BTGO (NYSE:BTGO) Releases Earnings Results, Beats Estimates By $0.40 EPS

BTGO (NYSE:BTGO) announced its quarterly earnings data on Monday. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.40, FiscalAI reports. The company had revenue of $2.85 billion during the quarter.

Here are the key takeaways from BTGO’s conference call:

• Q3 revenue fell 34% sequentially and 51% year over year to $2.9 billion, while adjusted EBITDA was a $4.3 million loss versus a $13.5 million profit a year earlier. Digital asset sales revenue and margins declined amid weaker trading activity and a greater mix of lower-margin stablecoin transactions; GAAP net income of $44.1 million included a $71.5 million unrealized gain on digital assets.
• Cost reductions helped lower operating expenses 5.5% sequentially, and management said AI tools increased engineering output 65% since the start of the year while reducing engineering headcount and costs. BitGo ended the quarter with $143.2 million in cash and repurchased about $25 million of stock, with roughly $25 million remaining under its authorization.
• Reported assets on platform and staked assets declined, which management attributed primarily to lower digital-asset prices; on a normalized basis, they edged up sequentially to $59.9 billion and $10.5 billion, respectively. The company expanded its Go Network integrations and international presence, including launching BitGo Korea.
• The NYDIG institutional trading acquisition added derivatives, structured products, financing capabilities, and client relationships; management expects it to make a significant contribution in 2027, though it provided no specific guidance. BitGo also advanced goStocks and tokenized-asset initiatives, whose commercial prospects depend in part on adoption and regulatory approvals.

BTGO Stock Performance

BTGO stock traded up $0.25 during midday trading on Monday, reaching $5.11. 910,561 shares of the company’s stock were exchanged, compared to its average volume of 1,288,999. The stock’s 50-day simple moving average is $6.73 and its 200 day simple moving average is $7.83. The firm has a market cap of $600.31 million and a price-to-earnings ratio of -3.52. BTGO has a 52 week low of $4.36 and a 52 week high of $24.50.

Institutional Trading of BTGO

A number of hedge funds have recently made changes to their positions in the business. Vontobel Holding Ltd. bought a new position in BTGO during the third quarter worth $75,000. Vise Technologies Inc. bought a new position in shares of BTGO in the third quarter valued at about $83,000. Aspiriant LLC bought a new position in shares of BTGO in the third quarter valued at about $135,000. Penn Capital Management Company LLC acquired a new stake in shares of BTGO during the 3rd quarter worth about $976,000. Finally, State Street Corp acquired a new stake in shares of BTGO during the 2nd quarter worth about $1,202,000.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BTGO. Wedbush decreased their price target on BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday, August 13th. Cantor Fitzgerald dropped their price objective on BTGO from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. Canaccord Genuity Group reissued a “buy” rating and issued a $15.00 price objective on shares of BTGO in a report on Friday, August 21st. Wells Fargo & Company decreased their target price on shares of BTGO from $13.00 to $11.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of BTGO in a report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, BTGO presently has an average rating of “Moderate Buy” and an average target price of $12.77.

BTGO Company Profile

BitGo Holdings, Inc (NYSE: BTGO) is a financial technology company focused on digital asset infrastructure and services. The company provides institutional-grade solutions designed to help businesses securely custody, manage, trade and settle cryptocurrencies and other blockchain-based assets.

Its offerings include qualified digital asset custody, multi-signature wallets, portfolio and treasury management, trading and liquidity services, staking, lending and settlement solutions. BitGo also provides technology and infrastructure that supports cryptocurrency exchanges, financial institutions, investment firms, token issuers and other organizations participating in the digital asset ecosystem.

Founded in 2013, BitGo serves institutional clients in the United States and international markets.