BitGo Holdings, Inc.
BTGO Financial Capital Markets
BitGo Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.2 billion, up 424.3% from fiscal 2024. In the quarter to June 2026, revenue grew 144.0%, EPS grew 76.9% and free cash flow fell 401.8%, each against the same quarter a year earlier.
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BitGo Holdings, Inc. (BTGO) Beneish M-score
BitGo Holdings, Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: not meaningful for banks, insurers and REITs.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.36 | — | 0.33 | |
| Gross margin index | 3.59 | — | 1.90 | |
| Asset quality index | 0.15 | — | 0.06 | |
| Sales growth index | 5.24 | — | 4.68 | |
| Depreciation index | 4.05 | — | 0.47 | |
| SG&A index | 0.27 | — | −0.05 | |
| Total accruals to total assets | (0.01) | — | −0.05 | |
| Leverage index | 1.81 | — | −0.59 | |
| Beneish M-score | n/a — not meaningful for banks, insurers and REITs | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| GEMI Gemini Space Station, Inc. compare | — |
| GOLD Gold.com Inc. compare | — |
| BTGO BitGo Holdings, Inc. | — |
| ABTC American Bitcoin Corp. compare | — |
| OPY Oppenheimer Holdings, Inc. compare | — |
| TIGR UP Fintech Holding Limited compare | — |
| HIVE HIVE Digital Technologies Ltd. compare | — |
| CD Chaince Digital Holdings Inc. compare | — |
| CSHR CoinShares PLC compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI