$BTGO

BITGO HOLDINGS, INC.

CIK:0001740604|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Revenues	$ 4,329,395	$ 2,410,462	$ 8,102,968	$ 4,185,126
Expenses
Digital assets sales cost	4,190,435	2,273,948	7,838,280	3,876,124
Staking fees	60,781	81,810	102,224	209,532
Stablecoin sponsor fees	35,710	15,249	71,047	15,249
Interest expense	5,845	1,252	11,863	2,937
Compensation and benefits	29,528	23,511	70,330	47,828
General and administrative expenses	21,086	17,476	41,391	33,025
Depreciation and amortization	2,121	875	3,848	1,741
Restructuring charges	1,300	0	1,300	0
Total expenses	4,346,806	2,414,121	8,140,283	4,186,436
Loss from operations	(17,411)	(3,659)	(37,315)	(1,310)
Net change in unrealized appreciation (loss) on digital assets	(18,842)	55,846	(72,565)	22,034
Gain (loss) on disposal of digital assets	5,551	1,260	7,538	(272)
Total other income (loss)	(13,291)	57,106	(65,027)	21,762
Income (loss) before income taxes	(30,702)	53,447	(102,342)	20,452
Tax provision for (benefit from) income taxes	(11,677)	15,132	(22,644)	7,871
Net income (loss)	(19,025)	38,315	(79,698)	12,581
Net income (loss) attributable to common stockholders, of which:	(19,025)	13,453	(79,698)	1,267
Common Class A And B
Expenses
Net income (loss) attributable to common stockholders, of which:	$ (19,025)	$ 0	$ (79,698)	$ 0
Net income (loss) per share:
Net income (loss), basic (in dollars per share)	$ (0.16)	$ 0	$ (0.74)	$ 0
Net income (loss), diluted (in dollars per share)	$ (0.16)	$ 0	$ (0.74)	$ 0
Weighted-average shares used to compute net income (loss) per share, basic (in shares)	116,341	0	107,422	0
Weighted-average shares used to compute net income (loss) per share, diluted (in shares)	116,341	0	107,422	0
Common Class A
Expenses
Net income (loss) attributable to common stockholders, of which:	$ 0	$ 10,928	$ 0	$ 1,019
Net income (loss) per share:
Net income (loss), basic (in dollars per share)	$ 0	$ 0.33	$ 0	$ 0.03
Net income (loss), diluted (in dollars per share)	$ 0	$ 0.28	$ 0	$ 0.02
Weighted-average shares used to compute net income (loss) per share, basic (in shares)	0	32,900	0	31,209
Weighted-average shares used to compute net income (loss) per share, diluted (in shares)	0	49,356	0	47,712
Common Class F
Expenses
Net income (loss) attributable to common stockholders, of which:	$ 0	$ 2,525	$ 0	$ 248
Net income (loss) per share:
Net income (loss), basic (in dollars per share)	$ 0	$ 0.33	$ 0	$ 0.03
Net income (loss), diluted (in dollars per share)	$ 0	$ 0.28	$ 0	$ 0.02
Weighted-average shares used to compute net income (loss) per share, basic (in shares)	0	7,601	0	7,601
Weighted-average shares used to compute net income (loss) per share, diluted (in shares)	0	8,164	0	8,164

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flow from operating activities:
Net income (loss)	$ (79,698)	$ 12,581
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation expense	14,861	1,798
Depreciation and amortization	3,848	1,741
Provision for credit losses	530	802
Digital asset fair value adjustment	72,296	(23,782)
Digital intangible assets received as revenue payments	(24,098)	(51,148)
Digital intangible assets used as accounts payable payments	6,089	9,499
Gain (loss) on disposal of digital assets	(7,538)	272
Change in fair value of receivables denominated in digital intangible assets	291	1,965
Change in fair value of payables denominated in digital intangible assets	(22)	(217)
Changes in assets and liabilities
Accounts receivable, net	(2,404)	3,646
Digital intangible assets	13,171	32,531
Deferred tax asset	(13,801)	1,478
Other assets	(17,338)	(11,411)
Accounts payables	(585)	2,014
Deferred revenue	(203)	3,436
Deferred tax liability	13,474	(7,462)
Other liabilities.	(15,046)	14,204
Net cash used in operating activities	(36,173)	(8,053)
Cash flow from investing activities:
Purchase of equipment and capitalization of internally developed software costs	(4,927)	(4,939)
Purchase of digital intangible assets for treasury	(22,266)	(124)
Origination of loans receivable	(100,241)	(193,796)
Repayment of loans receivable	119,485	159,079
Net cash used in investing activities	(7,949)	(39,780)
Cash flow from financing activities:
Proceeds from the issuance of common stock upon exercise of options	1,342	358
Payments of withholding taxes on net share settlement of restricted stock units	(3,105)	0
Proceeds from initial public offering, net of issuance costs	173,985	0
Share of earnings attributable to minority interest in joint venture	(315)	(225)
Proceeds from borrowings to support loans	118,779	39,354
Repayment of borrowings	(104,458)	0
Deposits from stablecoin holders, net of redemptions	1,321,336	2,206,613
Payments to non custodial customer assets pending settlement	(26,523)	(4,804)
Payments to settle derivative contracts	(41,202)	0
Fiat currency received as collateral	8,149	581
Fiat currency returned as collateral	(29,842)	(18,471)
Net cash provided by financing activities	1,418,146	2,223,406
Net increase in cash and cash equivalents	1,374,024	2,175,573
Cash and cash equivalents, beginning of period	3,419,802	87,424
Cash and cash equivalents, end of period	4,793,826	2,262,997
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets:
Cash and cash equivalents	158,963	55,586
Cash and cash equivalents segregated for the benefit of stablecoin holders - restricted	4,634,863	2,207,411
Total cash, cash equivalents, and restricted cash	4,793,826	2,262,997
Supplemental cash disclosure:
Cash paid for income taxes	2,181	5,861
Cash paid for interest	2,950	2,989
Supplemental non cash disclosure:
Operating lease liabilities arising from obtaining right of use assets	812	580
Digital intangible assets received as collateral	394,947	478,877
Digital intangible assets returned as collateral	174,478	339,681
Origination of borrowings of digital intangible assets	456,080	6,000
Repayment of borrowings of digital intangible assets	266,486	5,000
Origination of digital intangible asset loans	11,751	9,718
Repayment of digital intangible asset loans	26,779	5,000
Digital assets transferred to lenders for collateral for borrowing	$ 122,241	$ 33,091

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 158,963	$ 106,275
Cash and cash equivalents segregated for the benefit of stablecoin holders - restricted	4,634,863	3,313,527
Accounts receivables, net of allowance for credit losses	17,357	15,774
Loan receivables, at amortized cost	157,411	176,655
Deferred tax assets	20,931	7,130
Other current assets	304,486	272,270
Total current assets	6,025,935	4,527,202
Equipment and software, net	15,078	13,180
Operating lease right-of-use assets	5,651	6,346
Intangible assets, net	407	1,226
Other non-current assets	724	713
Total assets	6,047,795	4,548,667
Current liabilities:
Accounts payable	9,347	9,955
Deferred revenue, current	4,507	4,710
Deposits from stablecoin holders	4,634,863	3,313,527
Borrowings	133,169	118,848
Borrowings of digital intangible assets	305,810	233,687
Obligations to return collateral	302,516	400,132
Deferred tax liability, current	21,148	7,674
Operating lease liabilities, current	2,552	2,483
Other current liabilities	207,371	135,125
Total current liabilities	5,621,283	4,226,141
Operating lease liabilities, non-current	3,453	3,978
Total liabilities	5,624,736	4,230,119
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred stock	0	222,480
Minority interest	1,638	1,953
Additional paid-in capital	439,003	32,006
Retained earnings	(17,593)	62,105
Total stockholders’ equity	423,059	318,548
Total liabilities and stockholders’ equity	6,047,795	4,548,667
Crypto Asset, Loan Receivable
Current assets:
Digital intangible assets, at fair value	10,314	30,774
Crypto Asset
Current assets:
Digital intangible assets, at fair value	391,345	344,439
Crypto Asset, Collateral
Current assets:
Digital intangible assets, at fair value	330,265	260,358
Common Class A
Stockholders’ equity:
Common stock	10	3
Common Class B
Stockholders’ equity:
Common stock	$ 1	$ 1