BitGo Holdings Inc. Class A Common Stock (BTGO)

FairStock Score: 29/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for durable economics and conservative finances. BitGo is a digital asset infrastructure company offering custody, wallets, liquidity and infrastructure services. Revenue is growing quickly: in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $4.3B, up from $2.4B in fiscal Q2 2025, the quarter ended 2025-06-30. But growth has not produced profits: fiscal Q2 2026 net income was -$19.0M, versus +$38.3M in fiscal Q2 2025. Fiscal Q1 2026 net loss was -$60.7M, wider than -$25.7M in fiscal Q1 2025. At the 2026-10-13 close of $7.00, market cap is $1.3B. FairStock's calculations show P/B 1.94, P/E -7.69, ROE -27.94%, ROCE -0.15%, D/E 1.05, and Piotroski 4/9; EPS is -$0.91. I do not get a margin of safety from book value when returns on equity are negative and leverage is meaningful. The 52-week range of $4.65-$24.50 shows how volatile sentiment is. Revenue growth of 79.61% is impressive, but profit growth of -149.65% tells me scale is not yet translating into owner earnings. Custody and infrastructure may have switching costs and regulatory trust, but crypto is competitive and cyclical. The company is small, with 603 employees, and the Lynch category is none because only 0 years of filed annual results are available, so there is no three-year record. As a financial-sector company, I would want CET1, NIM, or combined ratio, but none are in the data. Until profits are consistent, this is speculation on future economics, not a Graham bargain.

In plain English: The company sells crypto custody and infrastructure services. Revenue is rising quickly, but it is losing money and has not shown steady profits. At $7 a share, the price does not look like a bargain based on current earnings; it looks expensive relative to the money it is making now.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · fiscal Q1 2025 10-Q (period ended 2025-03-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer