Bitgo Holdings (BTGO) Registration Filing summary

Company overview and business model

• Provides institutional-grade digital asset infrastructure, including custody, wallets, staking, trading, settlement, and tokenization services.

• Serves over 4,900 clients in 100+ countries, including financial institutions, tech platforms, corporations, governments, and digital asset ecosystems.

• Platform supports over 1,550 digital assets and $104.0B in assets as of September 30, 2025.

• Business model centers on cross-selling to institutional clients, expanding product penetration, and leveraging network effects.

• Offers Stablecoin-as-a-Service and Crypto-as-a-Service for token issuance and management.

Financial performance and metrics

• LTM total revenue was $11.1B as of September 30, 2025.

• Net income for the nine months ended September 30, 2025 was $35.3M; for 2024, $156.6M; for 2023, $(2.1)M; for 2022, $4.6B.

• Adjusted EBITDA for the nine months ended September 30, 2025 was $20.3M; for 2024, $3.3M; for 2023, $(29.7)M; for 2022, $(8.2)M.

• Assets on Platform grew from $17.0B (Q4 2022) to $104.0B (Q3 2025), a 106.9% CAGR.

• Revenue is highly sensitive to digital asset price cycles and market volatility.

Use of proceeds and capital allocation

• Net proceeds will be used for working capital, product development, general corporate purposes, and potential acquisitions or investments.

• Management has broad discretion over capital allocation; no material acquisition agreements in place at this time.

• Proceeds may also be invested in Bitcoin as part of the company’s treasury strategy.