BitGo Holdings

BTGO

Financial - Capital Markets · Financial Services

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

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.

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

+106.9% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

Insider Activity

37.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$5.5B cash & investments at current burn rate

Strong grower

BitGo Holdings is growing revenue at 107% 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

0.9%

Thin — 0.9% gross margin

Profit after running costs

Operating Margin

-0.7%

Losing money on operations — -0.7%

Return on the money invested

ROCE

-10.0%

Weak — -10.0% return on capital

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

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Growth

Sales growth

Sales YoY

+226.7%

Fast-growing sales (+226.7% YoY)

Profit growth

EPS YoY

-209.2%

Earnings shrinking (-209.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

1/4 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

1.04

Elevated debt (1.04)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

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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