BitGo Holdings, Inc. (BTGO) Stock

BitGo Holdings, Inc. (BTGO) is a Financials stock trading at $4.81 (as of 2026-07-24), with a market capitalization of $549.44M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Bitgo Holdings, Inc. operates as a digital asset infrastructure company that allows institutional clients to secure, manage, utilize, and create digital assets through its technology platform. The company, through its platform, offers self-custody wallet, qualified custody, liquidity and prime, and infrastructure-as-a-service to investors, builders, and other participants in the digital asset ecosystem. Its clients range from crypto-native companies that use its self-custody wallet technology to financial services firms, digital asset ecosystem companies, technology platforms, corporations, and government agencies, as well as high net worth individuals. The company's principal markets include North America, Europe, and Asia. It serves institutional investors, trading firms, investment advisors, exchanges, and developers. Bitgo Holdings, Inc. was founded in 2013 and is based in Palo Alto, California.

Understand BitGo Holdings, Inc.: how it makes money

BitGo provides digital asset infrastructure, including self-custody wallet and qualified custody, plus liquidity and other infrastructure services for institutional and ecosystem clients, and it makes money from platform service revenue such as staking, subscriptions and services, and stablecoin as a service.

BitGo’s economics are driven by activity tied to assets on its platform, and it monetizes that activity through fee or take-rate style revenue streams (for example, staking revenue and stablecoin as a service revenue), so investors typically track the scale of Assets on Platform and related take rates.

Business quality (Weak): The operating KPI set is clear (platform assets, staking, stablecoin AUM, and take rates), but the provided segment revenue breakdown does not cover the full reported revenue, so segment-level analysis is limited using only the supplied facts.

Bull case

  • Platform scale metrics are explicit: Investors can directly monitor Assets on Platform (63.0 USD_B) and Assets Staked (11.8 USD_B), which map to BitGo’s custody and staking-oriented service positioning.
  • Multiple fee streams tied to digital asset use cases: The provided revenue categories (Staking Revenue, Subscriptions and Services Revenue, and Stablecoin as a Service Revenue) indicate diversification across different platform functions.
  • Stablecoin and derivatives activity have measurable drivers: The company reports Quarterly Average Stablecoin as a Service Assets Under Management (2.8 USD_B) and Notional Derivatives Trading Volume (3.0 USD_B), giving additional operating context beyond staking and custody.

Bear case

  • Profitability is currently negative at the operating level: Operating margin is -0.5% for the latest period provided, so leverage to revenue growth may not yet be translating into operating profits.
  • Revenue segment coverage is incomplete in the provided data: The supplied segment revenue candidates (0.06, 0.04, 0.03 USD_B) do not add up to the total revenue figure (3.8 USD_B), limiting confidence in segment-level conclusions from the information provided.
  • Take-rate sensitivity is a key risk: The presence of Staking Fees Take Rate (16.1 percent) and Stablecoin as a Service Take Rate (7.4 ratio) implies revenue can be sensitive to fee or take-rate changes tied to market and product conditions.
Valuation — source: SEC EDGAR (first-party)
Price$4.81
Market Cap$549.44M
EV / EBITDA-27.0
Price / Book1.25
Price / Sales0.15
FCF Yield-5.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$3.08B
Net Margin5.1%
Return on Equity-13.8%
Debt / Equity0.32
Current Ratio1.08
Revenue Growth (YoY)112.6%
FCF Growth (YoY)-659.8%
Valuation vs Sector & Industry
Sector P/E (Financials)15.4
Industry P/E (Banking)13.4
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderValor Management LLC ($103.19M)
Institutional Holders Tracked10
Company
SectorFinancials
IndustryBanking
CEOMichael A. Belshe
Employees566
CountryUS
IPO Date2026-01-21

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BTGO earnings history · BTGO institutional & insider holders · BTGO KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.