Bitgo Holdings, Inc. (BTGO)

Price$7.30Cached quoteAs of 2026-09-05 06:52 UTC

AI: Fair-priced

Valuation is moderate after the post-IPO resetAt $6.30 and approximately 117.1 million June-end common shares, BitGo has an equity value near $738 million, about 1.74x June book value of $423.1 million.

BitGo ended June with $159.0 million of unrestricted cash and 2,523 company-owned Bitcoin worth $147.7 million. The supplied $139.2 million debt figure mainly reflects borrowings used to support lending activities; management reports no corporate-level debt. The balance sheet therefore provides meaningful financial flexibility, but negative current earnings and volatile crypto exposure make the book-value premium less obviously cheap. The stock is far below its $18 IPO price, yet profitability still needs to catch up with platform growth, supporting a Fair-priced assessment.

Headline revenue materially overstates underlying economic revenueQ2 reported revenue jumped 79.6% to $4.33 billion, but most came from gross-accounted digital asset sales carrying extremely thin spreads.

Digital Asset Sales generated $4.20 billion of Q2 revenue, while overall Digital Asset Sales margin was only 17 basis points. More economically informative businesses included $64.7 million of staking revenue, $27.5 million of subscriptions and services revenue and $38.8 million of Stablecoin-as-a-Service revenue. Q2 adjusted EBITDA was negative $4.2 million and net loss was $19.0 million. FY2025 similarly reported $16.15 billion of revenue but only $32.4 million of company-adjusted EBITDA, so conventional price-to-sales analysis is misleading for BitGo.

Institutional adoption is expanding across custody, staking and stablecoinsBitGo's regulated platform combines qualified custody, self-custody wallets, staking, trading, lending, settlement and stablecoin infrastructure for institutional clients.

Q2 clients increased 26% year over year to 5,833, normalized assets on platform rose 31% to $65.2 billion and normalized assets staked rose 36% to $11.9 billion. The platform supports more than 2,200 digital assets and operates regulated entities across multiple jurisdictions. Stablecoin-as-a-Service grew 148% year over year in Q2, while subscriptions and services rose 8.5%. Management is also targeting approximately $15 million of annualized cash savings, which could improve operating leverage if institutional activity continues to scale.

Crypto-market, custody and dilution risks remain substantialBitGo's economics are sensitive to digital-asset prices, trading volumes, staking activity, regulation and the security of assets held for clients and its own treasury.

FY2025 net loss was $14.8 million and first-half 2026 operating cash flow was negative $36.2 million; Q2 results included an $18.8 million unrealized digital-asset loss. Bitcoin represented 51.5% of client assets on platform and 77.9% of BitGo's own digital-asset holdings at June. Competition spans exchanges, regulated custodians, wallet-infrastructure providers and traditional financial institutions. Equity dilution is also relevant: June stockholders had roughly 25.0 million shares reserved for stock awards, while the NYDIG acquisition includes approximately $35.5 million of initial stock consideration plus potential earn-out shares, partly offset by a $50 million repurchase authorization.

AI: News

Institutional settlement activity and stablecoin infrastructure continue expandiBitGo and Crossover Markets reported more than $2 billion of cumulative CROSSx volume cleared and settled through Go Network, while BitGo added day-one wallet and custody support for Circle's Arc mainnet.

The September 14 settlement milestone demonstrates increased institutional usage of BitGo's off-exchange infrastructure, which separates execution from regulated custody and settlement. On September 16, BitGo added self-custody, custody, Go Account and USDC support for Arc, broadening its stablecoin and treasury infrastructure. These developments support cross-selling beyond basic custody, although their direct revenue contribution has not been disclosed.

NYDIG acquisition broadens trading, derivatives and financing capabilitiesBitGo completed the acquisition of NYDIG's institutional trading business in August, adding approximately 30 employees and institutional client relationships.

The transaction adds derivatives, structured products, financing and capital-markets capabilities alongside BitGo's custody and settlement platform. Initial consideration includes $7 million of cash and approximately $35.5 million of BitGo stock, with up to $15 million of additional cash plus further shares tied to revenue milestones. The deal could increase client stickiness and wallet share but introduces integration, execution and dilution risk.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$16.15B	$3.08B	$926.3M	$2.51B
Operating expenses	$144.0M	—	—	—
Operating income	$14.9M	−$7.0M	−$36.6M	−$74.3M
Operating margin	0.09%	−0.23%	−3.95%	−2.96%
EBITDA	−$8.6M	−$3.8M	−$35.5M	−$71.3M
EBITDA margin	−0.05%	−0.12%	−3.83%	−2.84%
Net income	−$14.8M	$156.6M	−$2.1M	$4.61B
Net profit margin	−0.09%	5.08%	−0.23%	183.37%
Basic EPSper basic share	-$0.13	$0.47	-$0.02	$16.24
Diluted EPSper diluted share	-$0.13	$0.47	-$0.02	$16.24

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

11.59%of listed shares

Valor Management LLC12.54M shares · Jun 30, 2026

View holders

Top 20 reported holders of BTGO
Holder	% owned
Valor Management LLC	11.59%12.54M shares
Redpoint Ventures V, L.P. / Redpoint Ventures V, LLC	≈9.94%10.75M shares
REDPOINT MANAGEMENT, LLC	9.94%10.75M shares
CRCM LP	2.43%2.62M shares
DRW Securities, LLC	1.91%2.06M shares
Tidal Investments LLC	1.84%1.99M shares
Jump Financial, LLC	1.45%1.57M shares
VY Capital Management Co. Ltd.	1.23%1.33M shares
Fang Chen	≈1.16%1.26M shares
Belshe Michael	≈0.77%837.16K shares
MILLENNIUM MANAGEMENT LLC	0.69%744.48K shares
a16z Capital Management, L.L.C.	0.62%666.36K shares
RENAISSANCE TECHNOLOGIES LLC	0.57%619.74K shares
Alpine Global Management, LLC	0.57%612.26K shares
Reginelli Edward	≈0.55%591.96K shares
HRT FINANCIAL LP	0.43%470.59K shares
GEODE CAPITAL MANAGEMENT, LLC	0.42%455.79K shares
ParaFi Capital LP	0.35%374.4K shares
BlackRock, Inc.	0.32%347.65K shares
Intesa Sanpaolo S.p.A.	0.30%323K shares

Percentages use 108.22M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)4$7.30M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jan 23, 2026Form 4	Fang ChenChief Revenue Officer	SellClass A Common Stock	250.0K	$16.74	$4.18M	1.23M
Jan 23, 2026Form 4	Reginelli EdwardCFO	SellClass A Common Stock	45.0K	$16.74	$753.3K	539.0K
Jan 23, 2026Form 4	Horowitz Jeff PeterChief Compliance Officer	SellClass A Common Stock	116.0K	$16.74	$1.94M	311.1K
Jan 23, 2026Form 4	Mettler JodyChief Operating Officer	SellClass A Common Stock	25.0K	$16.74	$418.5K	25.0K

Review ownership filings at SEC.gov ↗

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Bitgo Holdings, Inc. (BTGO)

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