BitGo Holdings, Inc. (BTGO) AI Stock Analysis
BTGO AI stock analysis summary
AI ResearchBitGo Holdings, Inc. (BTGO) is a digital asset infrastructure provider offering custody, wallet, liquidity, and infrastructure services. Between FY2023 and FY2025, revenue grew at a 2-year CAGR of 317.6%, reaching $16.15B in FY2025 and $20.07B over the trailing twelve months. However, profitability remains thin, with FY2025 net margin at -0.1% and TTM operating margin at -0.2%.
- Market cap
- $691.2M
- Revenue (TTM)
- $20.07B
- P/E
- — fwd 41.3x
- 1Y return
- — S&P 500 16.8%
- Avg. target
- $10.38 76.4% vs last close
Bull case
- Revenue expanded rapidly at a 2-year CAGR of 317.6% between FY2023 and FY2025, reaching $16.15B.
- The balance sheet maintains substantial liquidity with $5.07B in net cash and a current ratio of 13.65 as of June 30, 2026.
- Analysts maintain 10 Strong Buy ratings with a mean price target of $10.38, reflecting 76.4% upside over the last close.
Bear case
- Gross margin compressed from 6.8% in FY2023 down to 1.2% in FY2025.
- The company posted a trailing twelve months net profit margin of -0.5% and an EPS of -$0.88.
- The forward P/E of 41.3x trades at a substantial premium to the US-listed Financial Services peer median of 10.8x.
What BitGo does
Bitgo Holdings, Inc. operates as a digital asset infrastructure company in the United States and internationally. Founded in 2013 and based in Sioux Falls, South Dakota, the company provides self-custody wallets, qualified custody, liquidity and prime services, and infrastructure-as-a-service. It serves participants across North America, Europe, and Asia, catering to institutional investors, trading firms, investment advisors, exchanges, and developers. Its customer base spans crypto-native firms, financial services companies, technology platforms, corporations, government agencies, and high-net-worth individuals.
Growth and profitability
BitGo's revenue increased from $926.3M in FY2023 to $3.08B in FY2024, representing growth of 232.6%, before rising 424.3% to $16.15B in FY2025. Gross margin contracted from 6.8% in FY2023 to 4.2% in FY2024 and 1.2% in FY2025. Operating margin shifted from -4.0% in FY2023 to 3.5% in FY2024 and -0.1% in FY2025. Net income was -$2.1M in FY2023, $156.6M in FY2024, and -$14.8M in FY2025, with FY2025 EPS at $0.07. For the latest quarter ended June 30, 2026, quarterly revenue grew 79.6% year-over-year, while TTM revenue reached $20.07B with a net profit margin of -0.5%.
Balance sheet and cash flow
As of June 30, 2026, BitGo held $5.52B in cash and short-term investments and $445.0M in total debt, leaving net cash of $5.07B. Total assets stood at $6.05B against shareholders' equity of $423.1M. The company maintained strong liquidity, indicated by a current ratio of 13.65 and a debt-to-equity ratio of 1.05. Operating cash flow improved to $30.0M in FY2025 from $10.7M in FY2024, supporting $25.2M in capital expenditures and generating free cash flow of $4.8M.
Valuation and performance
At a closing price of $5.88, BitGo holds a market capitalization of $691.2M and an enterprise value of $1.26B. The stock trades at a forward P/E of 41.3x, compared to the median of 10.8x for its US-listed Financial Services peers. Its EV/EBITDA stands at 5.4x, below the US-listed Financial Services peer median of 11.7x, while price-to-sales is 0.0x versus the peer median of 3.2x. The stock has traded between a 52-week low of $4.65 and a 52-week high of $24.50. Meanwhile, the S&P 500 (SPY) delivered a 1-year return of 16.8% and a 5-year return of 83.0%.
What analysts expect
Wall Street analysts covering BitGo include 10 Strong Buy ratings and 2 Hold ratings. The mean price target is $10.38, representing an upside of 76.4% from the last close of $5.88. For the fiscal year ending December 31, 2026, analysts estimate an EPS of -$0.06 on revenue of $17.14B. For the next fiscal year, 3 analysts project revenue of $21.00B and EPS of $0.23, representing estimated EPS growth of 488.9%. The company's next earnings date is scheduled for November 11, 2026.
Key risks and what to watch
- BitGo's return on equity over the trailing twelve months stands at -27.9%, highlighting ongoing operational losses.
- Operating margins remain compressed at -0.2% TTM, falling well below the US-listed Financial Services peer median of 37.7%.
- The stock has experienced significant volatility, declining from its 52-week high of $24.50 toward its last close of $5.88.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this BTGO AI stock analysis
This page is an AI-written research summary of BitGo Holdings, Inc. (BTGO). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: BTGO income statement, BTGO balance sheet, BTGO key metrics, BTGO analyst forecast, BTGO chart. See the BTGO stock overview for the latest quote and news.
BTGO AI stock analysis FAQ
Does BitGo Holdings pay a dividend?
BitGo Holdings does not currently pay a dividend.
What are analysts' expectations for BitGo's upcoming earnings?
For the fiscal year ending December 31, 2026, consensus estimates project an EPS of -$0.06 on revenue of $17.14B, with the next earnings announcement scheduled for November 11, 2026.
How much cash does BitGo have on its balance sheet?
As of June 30, 2026, BitGo reported $5.52B in cash and short-term investments against $445.0M in total debt, resulting in net cash of $5.07B.
Who owns BitGo Holdings stock?
Institutional investors own 44.4% of shares, company insiders hold 14.5%, and the short interest represents 4.8% of the float.