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Bitgo Holdings

BTGO on NYSE. Bitgo Holdings sells digital asset custody, wallet, and trading services to institutions. Market value $867m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
Not reported

We don't have this figure for this company.

Price to book
Not reported

We don't have this figure for this company.

Earnings yield
Not reported

We don't have this figure for this company.

Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.

$7.19 a share, 55% above its 1-year low

Over the past year the price has ranged from $4.65 to $24.50.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

Five-year fundamentals are not available yet.

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsUnknown

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 March 2026
Next quarterly (estimated, 10-Q)
11 November 2026

Who owns it

None of the long-term investors we follow own it. 67 funds in all.

Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • Valor Management L.P.
    Passive investor
    at least 11.7%
    (filed with 13 related holders)
    Since 31 March 2026
  • Redpoint Ventures V, LLC
    Passive investor
    at least 9.8%
    (filed with 1 related holder)
    Since 31 March 2026
  • NYDIG IHC LLC
    Passive investor
    at least 5.5%
    (filed with 4 related holders)
    Since 27 August 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $8m.

  • Fang Chen
    Chief Revenue Officer, Director
    Sold
    Date
    7 August 2026
    Shares
    234
    Price
    $5.02
    Value
    $1,174
  • Reginelli Edward
    Chief Financial Officer
    Sold
    Date
    7 August 2026
    Shares
    91
    Price
    $5.02
    Value
    $456
  • Mettler Jody
    Chief Operating Officer
    Sold
    Date
    7 August 2026
    Shares
    97
    Price
    $5.02
    Value
    $486
  • Reginelli Edward
    CFO
    Sold
    Date
    24 July 2026
    Shares
    9,021
    Price
    $4.89
    Value
    $44,101
  • Belshe Michael
    CEO, President, CTO, Director
    Sold
    Date
    24 July 2026
    Shares
    38,691
    Price
    $4.89
    Value
    $189,149
  • Reginelli Edward
    CFO
    Sold
    Date
    8 July 2026
    Shares
    94
    Price
    $4.97
    Value
    $468
  • Mettler Jody
    Chief Operating Officer
    Sold
    Date
    8 July 2026
    Shares
    66
    Price
    $4.97
    Value
    $328
  • Reginelli Edward
    CFO
    Sold
    Date
    11 June 2026
    Shares
    91
    Price
    $5.12
    Value
    $466
  • Mettler Jody
    Chief Operating Officer
    Sold
    Date
    11 June 2026
    Shares
    79
    Price
    $5.12
    Value
    $404
  • Fang Chen
    Chief Revenue Officer, Director
    Sold
    Date
    23 January 2026
    Shares
    250,000
    Price
    $16.74
    Value
    $4m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Bitgo Holdings’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 8 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of such date, our disclosure controls and procedures were not effective to accomplish their objectives at the reasonable assurance level due to material weaknesses in internal control over financial reporting as described below.”
    Show the full paragraph
    Our management, with the participation and supervision of our Chief Executive Officer (our principal executive officer) and our Chief Financial Officer (our principal financial officer), have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of such date, our disclosure controls and procedures were not effective to accomplish their objectives at the reasonable assurance level due to material weaknesses in internal control over financial reporting as described below.

    From the 10-Q filed 12 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On March 31, 2026, the Audit Committee of the Board of Directors (the “ Audit Committee ”) of BitGo Holdings, Inc. (the “ Company ”) dismissed Crowe LLP (“ Crowe ”) as the Company’s independent registered public accounting firm.”

    From an 8-K filed 6 April 2026: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.