Bitgo: sales exploded to USD 4.19 billion-IPO plans in sight!

Bitgo: sales exploded to USD 4.19 billion-IPO plans in sight!

Bitgo, a leading crypto-custody startup from Palo Alto, California, generated impressive sales of USD 4.19 billion in the first six months of 2023, which corresponds to an almost four-time increase compared to the previous year. This information comes from an application for a US IPO (IPO), in which the company also reported a profit of USD 12.6 million. In the previous year, Bitgo had made a profit of $ 30.9 million with $ 1.12 billion sales. This shows the steadily growing presence and demand from Bitgo in the crypto market.

BitGo is one of the largest crypto custody firms in the US and plays a crucial role in securing digital assets for its customers. At a time when institutional demand for crypto is surging, sentiment across the sector is becoming increasingly positive. Experts point to this development as a key indicator of the coming growth in the digital currency sector.

Planned stock market noding and main use

The company plans to be listed on the New York stock exchange under the Btgo symbol. The main underwriters for the offer are renowned financial institutions such as Goldman Sachs and Citigroup, which give the listing of the stock exchange additional importance. These steps are part of a more comprehensive plan to further consolidate Bitgo's market position and expand business.

However, the previous takeover offer by Galaxy Digital in 2021 did not materialize. The reason for this was the lack of availability of audited financial reports. This episode highlights the challenges that even established companies in the crypto industry face.

Crypto market and institutional demand

While Bitgo is in a phase of rapid growth, analysts report a general revitalization in the crypto market. The growing institutional demand for crypto services inspires development and strengthens confidence in the industry. This trend reversal is followed with great attention and could have a lasting impact on the growth of crypto-custody services.

Although the market is still struggling with various uncertainties, companies like BitGo show that there is significant demand that cannot be ignored. The significant increases in sales and the upcoming IPO are clear indicators of the positive development within the sector.

Daily Hodl reports that BitGo's future looks promising, characterized by a combination of strong growth, institutional acceptance and strategic positioning in the market.