Adapting to the Trump policy and rate-cutting trend, BitGo (BTGO.US) joins the frenzy of cryptocurrency companies going public.

Cryptocurrency custodian company BitGo Holdings Inc. (BTGO.US) has officially submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission, adding new momentum to the active digital asset market. According to the documents submitted by the company to the SEC on Friday, in the first half of this year, the cryptocurrency custodian institution generated revenue of $4.19 billion and net profit of $12.6 million; compared to the same period last year when revenue was $1.12 billion and net profit was $30.9 million. Since U.S. President Trump expressed support for the cryptocurrency industry, many cryptocurrency companies have rushed to the public market, with BitGo being one of them. The documents show that the number of shares to be issued and the price range for this IPO have not been finalized. The most notable listing case in the cryptocurrency field this year has been stablecoin issuer Circle (CRCL.US). The company completed a $1.2 billion financing and went public in June, with its stock price soaring by 365% compared to the IPO price. However, other cryptocurrency companies that have recently gone public have experienced stock price fluctuations: Gemini, owned by the Winklevoss brothers, raised $446 million in its IPO, but its stock price has fallen by 14%. The documents also revealed that BitGo co-founder and CEO Michael Belshe will have control over the results of the matters to be voted on by shareholders. The California-based company announced in July that it had secretly submitted an IPO application. According to data provider PitchBook, the company's valuation reached $1.75 billion in August 2023. According to the prospectus, BitGo currently supports over 1,400 digital assets, serves more than 4,600 customers, with a user base of 1.1 million people; as of the end of June this year, the platform managed assets worth approximately $90.3 billion. Earlier this year, as BitGo advanced its listing plans, it launched a global over-the-counter (OTC) trading service for digital assets. This move highlights the increasing demand for cryptocurrencies from hedge funds and institutional investors. The OTC platform provides institutional investors with spot, options trading, and margin lending services. It is worth noting that BitGo's IPO application was just one of several companies that submitted listing documents on Friday. Previously, the Federal Reserve's interest rate cut cleared obstacles for many private companies that were previously hesitant to go public. Goldman Sachs Group, Inc. and Citigroup are leading the underwriting of this IPO. BitGo plans to list its stock on the New York Stock Exchange under the ticker "BTGO."