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BitGo Holdings, Inc. Class A
(NYSE:BTGO)
Select Model
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Rating:62Neutral
Price Target:
$6.50
▲(17.12% Upside)
Action:Reiterated
Date:09/19/26
The score is anchored by solid balance-sheet strength and positive cash flow, but is held back by sharp profitability deterioration and very thin margins. Technicals are supportive (price above key averages with positive MACD), while valuation remains a key drag due to losses (negative P/E). The latest earnings call adds a modest boost from cost actions and a path toward breakeven, tempered by ongoing margin compression and revenue-mix volatility.
Positive Factors
Revenue and Platform Growth
Strong revenue growth alongside expanding assets on platform indicates increasing institutional adoption of BitGo’s infrastructure. Broader client activity can deepen network relevance, support cross-selling across custody and trading services, and strengthen the company’s competitive position over the next several quarters.
Negative Factors
Profitability Deterioration
The shift from profit to operating and net losses, combined with an extremely thin gross margin, shows that rapid growth is not yet translating into durable earnings power. This limits internally funded expansion and leaves results vulnerable if revenue growth moderates or costs remain elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Platform Growth
Strong revenue growth alongside expanding assets on platform indicates increasing institutional adoption of BitGo’s infrastructure. Broader client activity can deepen network relevance, support cross-selling across custody and trading services, and strengthen the company’s competitive position over the next several quarters.
Read all positive factors
BitGo Holdings, Inc. Class A (BTGO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$714.68M
Dividend YieldN/A
Average Volume (3M)1.71M
Price to Earnings (P/E)―
Beta (1Y)3.53
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. Volume1,024,510
30 Day Avg. Volume1,708,797
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 Cap1.25
Enterprise Value/Revenue0.04
Enterprise Value/Gross Profit4.68
Enterprise Value/Ebitda-7.43
Forecast
1Y Price Target
$10.66Price Target Upside92.06% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-0.77
Revenue Forecast (FY)$194.14M
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
BitGo’s revenue model is centered on providing institutional digital-asset services and software infrastructure. Key revenue streams include: (1) Custody and asset-servicing fees: BitGo charges fees to safeguard client digital assets using institu...
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 Risk Analysis
BitGo Holdings, Inc. Class A disclosed 106 risk factors in its most recent earnings report. BitGo Holdings, Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
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 | $1.97B | 8.08 | 18.97% | ― | 9.87% | 32.48% | |
70 Outperform | $22.89B | 47.47 | 13.58% | ― | 37.19% | ― | |
62 Neutral | $714.68M | -6.60 | -31.84% | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | $520.53M | 7.34 | 11.32% | ― | ― | ― | |
46 Neutral | $6.16B | -40.31 | -5.43% | ― | 92.52% | 80.32% | |
45 Neutral | $410.78M | -0.76 | -97.61% | ― | 28.47% | -28.35% |
* General Sector Average
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BitGo Holdings, Inc. Class A Corporate Events
Business Operations and StrategyExecutive/Board Changes
BitGo COO Announces Planned Resignation and Transition
Neutral
Sep 25, 2026
BitGo Holdings, Inc. announced that Chief Operating Officer Jody Mettler informed the Board on September 21, 2026, of her intention to resign from the role, with her departure effective October 16, 2026. The company stated that Mettler’s dec...
Business Operations and StrategyM&A Transactions
BitGo Expands Institutional Platform With NYDIG Trading Acquisition
Positive
Aug 28, 2026
On August 27, 2026, BitGo Holdings, Inc., a digital asset infrastructure provider focused on institutional custody, trading, financing and related services through regulated entities, entered into and promptly completed a two-step merger to acquir...
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...
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.