in IR materials. The figures map directly onto the broader Assets on Platform totals.
- Assets Staked of $25.6 billion for the quarter ended June 30, 2025, per the S-1 disclosure.
- Q1 2026 reported Assets Staked stepped down to $11.8 billion, while on a normalized basis the figure was up 20.8% year over year and 27.2% sequentially.
- Hyperliquid (HYPE) institutional staking went live in May 2026, extending BitGo’s role as a primary custody and staking partner across major Layer 1 and Layer 2 networks.
The platform’s Bitcoin custody book carries the largest single-asset concentration. The staking layer runs alongside non-staked cold-custody balances.
The S-1 disclosed support for over 1,400 digital assets and $25.6 billion in Assets Staked for the quarter ended June 30, 2025. The validator set extends to Solana positions held by institutional clients on the same custody rails.
BitGo IPO Pricing and Public Float
Key finding: Goldman Sachs led the book on the first crypto-custody IPO of 2026, anchoring a nine-underwriter syndicate that priced 11,821,595 shares at $18.00 per share and opened New York Stock Exchange trading under ticker BTGO on January 22, 2026.
| IPO Detail | Value |
|---|---|
| Share price | $18.00 |
| Total shares offered | 11,821,595 |
| Company-issued shares | 11,026,365 |
| Selling-stockholder shares | 795,230 |
| Underwriter over-allotment | 1,770,000 (30-day option) |
| Exchange | New York Stock Exchange |
| Ticker | BTGO |
| First trading day | January 22, 2026 |
| Closing day | January 23, 2026 |
| SEC effective date | January 21, 2026 |
Source: BitGo Holdings IPO Pricing Announcement, Investor Relations (January 21, 2026)
Goldman Sachs and Co. LLC acted as the lead book-running manager, with Citigroup also serving as a book-running manager. Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Keefe Bruyette and Woods, Stifel, Canaccord Genuity, and Cantor served as additional underwriters. The syndicate composition signals the institutional balance the listing aimed for, a custody-business IPO priced alongside a banking-grade book-running structure.
BitGo Bank and Trust National Charter
The federal charter is the structural story underneath the IPO. On December 12, 2025, the Office of the Comptroller of the Currency announced conditional approval of five national trust bank charter applications, including BitGo Bank and Trust, National Association alongside Fidelity Digital Assets, National Association, Paxos Trust Company, National Association, and the de novo charters granted to Ripple National Trust Bank and First National Digital Currency Bank.
The charter scope is narrow but operationally meaningful. Key figures from the BitGo and OCC disclosures:
- Up to $250 million in insurance coverage for assets held in qualified custody sits within the new charter scope.
- The five approved institutions join approximately 60 other national trust banks supervised by the Office of the Comptroller of the Currency.
- Authorities granted cover custody and safekeeping of digital assets and certain non-deposit financial assets under federal fiduciary and non-fiduciary powers, plus nationwide delivery of digital-asset-related services where federal law preempts duplicative state obligations.
The cohort listing matters because it sets the peer group BitGo will be benchmarked against by federal examiners.
Token and Asset Concentration on the BitGo Platform
How does BitGo make money?
The revenue mix anchors against the SEC S-1 topline. Total revenue for the six months ended June 30, 2025 was approximately $4.2 billion, already higher than the full prior-year fiscal 2024 total.
The gross-basis line is what makes the topline compound against trading volume rather than against client count. Fiscal year 2024 total revenue reached approximately $3.1 billion. Q1 2026 closed with 5,569 clients and $63.0 billion in Assets on Platform.
How many institutional clients does BitGo serve?
BitGo reported 5,569 institutional clients as of Q1 2026, up 42.0% year over year and 4.6% sequentially, serving approximately 1.2 million end-users on the platform. The SEC S-1 disclosed the baseline at over 4,600 clients across more than 100 countries as of June 30, 2025, principally in the United States and other major financial centers in North America, Europe, and Asia, with the client mix stretching from leading exchanges, corporations, and private investors to nation states.
Is BitGo a regulated bank?
Yes. BitGo Bank and Trust, National Association received full, unconditional OCC approval as a federally chartered national trust bank in the OCC’s December 12, 2025 five-charter cohort, converting from a state-chartered trust company under prior South Dakota oversight.
The new charter authorizes custody and safekeeping of digital assets and certain non-deposit financial assets under federal fiduciary and non-fiduciary authorities, and permits nationwide delivery of digital-asset-related services without state-by-state licensing where federal law preempts duplicative obligations. Up to $250 million in insurance coverage for assets held in qualified custody is documented as part of the charter scope.
Conclusion
BitGo enters its first full year as a public company carrying a balance sheet that reads differently than its private-era figures suggested. The SEC S-1 disclosure of approximately $3.1 billion in fiscal-year-2024 revenue and 565 full-time employees re-anchors the topline scale, and the Q1 2026 SEC filing reports $63.0 billion in Assets on Platform across 5,569 clients as the post-IPO operational baseline.
Forward-looking visibility narrows to two questions the next four quarters will answer: whether the normalized-versus-reported AoP gap compresses, and whether the federal charter accelerates client-acquisition velocity.
