Bitgo Holdings (BTGO) Registration Filing summary

Company overview and business model

• Provides institutional digital asset infrastructure, including custody, wallets, staking, trading, settlement, and tokenization services across 1,550+ digital assets in 100+ countries.

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

• Operates a vertically integrated technology stack with a focus on security, regulatory compliance, and scalability.

• Maintains a significant Bitcoin treasury reserve, using it for balance sheet strength and regulatory capital.

• Revenue streams include digital asset sales, staking, subscriptions/services, stablecoin-as-a-service, and interest income.

Financial performance and metrics

• Total revenue: $3.1B (2024), $926M (2023), $2.5B (2022); $10.0B for nine months ended Sep 30, 2025.

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

• Adjusted EBITDA: $3.2M (2024), $(29.7)M (2023), $(8.2)M (2022); $20.3M for nine months ended Sep 30, 2025.

• Assets on Platform (AoP): $104.0B as of Sep 30, 2025, up from $90.0B at Dec 31, 2024.

• Number of clients: 4,988 as of Sep 30, 2025; number of users: 1.17M.

• Assets staked: $28.6B as of Sep 30, 2025.

• Bitcoin treasury: 2,369 BTC ($270.2M) as of Sep 30, 2025.

Use of proceeds and capital allocation

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

• Management retains broad discretion over use of proceeds; no material acquisition agreements in place.

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