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 across 1,400+ digital assets in over 100 countries.

• Serves a diversified client base: financial institutions, technology platforms, corporations, governments, and digital asset ecosystems.

• Operates a vertically integrated technology stack, running its own nodes for wallet and staking solutions, and maintains a global regulatory footprint.

• Business model is fee-based, with revenue from digital asset sales, staking, subscriptions/services, stablecoin-as-a-service, and interest income.

• Maintains a significant Bitcoin treasury reserve, using BTC as a core asset and for regulatory capital requirements.

Financial performance and metrics

• For the year ended Dec 31, 2024: total revenue $3.1B, net income $156.6M, adjusted EBITDA $3.3M.

• For the six months ended June 30, 2025: total revenue $4.2B, net income $12.6M, adjusted EBITDA $6.9M.

• Assets on Platform (AoP) reached $90.3B as of June 30, 2025, with 4,600+ clients and 1.1M+ users.

• Revenue highly sensitive to digital asset market cycles; 2023 revenue declined 63% YoY, while 2024 saw a 233% increase.

• Revenue mix: 82.5% digital asset sales, 14.9% staking, 2.5% subscriptions/services, 0.03% interest income in 2024.

Use of proceeds and capital allocation

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

• A portion of proceeds will cover tax withholding and remittance obligations related to RSU settlements.

• Remaining proceeds may be invested in Bitcoin as part of the treasury strategy and in capital preservation instruments.