• 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.

• 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.

Mike 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).

1. Dependence on the Health and Adoption of the Broader Cryptocurrency Market

2. Evolving and Uncertain Regulatory Landscape

3. Operational and Security Risks

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:

• 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%.

• 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.

• 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.

Here are 3-5 expected drivers of future revenue growth for BitGo (BTGO) over the next 2-3 years:

1. 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.
2. 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.
3. 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.
4. 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.

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.