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BitGo Holdings, Inc. Class A
(NYSE:BTGO)
Select Model
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Rating:59Neutral
Price Target:
$6.00
▲(8.11% Upside)
Action:N/A
Date:08/17/26
BTGO’s score is driven primarily by solid financial stability (low leverage) and strong revenue/platform growth signals, but is held back by weak and volatile profitability (thin margins, losses) and mixed technicals that show only a tentative near-term rebound. Valuation remains constrained by loss-making results (negative P/E) and no stated dividend yield, while earnings-call guidance and cost reductions provide some near-term support but with ongoing mix and margin risk.
Positive Factors
Revenue and Platform Growth
Strong revenue expansion alongside growing assets on platform indicates increasing institutional adoption and market share. A broader client base and larger custody footprint can strengthen network effects and support durable growth across custody, trading, staking, and infrastructure services.
Negative Factors
Thin Margins and Losses
The combination of extremely thin gross margins and renewed operating and net losses limits the amount of revenue that converts into durable earnings. This weak profitability profile leaves the business more dependent on cost controls, favorable mix, and sustained transaction activity.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Platform Growth
Strong revenue expansion alongside growing assets on platform indicates increasing institutional adoption and market share. A broader client base and larger custody footprint can strengthen network effects and support durable growth across custody, trading, staking, and infrastructure services.
Read all positive factors
BitGo Holdings, Inc. Class A (BTGO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$652.38M
Dividend YieldN/A
Average Volume (3M)1.20M
Price to Earnings (P/E)―
Beta (1Y)3.99
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees603
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.92
Shares Outstanding108,690,240
10 Day Avg. Volume951,241
30 Day Avg. Volume1,195,006
Financial Highlights & Ratios
PEG Ratio1.08
Price to Book (P/B)6.56
Price to Sales (P/S)0.13
P/FCF Ratio431.83
Enterprise Value/Market Cap>-0.01
Enterprise Value/Revenue>-0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$10.53Price Target Upside89.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-0.74
Revenue Forecast (FY)$194.81M
BitGo Holdings, Inc. Class A Business Overview & Revenue Model
Company Description
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. Through this ...
How the Company Makes Money
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BitGo Holdings, Inc. Class A Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 01, 2027
Earnings Call Sentiment Neutral
The call presented a mix of encouraging commercial and strategic progress (robust year-over-year revenue growth, expanding assets on platform, product innovation in tokenization and quantum readiness, AI-driven productivity and announced cost savings) alongside meaningful near-term profitability and margin challenges (margin compression, lower derivatives volumes, reduced staking take rates, continued adjusted EBITDA loss). Management highlighted clear operating actions to improve economics and expects cost savings to benefit Q3, but near-term results remain sensitive to revenue mix and market activity.Positive Updates
Strong Revenue Growth
Total revenue was $4.3 billion, up 14.7% sequentially and 79.6% year-over-year. Digital asset sales revenue was $4.2 billion, up 14.7% sequentially and 84.3% year-over-year.
Negative Updates
Margin Compression in Digital Asset Sales
Overall digital asset sales margin decreased to ~17 basis points in Q2 from 32 basis points in Q1 and 19 basis points a year ago, driven by lower spreads on certain spot transactions and a much lower contribution from derivatives.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Total revenue was $4.3 billion, up 14.7% sequentially and 79.6% year-over-year. Digital asset sales revenue was $4.2 billion, up 14.7% sequentially and 84.3% year-over-year.
Read all positive updates
Company Guidance
For Q3 BitGo guided that, assuming market activity and digital asset prices remain broadly consistent with recent levels (after a Q2 market cap decline to ~$2.1T, Bitcoin down ~14%, and industry trading volumes down >20%), digital asset sales revenue should be relatively flat versus Q2 (Q2 total revenue $4.3B; digital asset sales $4.2B; digital asset sales margin ~17 bps in Q2), staking revenue is expected to remain broadly consistent with Q2 (Q2 staking revenue $64.7M; normalized assets staked ~$12B; staking take rate 6% in Q2), subscriptions & services should grow sequentially (Q2 $27.5M), Stablecoin-as-a-Service is expected to show modest sequential growth (Q2 $38.8M; stablecoin take rate 8%), and expenses excluding direct costs are expected to decline sequentially driven by roughly $15M of annualized cash savings beginning in Q3 (≈$9M from the workforce reduction plus ≈$6M from other initiatives), with management targeting a move toward breakeven adjusted EBITDA in Q3 (Q2 adjusted EBITDA loss $4.2M); balance sheet/headroom cited: $159M cash, 2,523 company-owned BTC (~$148M fair value) and a $50M share repurchase authorization.BitGo Holdings, Inc. Class A Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
74
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 20.07B | 16.15B | 3.08B | 926.29M |
| Gross Profit | 191.01M | 191.06M | 130.62M | 62.79M |
| EBITDA | -120.41M | -8.65M | 190.79M | -34.09M |
| Net Income | -122.90M | -14.78M | 156.55M | -2.12M |
Balance Sheet | ||||
| Total Assets | 6.05B | 4.55B | 683.28M | 6.92B |
| Cash, Cash Equivalents and Short-Term Investments | 5.52B | 106.28M | 87.42M | 46.19M |
| Total Debt | 444.98M | 6.46M | 34.36M | 2.97M |
| Total Liabilities | 5.62B | 4.23B | 354.41M | 6.79B |
| Stockholders Equity | 423.06M | 316.60M | 326.44M | 136.81M |
Cash Flow | ||||
| Free Cash Flow | -7.29M | 4.81M | 8.60M | -51.41M |
| Operating Cash Flow | 363.00K | 29.97M | 10.68M | -51.11M |
| Investing Cash Flow | -82.67M | -114.33M | -58.92M | -34.84M |
| Financing Cash Flow | 2.61B | 3.42B | 89.47M | 50.20M |
BitGo Holdings, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $2.28B | 9.13 | 18.97% | ― | 9.87% | 32.48% | |
59 Neutral | $652.38M | -6.03 | -31.84% | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | $701.07M | 5.82 | 25.84% | ― | ― | ― | |
52 Neutral | $18.94B | 39.47 | 13.58% | ― | 37.19% | ― | |
44 Neutral | $8.55B | -48.25 | -5.43% | ― | 163.47% | 80.32% | |
42 Neutral | $430.64M | -0.87 | -97.61% | ― | 28.47% | -28.35% |
* General Sector Average
BTGO
BitGo Holdings, Inc. Class A
5.39
-13.10
-70.85%
GLXY
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20.43
-3.66
-15.21%
CSHR
CoinShares
5.05
-5.39
-51.63%
ETOR
eToro
27.77
-16.94
-37.89%
CRCL
Circle Internet Group, Inc. Class A
71.73
-63.50
-46.96%
GEMI
Gemini Space Station, Inc. Class A
3.54
-28.98
-89.11%
BitGo Holdings, Inc. Class A Corporate Events
Business Operations and StrategyExecutive/Board ChangesStock BuybackFinancial Disclosures
BitGo Holdings Announces CFO Transition and Leadership Changes
Positive
Aug 12, 2026
On August 10, 2026, BitGo’s Board was informed that Chief Financial Officer and principal accounting officer Edward Reginelli will resign effective September 15, 2026, and the company has begun a formal search for his successor, with Reginel...
Business Operations and Strategy
BitGo Announces Workforce Reduction to Refocus Core Priorities
Negative
Jun 25, 2026
On June 25, 2026, BitGo Holdings, Inc. disclosed that Chief Executive Officer Michael Belshe announced a workforce reduction of nearly 15%, describing it as a difficult, one-time action meant to align the company with shifts in the digital asset e...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
BitGo Announces Retirement of Chief Compliance Officer Horowitz
Neutral
Jun 22, 2026
On June 18, 2026, BitGo Holdings, Inc., a digital asset financial services firm, announced that Chief Compliance Officer Jeffrey Horowitz will retire effective June 19, 2026. The company stated that Horowitz’s retirement is not due to any di...
Business Operations and StrategyStock Buyback
BitGo Holdings Announces $50 Million Share Repurchase Program
Positive
Jun 17, 2026
On June 17, 2026, BitGo Holdings, Inc. announced that its board of directors had authorized a share repurchase program of up to $50 million of its common stock, representing about 8% of its Class A shares based on current prices. The buyback, effe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.