Bitgo Holdings (BTGO) Registration Filing summary

Company overview and business model

• Provides institutional digital asset infrastructure, including custody, wallets, staking, trading, and stablecoin services in over 100 countries.

• Serves 4,900+ clients and 1.1 million users, supporting 1,550+ digital assets and $104B in assets on platform as of September 30, 2025.

• Offers a vertically integrated technology stack with self-custody, qualified custody, liquidity/prime, and infrastructure-as-a-service layers.

• Business model emphasizes security, regulatory compliance, and a full suite of institutional-grade solutions.

• Maintains a significant Bitcoin treasury reserve, holding 2,369 BTC ($270.2M) as of September 30, 2025.

Financial performance and metrics

• Total revenue for 2024: $3.08B (up 233% YoY); net income: $156.6M; Adjusted EBITDA: $3.2M.

• For the nine months ended September 30, 2025: revenue $10.0B, net income $35.3M, Adjusted EBITDA $20.3M.

• Revenue sources: digital asset sales (82.5%), staking (14.9%), subscriptions/services (2.5%), interest income (0.03%).

• Assets on platform grew from $17.0B (Q4 2022) to $104.0B (Q3 2025); client count grew from 1,045 to 4,988 in the same period.

• Revenue and profitability are 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 use of funds; no material acquisition commitments at this time.

• Plans to invest a portion of proceeds in Bitcoin and capital preservation instruments.