Street Calls of the Week
(Updated - September 19, 2025 4:58 PM EDT)
BitGo Holdings (BTGO) has filed for a proposed NYSE IPO.
The company describes itself as: "We aim to be the digital asset infrastructure company of choice, allowing our institutional clients to safely secure, manage, utilize, and create digital assets through our holistic technology platform.
Our mission is to accelerate the transition of the financial system to a digital asset economy. We seek to achieve this mission by providing the trust, technology, and infrastructure institutions seek to participate confidently in digital assets. Through our platform, we deliver secure and scalable solutions, offering self-custody wallet, qualified custody, liquidity and prime, and infrastructure-as-a-service to investors, builders, and other participants in the digital asset ecosystem. Today, our team is focused on expanding our platform to include a broader suite of financial services offerings, built on our foundational technology that institutional clients rely on to power their businesses."
Financials:
"We began our current operations in 2013 and since then our business model has continued to evolve. Our revenue has significantly grown since our formation, but there is no assurance that such growth will continue in future periods and you should not rely on growth of our revenue in any given prior quarterly or annual period as an indication of our future performance. Our total revenue for the years ended December 31, 2024, 2023 and 2022 was $3.1 billion, $926.3 million and $2.5 billion, respectively, with net income (loss) of $156.6 million, $(2.1) million and $4.6 billion for the years ended December 31, 2024, 2023 and 2022, respectively. Our total revenue for the six months ended June 30, 2025 was $4.2 billion, with net income (loss) of $12.6 million. Due to the highly volatile nature of the digital asset economy and the prices of digital assets, as well as our limited operating history, our revenues and costs have, and will continue to, fluctuate significantly from period to period, which may adversely impact our results of operations. In addition, if our total revenue were to decline significantly or our operating expenses increase significantly for any extended period of time, our business, operating results and financial condition could be adversely affected. Our limited operating history and the volatile nature of our business and the industry in which we operate make it difficult to evaluate our current business and our future prospects."
Goldman Sachs and Citigroup will serve as lead underwriters. Deutsche Bank, Mizuho, and Wells Fargo Securities are also among underwriters, along with several others.