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 1,550+ digital assets in over 100 countries.

• Serves a diverse 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.

• Offers a four-layer platform: self-custody wallet, qualified custody, liquidity and prime, and infrastructure-as-a-service (including stablecoin and crypto-as-a-service).

• Maintains a significant Bitcoin treasury reserve, using it for operational resilience and regulatory capital.

Financial performance and metrics

• FY2024 total revenue: $3.1B (up 233% YoY); net income: $156.6M; Adjusted EBITDA: $3.2M.

• Nine months ended Sep 30, 2025: $10.0B revenue, $35.3M net income, $20.3M Adjusted EBITDA.

• FY2025 revenue estimated at $16.0B–$16.1B, driven by digital asset sales, with digital asset sales revenue up 509% YoY.

• Assets on Platform (AoP) as of Sep 30, 2025: $104.0B; Number of Clients: 4,900+; Number of Users: 1.1M+.

• Staking revenue and assets staked declined in 2025 due to digital asset price volatility.

• Stablecoin-as-a-Service launched in 2025, generating $63.4M–$66.7M in revenue.

Use of proceeds and capital allocation

• Net proceeds from IPO (est. $156.4M at $16/share) to be used for working capital, product development, general corporate purposes, and potential acquisitions or investments.

• Management retains broad discretion over capital allocation; no current material acquisition commitments.

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