BITGO HOLDINGS, INC.
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 9, 2026
BTGO$4.27-16.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flow from operating activities: | ||
| Net income (loss) | $(35,614) | $35,253 |
| Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Stock-based compensation expense | 17,623 | 2,621 |
| Depreciation and amortization | 6,609 | 2,749 |
| Provision for credit losses | 357 | 1,829 |
| Digital asset fair value adjustment | 1,562 | (40,070) |
| Digital intangible assets received as revenue payments | (29,136) | (86,160) |
| Digital intangible assets used as accounts payable payments | 11,376 | 11,464 |
| (Gain) loss on disposal of digital intangible assets | (14,903) | (4,918) |
| Change in fair value of receivables denominated in digital intangible assets | (528) | (594) |
| Change in fair value of payables denominated in digital intangible assets | 34 | (241) |
| Changes in assets and liabilities | ||
| Accounts receivable, net | (2,246) | 959 |
| Digital intangible assets | 25,809 | 63,760 |
| Deferred tax asset | (13,799) | 1,478 |
| Other assets | (14,930) | 2,131 |
| Accounts payables | (1,989) | 4,663 |
| Deferred revenue | (1,476) | 6,234 |
| Deferred tax liability | 13,474 | (7,462) |
| Other liabilities | (16,885) | 9,929 |
| Net cash provided by (used in) operating activities | (54,662) | 3,625 |
| Cash flow from investing activities: | ||
| Purchases of equipment and capitalization of internally developed software costs | (7,178) | (7,021) |
| Purchases of digital intangible assets for treasury | (25,301) | (248) |
| Origination of loans receivable | (154,351) | (281,933) |
| Repayment of loans receivable | 150,225 | 206,162 |
| Business combination, net of cash acquired | (10,051) | — |
| Net cash used in investing activities | (46,656) | (83,040) |
| Cash flow from financing activities: | ||
| Proceeds from the issuance of common stock upon exercise of options | 1,783 | 1,247 |
| Payments of withholding taxes on net share settlement of restricted stock units | (3,635) | — |
| Proceeds from initial public offering, net of issuance costs | 173,985 | — |
| Proceeds from issuance of common stock from employee stock purchase plan | 320 | — |
| Repurchase and retirement of common stock | (24,699) | — |
| Share of earnings attributable to non-controlling interest in joint venture | (564) | (301) |
| Proceeds from borrowings to support loans | 182,702 | 255,791 |
| Repayments of borrowings | (113,572) | (179,576) |
| Deposit from stablecoin holders, net of redemptions | 1,103,120 | 2,688,435 |
| Proceeds from (payments to) non custodial customer assets pending settlement | (49,439) | 4,023 |
| Payment to settle derivative contracts | (24,818) | — |
| Fiat currency received as collateral | 8,112 | 17,634 |
| Fiat currency returned as collateral | (11,978) | (29,372) |
| Net cash provided by financing activities | 1,241,317 | 2,757,881 |
| Net increase in cash and cash equivalents | 1,139,999 | 2,678,466 |
| Cash and cash equivalents, beginning of period | 3,419,802 | 87,424 |
| Cash and cash equivalents, end of period | $4,559,801 | $2,765,890 |
| Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets: | ||
| Cash and cash equivalents | $143,154 | $77,455 |
| Cash and cash equivalents segregated for the benefit of stablecoin holders - restricted | 4,416,647 | 2,688,435 |
|---|---|---|
| Total cash, cash equivalents, and restricted cash | $4,559,801 | $2,765,890 |
| Supplemental cash disclosure: | ||
| Cash paid for income taxes | $2,186 | $10,762 |
| Cash paid for interest | $4,352 | $5,756 |
| Supplemental non cash disclosure: | ||
| Operating lease liabilities arising from obtaining right of use assets | $7,000 | $3,165 |
| Issuance of common stock in connection with acquisition | $42,484 | $— |
| Digital intangible assets received as collateral | $806,695 | $759,595 |
| Digital intangible assets returned as collateral | $666,543 | $560,011 |
| Origination of borrowings of digital intangible assets | $654,237 | $250,541 |
| Repayment of borrowings of digital intangible assets | $616,908 | $31,069 |
| Origination of digital intangible asset loans | $20,022 | $52,058 |
| Repayment of digital intangible asset loans | $37,443 | $19,061 |
| Digital assets transferred to lenders for collateral for borrowing | $125,524 | $89,837 |
| Fair value of assets acquired | $455,100 | $— |
| Fair value of liabilities assumed | $441,123 | $— |
| Fair value of contingent consideration liability | $3,500 | $— |
| Deferred consideration payment | $1,000 | $— |
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