BitGo Holdings, Inc.
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Range $5.75 – $15
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About the company
BitGo Holdings, Inc. functions as a pivotal infrastructure provider within the digital asset space. Its advanced technological platform enables institutional clients to securely handle, manage, leverage, and originate digital assets.
- CEO
- Michael A. Belshe
- IPO
- 2026
- Employees
- 603
- HQ
- Sioux Falls, SD, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $710.10M
- P/E
- -7.20
- Fwd P/E
- 60.88
- PEG
- -0.02
- P/S
- 0.04
- P/B
- 1.68
- EV/EBITDA
- 30.22
- Div Yield
- 0.00%
- Gross Margin
- 0.95%
- Op Margin
- -0.43%
- Net Margin
- -0.61%
- ROE
- -31.84%
- ROIC
- -1.04%
Latest fiscal year · YoY change
- Revenue
- $16.15B+424.3%
- Gross Profit
- $191.06M+46.3%
- Op Income
- $-13,973,000
- Net Income
- $-14,782,000-109.4%
- EPS
- $-0.13-127.7%
- OCF Growth
- +180.5%
- FCF Growth
- -44.1%
- 52W High
- $24.50
- 52W Low
- $4.65
- 50D MA
- $5.22
- 200D MA
- $8.44
- Beta
- 1.75
- RSI (14)
- 69
- Avg Volume
- 1.62M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
BitGo grew platform assets and revenue in Q2, but lower trading and staking margins pressured profitability; management says cost cuts and new institutional workflows should improve Q3 results.· August 12, 2026
- Revenue rose 14.7% sequentially and 79.6% year over year to $4.3 billion, but GAAP net loss was $19 million and adjusted EBITDA was a $4.2 million loss.
- Normalized assets on platform reached about $65 billion and normalized assets staked about $12 billion, both up sequentially and year over year.
- Digital asset sales margin fell to 17 basis points from 32 basis points in Q1 as derivatives volume dropped and spot/derivatives mix shifted.
- Staking revenue increased 30.9% sequentially to $64.7 million, but take rate fell to 6% from 16.1% in Q1 because a large client came on at a lower rate and another large client softened.
- Management expects about $15 million of annualized cash savings from workforce and infrastructure changes starting in Q3, and guided for Q3 expenses excluding direct costs to decline sequentially.
Total revenue was $4.3 billion, up 14.7% sequentially and 79.6% year over year. Direct costs were approximately $4.3 billion, up 15.1% sequentially and 80.8% year over year. GAAP net loss was $19 million versus a $60.7 million net loss in Q1, and adjusted EBITDA was a loss of $4.2 million versus a loss of $1.7 million in Q1 and a profit of $3 million a year ago. Digital asset sales revenue was $4.2 billion, with overall quarterly margin of about $7.1 million and margin of 17 basis points versus 32 basis points in Q1. Staking revenue was $64.7 million, with fees of $60.8 million and a 6% take rate versus 16.1% in Q1 and 10% a year ago. Subscriptions and services revenue was $27.5 million, and Stablecoin-as-a-Service revenue was $38.8 million, with stablecoin sponsor fees of $35.7 million and an 8% take rate. Expenses excluding direct costs were $59.9 million, down 13% sequentially; the company recorded a $1.3 million restructuring charge. BitGo ended the quarter with $159 million of cash and cash equivalents, no corporate-level debt, and 2,523 company-owned Bitcoin valued at about $148 million. For Q3, management expects digital asset sales revenue to be relatively flat versus Q2, staking revenue to remain broadly consistent, subscriptions and services to grow sequentially, Stablecoin-as-a-Service to post modest sequential growth, and expenses excluding direct costs to decline sequentially.
Mike Belshe said the quarter highlighted BitGo’s platform growth even though financial performance fell short because of a difficult crypto market, lower spreads, and an unfavorable revenue mix. He emphasized the company’s land-and-expand model, pointing to growing custody relationships that can lead to trading, staking, financing, settlement, treasury, and tokenization workflows over time. He was also upbeat about regulation, stablecoins, tokenization, and quantum-risk tooling as long-term drivers, while noting BitGo is reducing costs, using AI more broadly, and focusing resources on the highest-value initiatives.
Ed Reginelli focused on the financial mechanics behind the quarter. He noted $4.3 billion of revenue, $4.3 billion of direct costs, a $19 million GAAP net loss, and a $4.2 million adjusted EBITDA loss, while explaining that lower margins and a smaller derivatives mix hurt profitability. He highlighted $59.9 million of expenses excluding direct costs, the $1.3 million restructuring charge, $159 million of cash and cash equivalents, no corporate debt, and 2,523 company-owned Bitcoin worth about $148 million. He also said $9 million of annualized savings from restructuring plus another $6 million from other initiatives should start benefiting results in Q3, and he guided to sequential expense decline and Q3 adjusted EBITDA moving closer to breakeven or slightly profitable.
Analysts pressed on custody market structure, regulation, quantum-resistant wallets, stablecoin take rates, competition, investment priorities, digital asset margins, and whether Q3 could reach breakeven adjusted EBITDA. Management repeatedly argued that BitGo’s full-stack infrastructure and regulated positioning create an advantage, but said custody will likely consolidate only over time and in a global, multi-jurisdiction market. On margins, Ed said July showed some recovery and that digital asset sales margin could move back toward a historical 20 to 25 basis point range. On stablecoins, Mike said fees are mainly driven by balances rather than transaction activity, and on tokenized equities he said BitGo’s focus is enabling new lending and custody use cases rather than direct trading fees.
The bullish case from the call is that BitGo is still growing the underlying platform even in a weak crypto quarter: clients, normalized assets on platform, and normalized assets staked all rose, and management said it gained market share. The company also pointed to new institutional use cases in tokenized equities, stablecoins, prediction markets, and quantum-risk management, plus expected cost savings that should improve operating leverage in Q3.
The main risks discussed were margin pressure, a tough crypto market, and dependence on client/product mix. Revenue held up, but lower trading spreads, reduced derivatives volume, and lower staking take rates pushed adjusted EBITDA negative, and management acknowledged that future margins can swing with mix and market conditions. Competition is also intensifying across custody, stablecoins, and tokenized assets, and the company is still navigating regulatory uncertainty around tokenization and market structure.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 62.8%
- Shares Outstanding
- 107.10M
- Float Shares
- 67.27M
of shares held by institutions
59 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Anfield Capital Management, LLC | 103 | ▲ 103 |
Held by 32 ETFs
Biggest fund positions in BTGO by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 7, 26 | Mettler Jody | sell | 97 |
| Aug 7, 26 | Reginelli Edward | sell | 91 |
| Aug 7, 26 | Fang Chen | sell | 234 |
| Jul 24, 26 | Belshe Michael | sell | 38,691 |
| Jul 24, 26 | Reginelli Edward | sell | 9,021 |
| Jul 22, 26 | Horowitz Jeff Peter | other | 782 |
| Jul 22, 26 | Horowitz Jeff Peter | other | 261 |
| Apr 6, 26 | Reginelli Edward | other | 175 |
| May 6, 26 | Reginelli Edward | other | 88 |
| Jun 11, 26 | Reginelli Edward | sell | 91 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our BTGO coverage
Recent articles, reports, and earnings notes.
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BitGo Korea Becomes First New Korean Entity Established by a Global Digital Asset Company to Secure VASP Registration in South Korea
businesswire.com · Aug 19
BitGo Korea Becomes First New Korean Entity Established by a Global Digital Asset Company to Secure VASP Registration in South Korea
gurufocus.com · Aug 19
BITGO HOLDINGS, INC. (BTGO) SHAREHOLDER INVESTIGATION ALERT: Bernstein Liebhard Investigates Potential Breaches of Fiduciary Duty
newsfilecorp.com · Aug 18
Bitgo Holdings, Inc. (BTGO) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 13
BitGo Analysts Slash Their Forecasts After Q2 Results
benzinga.com · Aug 13
BTGO Q2 Earnings Call Highlights
marketbeat.com · Aug 12
BitGo Announces Second Quarter 2026 Financial Results
businesswire.com · Aug 12
Bronstein, Gewirtz & Grossman LLC Urges BitGo Holdings, Inc. Investors to Act: Class Action Filed Alleging Investor Harm
feeds.newsfilecorp.com · Aug 7
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
