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BitGo Holdings, Inc. reported that its Audit Committee dismissed Crowe LLP as independent registered public accounting firm on March 31, 2026, after Crowe had audited the company’s consolidated financial statements for the years ended December 31, 2025 and 2024. Crowe’s prior audit reports contained no adverse opinions, disclaimers, or qualifications.
The company states there were no disagreements with Crowe on accounting principles, financial statement disclosure, or audit scope, and no reportable events other than previously disclosed material weaknesses in internal control over financial reporting described in the Form 10-K for the year ended December 31, 2025. Crowe provided a letter to the SEC agreeing with these disclosures, filed as Exhibit 16.1.
On the same date, the Audit Committee approved the engagement of KPMG LLP as BitGo’s new independent registered public accounting firm for the fiscal year ending December 31, 2026. The company reports it did not consult KPMG in advance on specific accounting applications, potential audit opinions, or matters involving disagreements or reportable events.
BITGO HOLDINGS, INC. reported that Chief Operating Officer Jody Mettler received new equity awards on March 30, 2026. She was granted a stock option covering 80,000 shares of Class A Common Stock at an exercise price of $7.49 per share, expiring March 29, 2036. She also received two direct grants of Class A Common Stock totaling 8,000 and 5,833 shares, described as restricted stock units that vest under the terms of the award. After these awards, her direct Class A Common Stock holdings increased to 38,833 shares, in addition to the newly granted options.
BITGO HOLDINGS, INC. reported that its CFO, Edward Reginelli, received equity awards in the form of Class A Common Stock. On March 30, 2026, he acquired 5,833 shares and an additional 47,125 shares at a price of $0.00 per share, both classified as grants or awards rather than market purchases.
According to the footnote, these awards are in the form of restricted stock units (RSUs), each representing a contingent right to receive one share of Class A Common Stock, vesting under the terms of the award. Following these grants, Reginelli directly holds 591,958 shares, reflecting routine, compensation-related equity awards rather than open-market trading.
Horowitz Jeff Peter reported acquisition or exercise transactions in this Form 4 filing.
BitGo Holdings, Inc. reported that Chief Compliance Officer Jeff Peter Horowitz received an equity award of 8,333 shares of Class A Common Stock on March 30, 2026. The award was granted as restricted stock units (RSUs), with each RSU representing a contingent right to receive one share of Class A Common Stock as it vests under the award’s terms.
The filing shows this is a compensation-related grant at a stated price of $0.00 per share, not an open-market purchase. After this award, Horowitz directly holds 319,451 shares of BitGo’s Class A Common Stock.
BITGO HOLDINGS, INC. Chief Revenue Officer Fang Chen reported equity compensation awards consisting of restricted stock units and stock options. Chen received 21,667 shares of Class A Common Stock as a grant with no cash paid per share, increasing direct holdings to 1,255,158 shares after the transaction.
Chen was also granted a stock option for 20,000 shares of Class A Common Stock at an exercise price of $7.49 per share, expiring on March 29, 2036. The options vest 25% on March 30, 2027, with the remaining 75% vesting in equal monthly installments thereafter, subject to continued service.
BitGo Holdings, Inc. describes a rapidly growing, highly volatile digital-asset infrastructure business focused on institutional custody, wallets, liquidity and infrastructure-as-a-service. The company serves over 5,320 clients and 1.2 million users across more than 100 countries and supports over 1,770 digital assets, with $81.6 billion in Assets on Platform as of December 31, 2025.
BitGo emphasizes qualified, bankruptcy-remote custody, multi-sig and MPC wallet technology, and expanding offerings like staking, borrowing and lending, stablecoin-as-a-service and crypto-as-a-service. Total 2025 revenue reached $16.2 billion, up 424.3% year over year, largely from digital asset sales as markets recovered, though Assets on Platform fell 9.2% from 2024’s level.
The company maintains a substantial Bitcoin treasury of 1,673 BTC, valued at $146.4 million, representing 42.5% of digital intangible asset value and 3.2% of total assets, using a long-term holding strategy that can materially swing earnings; a 50% Bitcoin price move would shift 2025 net income by about $73.2 million. Extensive risk factors highlight revenue cyclicality, regulatory uncertainty across multiple jurisdictions, Bitcoin concentration, material weaknesses in internal control over financial reporting, and dependence on digital-asset market sentiment.
BitGo Holdings reported explosive growth but mixed profitability for the fourth quarter and full year 2025. Total revenue reached $6.2 billion in Q4 2025, up 439.9% year-over-year, and $16.2 billion for 2025, up 424.3%, driven mainly by digital asset sales, subscriptions, services and stablecoin offerings.
Despite this, BitGo posted a full-year net loss of $14.8 million, compared with net income of $156.6 million in 2024, largely due to declines in digital asset prices affecting its Bitcoin treasury. Adjusted EBITDA improved sharply to $12.1 million in Q4 and $32.4 million for 2025, showing stronger underlying operations.
Digital Asset Sales revenue grew to $15.6 billion for 2025, while staking revenue declined and assets on platform fell to $81.6 billion as of December 31, 2025. The company more than doubled its client count to 5,322. Strategically, BitGo secured OCC approval to become a federally chartered digital asset infrastructure provider, debuted on the NYSE, launched Stablecoin-as-a-Service and Crypto-as-a-Service, and reported roughly $3 billion in Q1 2026 derivatives notional volume generating over $3 million in revenue.
BITGO HOLDINGS, INC. director and CEO Michael Belshe reported a routine tax-related share disposition. On March 23, 2026, 22,426 shares of Class A Common Stock were withheld at $9.82 per share to cover tax liabilities from restricted stock unit settlement. After this withholding, Belshe directly holds 858,355 shares of Class A Common Stock, indicating the event reflects compensation-related tax treatment rather than an open-market sale.
BITGO HOLDINGS, INC. director and CEO Michael Belshe reported a routine tax-related share disposition. On this Form 4/A, the company withheld 119,219 shares of Class A Common Stock at $18.00 per share to cover tax liabilities tied to restricted stock units. After this withholding, Belshe directly owns 880,781 shares of Class A Common Stock.
BitGo Holdings filed an update on executive pay, confirming discretionary cash bonuses for its named executive officers for fiscal year 2025. Chief Revenue Officer Chen Fang received a $370,000 salary and a $685,000 bonus, bringing his total 2025 compensation to $1,069,000. Chief Financial Officer Edward Reginelli earned a $373,306 salary, an $87,500 bonus and other compensation of $14,000, totaling $474,806, while CEO Michael Belshe received $500,000 in salary and no bonus.
The filing also details prior RSU awards to Mr. Reginelli tied to a liquidity event, with the performance condition achieved upon BitGo’s IPO in January 2026. Separately, the Compensation Committee approved additional discretionary awards to Mr. Reginelli: a $500,000 cash bonus and 47,125 RSUs under the 2026 Equity Incentive Plan, vesting over four years subject to continued employment.