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Here are 1-3 brief analogies for BitGo:

• State Street for digital assets: BitGo acts as a regulated, institutional custodian, securely holding and managing cryptocurrencies and other digital assets for large financial institutions, similar to how State Street provides custody services for traditional assets.
• Brink's for institutional crypto: Providing ultra-secure storage and transport solutions for digital assets, BitGo is like a high-security vault service for the cryptocurrency holdings of businesses and institutions.
• Goldman Sachs for institutional crypto, with secure custody as its foundation: Beyond just custody, BitGo also offers prime brokerage-like services such as trading, lending, and borrowing for institutions dealing in digital assets, similar to how a traditional investment bank serves its clients, but with an emphasis on the foundational security of their crypto holdings.

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• Qualified Custody (Financial Security & Asset Management Service): Provides institutional-grade secure storage for digital assets, meeting regulatory compliance standards.
• Wallet Services (Digital Asset Security & Management Service): Offers highly secure hot and cold multi-signature wallet solutions for managing various cryptocurrencies.
• Prime Trading & Brokerage (Financial Trading & Execution Service): Facilitates institutional trading of digital assets with access to deep liquidity, advanced execution, and clearing services.
• Lending & Borrowing (Financial Lending Service): Offers institutional-grade lending and borrowing services for digital assets, allowing clients to earn yield or access capital.
• Staking (Financial Yield Generation Service): Enables clients to participate in proof-of-stake networks to earn rewards by staking their digital assets securely.

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Despite the prompt identifying BitGo as a public company with symbol BTGO, BitGo is currently a privately held company, specializing in institutional-grade digital asset custody, trading, and finance services.

BitGo primarily sells its services to other companies and institutional clients. Due to client confidentiality, a comprehensive list of BitGo's "major customers" is not publicly disclosed. However, based on public reports and press releases, notable companies that have been identified as clients or users of BitGo's services include:

• NYDIG: A technology and financial services company dedicated to Bitcoin. (Private Company)
• Pantera Capital: A leading investment firm focused exclusively on blockchain technology. (Private Company)
• Bitstamp: One of the world's longest-standing cryptocurrency exchanges. (Private Company)

BitGo serves a broad range of institutional clients, including financial institutions, cryptocurrency exchanges, asset managers, hedge funds, and corporations looking for secure digital asset infrastructure.

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Mike Belshe, Chief Executive Officer

Mike Belshe co-founded BitGo in 2013 and serves as its CEO. He previously co-founded Lookout Software in 2003/2004, an email search company that was acquired by Microsoft. Before BitGo, he was one of the initial engineers dedicated to building Chrome at Google, where he created the SPDY protocol and was the lead author of the HTTP/2.0 specification. Belshe has held management positions at other startups, including Netscape, Good Technology, and Critical Path, and is an inventor with over 10 technology patents. He earned a Bachelor of Science degree in Computer Science from California Polytechnic State University, San Luis Obispo.

Edward Reginelli, Chief Financial Officer

Edward Reginelli is the Chief Financial Officer at BitGo. He brings extensive experience in leading accounting and finance functions, having held key roles in both international publicly traded companies and private equity-backed firms. His career includes various leadership positions such as CFO, VP of Finance, and Controller. Reginelli holds a BSBA in Accounting from John Carroll University.

Chen Fang, Chief Operating Officer

Chen Fang serves as the Chief Operating Officer at BitGo. In this role, he is responsible for overseeing the company's product development and strategic vision.

Jeff Horowitz, Chief Compliance Officer

Jeff Horowitz is the Chief Compliance Officer for BitGo.

Jody Mettler, President, BitGo Trust

Jody Mettler is the President of BitGo Trust.

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1. Digital Asset Volatility and Credit Exposure: BitGo's business is exposed to fluctuations in the market value of digital assets held on its balance sheet, as well as credit risks associated with loans extended to clients using their digital assets as collateral. This inherent exposure to the volatile cryptocurrency market directly impacts the company's financial stability and outlook.
2. Cybersecurity Threats and Security Breaches: As a digital asset custodian, BitGo faces a constant and evolving threat from cyberattacks, hacks, and the potential loss of private keys. While BitGo emphasizes its multi-layered security approach and its track record of never losing client funds due to a breach on its side, the broader digital asset ecosystem is frequently targeted by sophisticated attackers. Past vulnerabilities, such as the one identified by Fireblocks in BitGo's Ethereum TSS wallets in 2023, highlight the ongoing nature of these risks.
3. Regulatory and Compliance Risks: The regulatory landscape for digital assets is complex, rapidly evolving, and often fragmented across different jurisdictions. Failure to adhere to existing or new regulations can lead to substantial fines, enforcement actions, and reputational damage. While BitGo has recently received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to convert its trust company into a federally chartered national trust bank, which aims to provide more regulatory clarity and a uniform supervisory regime, the company still operates within an environment subject to intense scrutiny and potential policy shifts.

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A clear emerging threat for BitGo is the increasing entry and expansion of well-capitalized traditional financial institutions and vertically integrated crypto platforms into the institutional digital asset custody and prime brokerage space. Firms like Fidelity Digital Assets, BNY Mellon, and JPMorgan are leveraging their established trust, deep client relationships, regulatory expertise, and substantial capital to offer comprehensive digital asset services, directly competing with BitGo's core offerings. Similarly, integrated platforms such as Coinbase Prime are providing a full suite of services including custody, trading, and prime brokerage under one roof, potentially offering greater convenience and scale to institutional clients.

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BitGo provides a comprehensive suite of products and services primarily aimed at institutional clients in the digital asset economy. The addressable markets for their main offerings are substantial and are projected to grow significantly.

Digital Asset Custody

BitGo offers secure custodial and non-custodial wallet solutions, including hot and cold wallets, multi-signature wallets, and NFT wallets.

• The global crypto custody provider market was valued at approximately $2.1 billion in 2025 and is projected to reach $16.42 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 67.2%.
• Another estimate places the global digital asset custody market at $600.28 billion in 2024, expected to grow to $1.35 trillion by 2029 with a CAGR of 17.7%.
• North America was the largest region in the digital asset custody market in 2024.

Digital Asset Trading and Financial Services

BitGo provides a full suite of financial services including trading, borrowing, lending, staking, wealth management, prime brokerage, and DeFi services.

• The global cryptocurrency market, which encompasses trading and investment transfers, was valued at $4.87 trillion in 2025 and is projected to reach $18.15 trillion by 2030, with a CAGR of 30.10%. Institutional players constituted 68.50% of this market in 2024.
• The global digital asset trading platform market size was valued at $2.49 billion in 2023 and is anticipated to exceed $10.99 billion by 2033, growing at a CAGR of 16.01%.
• The global digital asset management market, which includes aspects of BitGo's wealth management services, was $7.32 billion in 2025 and is projected to reach $14.47 billion by 2029 with a CAGR of 18.6%.
• North America is a dominant market for digital asset management.

Blockchain Security and Infrastructure

BitGo offers core wallet infrastructure, blockchain security platform APIs, and multi-signature/multi-party computation (MPC) technology for enhanced security.

• The global blockchain security market size was valued at $5.05 billion in 2025 and is projected to grow to $495.21 billion by 2034, with a robust CAGR of 66.44% from 2026.
• Another estimate states the global blockchain security market size at $4.542 billion in 2025, projected to reach $176.6 billion by 2035 at a CAGR of 44.2%.
• North America holds a significant share of the global blockchain security market, approximately 45%, and generated $1.5 billion in revenue in 2024 with over 37.1% market share.

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BitGo (symbol: BTGO) is expected to drive future revenue growth over the next 2-3 years through several key strategies aimed at expanding its market presence, enhancing its service offerings, and capitalizing on the broader growth of the digital asset industry.

1. Global Institutional Client Growth and Geographic Expansion: BitGo is strategically focused on expanding its institutional client base by targeting banks, asset managers, and other financial institutions across new geographies. The company has demonstrated this through its expansion into Europe, securing a MiCA license in Germany to offer regulated trading, custody, staking, and transfer services. Similarly, it has established a regional hub in Singapore to capitalize on Asia's growing demand for secure and compliant crypto services. This global reach, coupled with adherence to local regulatory frameworks, is crucial for attracting and retaining a larger institutional clientele, as evidenced by its assets under custody (AUM) reaching over $100 billion by mid-2025 and its client base expanding to over 4,600 institutional clients.

2. Diversification and Enhancement of Product and Service Portfolio: BitGo is actively developing and expanding its suite of offerings beyond core custody services. Key initiatives include the planned launch of a dollar-backed stablecoin designed to incentivize institutional liquidity providers. The company is also enhancing its trading and settlement solutions, particularly through the expansion of its Go Network Off-Exchange Settlement (OES) platform, which integrates with major liquid venues like HTX, KuCoin, and Gate.io, providing institutional clients with secure access to a wider range of trading products. Furthermore, BitGo has expanded its services to enable corporate entities to seamlessly and securely adopt Bitcoin treasuries, offering integrated OTC trading, insured cold storage, and automated treasury workflows. Other areas of product development include DeFi and NFT solutions, and continued robust staking services.

3. Strategic Partnerships and Acquisitions: BitGo is pursuing strategic partnerships with financial institutions and technology providers to broaden its service offerings and reach new customer segments. The company also intends to use proceeds from its planned IPO to fund strategic acquisitions, which could further accelerate its technology development and market penetration. These collaborations and potential acquisitions are expected to integrate BitGo's infrastructure more deeply into the broader financial ecosystem, driving incremental revenue streams.

4. Leveraging Overall Digital Asset Market Maturation and Growth: The digital asset market, encompassing custody, management, and trading, is projected for substantial growth in the coming years. Analysts forecast the global digital asset management services market to reach nearly $4.6 billion by 2030, growing at a CAGR of 24.6% from 2024. Similarly, the crypto exchange platform market is expected to reach $264 billion by 2030, with a projected CAGR of 27.8%. BitGo, as a leading infrastructure provider with a strong focus on security and regulatory compliance, is well-positioned to capitalize on this rapidly expanding market, especially as institutional adoption of digital assets continues to increase and regulatory clarity improves.

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Share Issuance

• BitGo filed for an Initial Public Offering (IPO) in September 2025, aiming to raise $100 million through the issuance of Class A common stock.
• In August 2023, BitGo completed a Series C funding round, issuing shares to raise $100 million at a valuation of $1.75 billion.
• The company secured an additional corporate funding round in January 2024 for an undisclosed amount.

Inbound Investments

• BitGo received a significant inbound investment of $100 million in its Series C funding round in August 2023, valuing the company at $1.75 billion.
• In 2024, the company attracted strategic investments from South Korea's Hana Financial Group and SK Telecom.
• Total funding raised by BitGo across seven rounds, prior to its IPO filing, amounted to approximately $170 million to $171.5 million.

Outbound Investments

• BitGo has made 10 investments in other companies, including Verb Technology and GaiaNet.AI, and acquired 6 companies such as Brassica and HeightZero.
• In June 2023, BitGo signed a letter of intent to acquire Prime Core Technologies (the parent company of Prime Trust), but the acquisition was terminated two weeks later.
• Proceeds from the upcoming IPO are planned to be directed toward potential acquisitions.

Capital Expenditures

• BitGo intends to allocate IPO proceeds towards advancing technology and for working capital purposes.
• The company expanded its global presence by establishing new offices in Singapore and Dubai during 2024 and early 2025.
• Capital is being focused on expanding infrastructure services, with an emphasis on asset tokenization and the development of new products such as Stablecoin-as-a-Service.