BitGo (BTGO)
Market Price (3/30/2026): $7.91 | Market Cap: $914.4 MilSector: Financials | Industry: Diversified Capital Markets
BitGo (BTGO)
Market Price (3/30/2026): $7.91Market Cap: $914.4 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Crypto & Blockchain. Themes include Digital Asset Custody, and Blockchain Enterprise Solutions. | Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -120% | High stock price volatilityVol 12M is 112% |
| Key risksBTGO key risks include [1] balance sheet exposure to digital asset volatility and credit risk from its client lending operations, Show more. |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Crypto & Blockchain. Themes include Digital Asset Custody, and Blockchain Enterprise Solutions. |
| Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -120% |
| High stock price volatilityVol 12M is 112% |
| Key risksBTGO key risks include [1] balance sheet exposure to digital asset volatility and credit risk from its client lending operations, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Significant Net Loss and EPS Miss in Q4 2025, primarily driven by declining digital asset prices.
BitGo reported a net loss of $50 million in the fourth quarter of 2025, a substantial reversal from a net income of $129.4 million in the same period of 2024. The company's earnings per share (EPS) for Q4 2025 was a loss of $1.03, significantly missing analyst expectations which ranged from a loss of $0.39 to $0.43 per share. This financial downturn was largely attributed to a decrease in digital asset prices, which negatively impacted the value of BitGo's Bitcoin treasury holdings. Additionally, staking revenue declined by 64% year-over-year due to digital asset price volatility.
2. Post-IPO Profit-Taking and Initial Volatility after a strong debut.
Following its IPO on January 22, 2026, at $18.00 per share, BitGo's stock experienced an initial surge, reaching as high as $24.50 on its first day of trading. However, this early enthusiasm quickly faded, with the stock closing at $18.49 on its debut day and subsequently slipping below its IPO price by the second day of trading, reaching lows of $16.53. By January 25, 2026, the stock had dropped as much as 13.4% below the IPO price, closing at $14.50, representing a 21% decline from the offering price. This rapid decline was influenced by initial profit-taking from investors and inherent volatility often seen in newly public companies, particularly those within the cryptocurrency sector.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BTGO | ||
| Market (SPY) | -5.3% | 46.4% |
| Sector (XLF) | -10.0% | 49.4% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BTGO | ||
| Market (SPY) | 0.6% | 46.4% |
| Sector (XLF) | -10.8% | 49.4% |
Fundamental Drivers
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Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BTGO | ||
| Market (SPY) | 9.8% | 46.4% |
| Sector (XLF) | -7.1% | 49.4% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BTGO | ||
| Market (SPY) | 69.4% | 46.4% |
| Sector (XLF) | 40.5% | 49.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BTGO Return | - | - | - | - | - | -51% | -51% |
| Peers Return | -27% | -72% | 130% | 55% | 26% | -26% | -32% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| BTGO Win Rate | - | - | - | - | - | 0% | |
| Peers Win Rate | 40% | 33% | 56% | 48% | 52% | 8% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| BTGO Max Drawdown | - | - | - | - | - | -51% | |
| Peers Max Drawdown | -32% | -75% | -21% | -37% | -38% | -33% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: COIN, BKKT, PYPL, HOOD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
BTGO has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -26.9% | -25.4% |
| % Gain to Breakeven | 36.7% | 34.1% |
| Time to Breakeven | 525 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.3% | -33.9% |
| % Gain to Breakeven | 76.5% | 51.3% |
| Time to Breakeven | 295 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.1% | -19.8% |
| % Gain to Breakeven | 35.2% | 24.7% |
| Time to Breakeven | 338 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.7% | -56.8% |
| % Gain to Breakeven | 515.2% | 131.3% |
| Time to Breakeven | 4,470 days | 1,480 days |
Compare to COIN, BKKT, PYPL, HOOD
In The Past
SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.
Preserve Wealth
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Asset Allocation
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About BitGo (BTGO)
AI Analysis | Feedback
nullAI Analysis | Feedback
- Custody Services: Provides secure, institutional-grade storage solutions for digital assets, utilizing multi-signature security and cold storage.
- Wallet Services: Offers multi-signature hot and cold wallets designed for managing and transacting with a wide range of cryptocurrencies.
- Prime Brokerage: Delivers a comprehensive suite of services for institutional investors, including trading, lending, and borrowing of digital assets.
- Staking Services: Allows clients to earn rewards on their proof-of-stake digital assets securely held in custody.
AI Analysis | Feedback
BitGo (BTGO) primarily sells its digital asset financial services to other companies, making it a B2B (business-to-business) enterprise. Its major customers are institutions within the cryptocurrency and traditional finance sectors that require secure custody, multi-signature wallets, and prime brokerage services for digital assets. One public company known to be a significant user of BitGo's institutional services is:- Galaxy Digital (GLXY.TO)
- Institutional Investors: This includes hedge funds, asset managers, and family offices that require secure and compliant solutions for investing in and managing digital assets.
- Cryptocurrency Exchanges: Exchanges utilize BitGo's custody and wallet services to securely store and manage the digital assets belonging to their users.
- Fintech Companies and Blockchain Startups: These firms integrate BitGo's infrastructure to build their own digital asset products and services, ensuring security and regulatory compliance.
AI Analysis | Feedback
nullAI Analysis | Feedback
```htmlMike Belshe, Chief Executive Officer, Chief Technology Officer
Mike Belshe is the co-founder of BitGo, serving as CEO and CTO since 2013. He is recognized as a pioneer in web development, having been one of the first engineers at Google Chrome, co-creating the SPDY protocol, and serving as the lead author of HTTP/2.0. Prior to BitGo, he co-founded Lookout Software, an email search company that was acquired by Microsoft. His career also includes management positions at startups such as Good Technology and Critical Path, and software engineering roles at Netscape Communications Corporation and HP Inc. Belshe holds over 10 technology patents.
Edward Reginelli, Chief Financial Officer
Edward Reginelli has been the Chief Financial Officer of BitGo since May 2021. Before joining BitGo, he was the CFO of Cargomatic, Inc. from August 2018 to May 2021. Earlier in his career, Reginelli held various finance positions at companies including RhythmOne Plc, Purple Communications, Inc., Burke Industries, Inc., Compass Aerospace Corporation, PPG Industries, Inc., and Nestle S.A. He is a licensed CPA in Illinois.
Chen Fang, Chief Revenue Officer
Chen Fang has served as BitGo's Chief Revenue Officer since January 2025. He previously held the roles of Chief Operating Officer from August 2022 to March 2025 and Chief Product Officer from February 2020 to August 2022. Before BitGo, he co-founded and was the CEO of Lumina from January 2018 to February 2020, and served as Senior Director of Product Management at Zenefits from February 2015 to January 2018.
Jody Mettler, Chief Operating Officer
Jody Mettler has been the Chief Operating Officer of BitGo since September 2021 and President of BitGo Trust since August 2022. She brings over two decades of experience from Citibank, where her roles included Senior Vice President of Operations and Transformation and Director of Global Service and Operations Transformation.
Jeff Horowitz, Chief Compliance Officer
Jeff Horowitz has served as BitGo's Chief Compliance Officer since January 2021. Prior to BitGo, he was the CCO for Coinbase from July 2018 to December 2020, where he managed their global compliance program and regulatory relationships. He spent over 12 years at Pershing LLC in various compliance leadership roles, including Managing Director, Global Head of Compliance, CCO, and Chief AML and OFAC Officer. Horowitz also held compliance leadership positions at Citigroup, Goldman Sachs, and Salomon Brothers, and began his career as a regulator with the Federal Deposit Insurance Corporation (FDIC). He has been involved with industry organizations such as the Securities Industry and Financial Markets Association (SIFMA) Anti-Money Laundering Committee, FINRA's Large Firm Advisory Committee, and the U.S. Treasury's Bank Secrecy Act Advisory Group (BSAAG).
```AI Analysis | Feedback
The following are the key risks to BitGo's business:1. Dependence on the Health and Adoption of the Broader Cryptocurrency Market
BitGo's business model, which revolves around digital asset custody, staking, and prime services, is significantly influenced by the overall health, sentiment, and institutional adoption of the cryptocurrency market. Fluctuations in the value of digital assets, market downturns, or a decrease in institutional participation can directly impact the demand for BitGo's services and the value of assets under its custody, thereby affecting its revenue streams.2. Evolving and Uncertain Regulatory Landscape
The digital asset industry operates within a rapidly evolving and often unpredictable regulatory environment. BitGo, as a federally chartered digital asset trust bank and a custodian of digital assets, is particularly susceptible to changes in regulations, compliance requirements, and governmental scrutiny. Adverse regulatory developments could lead to increased operational costs, limitations on service offerings, or even challenges to its operating model, potentially impacting its ability to serve clients or expand its business.3. Operational and Security Risks
As a provider of secure digital asset infrastructure and custody solutions, BitGo faces inherent operational and security risks. The threat of cyberattacks, system breaches, technological failures, or human error could lead to the loss, theft, or unauthorized access of client digital assets. Such incidents could result in severe financial losses, significant reputational damage, and a loss of client trust, thereby undermining its competitive position and long-term viability.AI Analysis | Feedback
nullAI Analysis | Feedback
BitGo (BTGO) operates in the digital asset infrastructure and financial services sector, primarily offering crypto custody, wallet services, staking, trading, financing, stablecoins, and settlement services to institutional clients.
The main addressable markets for BitGo's products and services are:
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Digital Asset Custody Market: The global digital asset custody market size was estimated at USD 683.38 billion in 2024 and is projected to reach USD 4,378.84 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 23.6% from 2025 to 2033. Another estimate places the global digital asset custody market at USD 1.047.02 billion in 2026, projected to reach USD 7.075.9 billion by 2035 at a CAGR of 23.65% from 2026 to 2035. The market is also expected to grow from USD 708.09 billion in 2025 to USD 834.29 billion in 2026 at a CAGR of 17.8%, and further to USD 1.59 trillion in 2030. North America held the largest share of the digital asset custody market in 2024, accounting for approximately 39.5%.
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Staking Services: While a precise global addressable market size for staking services as a standalone market is not explicitly provided, BitGo's staking operations alone accounted for nearly USD 50 billion in locked value in February 2025. This represented roughly half of its total assets under custody at that time, indicating a substantial market within the broader digital asset ecosystem.
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Tokenization of Real-World Assets: BitGo's financial and protocol solutions, including support for real-world assets and stablecoins, position it within the growing market for tokenized assets. The tokenization of real-world assets could represent a market of approximately USD 10.9 trillion globally by 2030.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for BitGo (BTGO) over the next 2-3 years:
- Increasing Institutional and Enterprise Adoption of Digital Assets: BitGo's core business revolves around providing the necessary trust, technology, and infrastructure for institutions and enterprises to confidently participate in the digital asset economy. With its federal charter allowing regulated custody, wallet infrastructure, settlement, and other digital asset services across all 50 U.S. states, BitGo is well-positioned to capitalize on the growing demand from financial institutions and corporations entering the digital asset space. This regulatory clarity is a significant catalyst for broader institutional engagement, which is expected to drive demand for BitGo's secure and compliant solutions.
- Expansion of Product and Service Offerings: BitGo is continuously investing in product expansion to support institutional and enterprise adoption. The company already offers a comprehensive platform including self-custody wallets, qualified custody, liquidity and prime services, and infrastructure-as-a-service. Future revenue growth will likely stem from enhancing these existing offerings and introducing new, innovative solutions that cater to the evolving needs of the digital asset ecosystem, such as supporting new digital assets, advanced trading features, or enhanced DeFi (Decentralized Finance) integration for institutional clients.
- Strategic Partnerships and Integrations: BitGo has demonstrated a strategy of forging partnerships with other companies in the digital asset and traditional finance sectors. Recent examples include collaborations with Canton Strategic Holdings, Stable Sea, and InvestiFi to expand digital asset custody, B2B stablecoin services, and digital asset trading infrastructure. These partnerships allow BitGo to extend its reach, integrate its services into new platforms, and access a broader client base, thereby driving revenue growth through ecosystem expansion and synergistic offerings.
- Global Market Expansion: The company has stated its intent to continue investing in global growth to further support institutional and enterprise adoption of digital assets worldwide. As the digital asset market matures and regulations evolve in different jurisdictions, BitGo's strategy to expand its international footprint and adapt its offerings to local market demands will be a key driver of revenue. This could involve entering new geographical markets directly or through strategic alliances, increasing its client base beyond its current operational regions.
AI Analysis | Feedback
Share Issuance
- BitGo completed its Initial Public Offering (IPO) in January 2026, issuing 11,026,365 Class A common shares at $18 per share.
- The IPO raised approximately $212.8 million for the company.
Inbound Investments
- In August 2023, BitGo raised $100 million in Series C funding from new strategic investors, achieving a $1.75 billion valuation.
- In 2022, BitGo raised $15 million in a strategic extension round.
- In May 2021, Galaxy Digital announced a proposed acquisition of BitGo for approximately $1.2 billion in cash and stock, though this deal was later terminated in August 2022.
Outbound Investments
- BitGo acquired Brassica, an API infrastructure for private securities and alternative investments, in February 2024.
- In January 2026, BitGo made an investment in Cork.
- In March 2026, BitGo made an investment in Ubyx and joined as a settlement agent.
Capital Expenditures
- BitGo reported capital expenditures of -$7.73 million in the last 12 months.
- The company anticipates an expected increase in capital expenditures and capitalized development costs in 2025.
Trade Ideas
Select ideas related to BTGO.
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|---|---|---|---|---|---|---|---|
| 02282026 | NDAQ | Nasdaq | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | JEF | Jefferies Financial | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | ALAB | Astera Labs | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | PAYO | Payoneer Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | FOUR | Shift4 Payments | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 43.59 |
| Mkt Cap | 41.9 |
| Rev LTM | 7,181 |
| Op Inc LTM | 1,456 |
| FCF LTM | 1,584 |
| FCF 3Y Avg | 1,446 |
| CFO LTM | 1,638 |
| CFO 3Y Avg | 1,478 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.9% |
| Rev Chg 3Y Avg | 44.2% |
| Rev Chg Q | -8.9% |
| QoQ Delta Rev Chg LTM | -2.7% |
| Op Mgn LTM | 19.3% |
| Op Mgn 3Y Avg | 17.8% |
| QoQ Delta Op Mgn LTM | -2.7% |
| CFO/Rev LTM | 19.3% |
| CFO/Rev 3Y Avg | 25.6% |
| FCF/Rev LTM | 16.8% |
| FCF/Rev 3Y Avg | 23.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 41.9 |
| P/S | 3.6 |
| P/EBIT | 16.5 |
| P/E | 19.6 |
| P/CFO | 12.1 |
| Total Yield | 3.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.6% |
| D/E | 0.2 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -13.0% |
| 3M Rtn | -32.0% |
| 6M Rtn | -48.5% |
| 12M Rtn | -19.6% |
| 3Y Rtn | -41.1% |
| 1M Excs Rtn | -9.1% |
| 3M Excs Rtn | -24.7% |
| 6M Excs Rtn | -43.9% |
| 12M Excs Rtn | -44.6% |
| 3Y Excs Rtn | -102.8% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/26/2026 | -15.7% | ||
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 1 | 0 | 0 |
| Median Positive | |||
| Median Negative | -15.7% | ||
| Max Positive | |||
| Max Negative | -15.7% | ||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Reginelli, Edward | CFO | Direct | Sell | 1272026 | 16.74 | 45,000 | 753,300 | 9,022,860 | Form |
| 2 | Fang, Chen | Chief Revenue Officer | Direct | Sell | 1272026 | 16.74 | 250,000 | 4,185,000 | 20,648,639 | Form |
| 3 | Horowitz, Jeff Peter | Chief Compliance Officer | Direct | Sell | 1272026 | 16.74 | 116,007 | 1,941,957 | 5,208,115 | Form |
| 4 | Mettler, Jody | Chief Operating Officer | Direct | Sell | 1272026 | 16.74 | 25,000 | 418,500 | 418,500 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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