BitGo Holdings

BTGO

Financial - Capital Markets · Financial Services

Price

$4.75

-0.13 (-2.66%)

Market Cap

$508.7M

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

BitGo is a company that helps businesses safely store and move digital assets like Bitcoin and other cryptocurrencies. It builds software and tools for banks, crypto exchanges, hedge funds, and other large financial institutions that need a secure way to hold crypto on behalf of their clients. BitGo is one of the larger independent digital asset custodians in the United States.

The company makes money by charging fees for custody services, transaction processing, and software licenses — not by selling hardware or running ads. It operates mainly in the United States but serves clients globally. Its main competitive advantage is its institutional focus and regulatory licenses, which make it harder for smaller competitors to replace it. However, the very thin gross margin and negative operating margin show the business is not yet profitable, and its growth depends heavily on whether large institutions continue to increase their crypto holdings — a trend that can reverse quickly if market sentiment shifts.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+80.3% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

39.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$5.2B cash & investments at current burn rate

Strong grower

BitGo Holdings is growing revenue at 80% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

1.2%

Thin — 1.2% gross margin

Operating Margin

-1.8%

Losing money on operations — -1.8%

ROCE

-7.2%

Weak — -7.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

N/A

Data not available

EPS YoY

N/A

Data not available

EPS Consistency

N/A

Data not available

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-0.1%

Burning cash (-0.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.13

Elevated debt (1.13)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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