Snapshot
- Ticker: BTGO (NYSE)
- Bucket: Consumer, Fintech & Housing
- Q1 2026 position: $0.24M — 29,106 common shares, 0.00% of 13F
- HQ: Palo Alto, California
- What it does: Institutional digital-asset custody and infrastructure — qualified custody, multi-signature wallets, staking, trading/settlement, and stablecoin services.
Business Overview
BitGo, founded in 2013 by Mike Belshe (co-author of the SPDY protocol that became HTTP/2), pioneered multi-signature wallet security and built the leading independent crypto custodian, claiming zero hacking losses in over a decade. It became the first crypto company to go public in 2026, pricing its NYSE IPO at 212.8M at a ~$2.08B valuation (Goldman Sachs and Citigroup led).
At the time of the IPO the company reported ~353M for the first nine months of 2025. Headline 2025 revenue figures (reported at ~8.23/share at Q1 2026 quarter-end implies the stock traded well below the $18 IPO price within its first quarter — wait-and-see pricing for a crypto-beta financial.
Why Atreides Owns It
This is an IPO-cohort tracking position, not a thesis bet — 29,106 shares worth under $250K, rounding to 0.00% of the 13F. BitGo is one of the offering-cohort names (with CoreWeave, Chime, Ambiq, EquipmentShare) where Atreides has taken starter allocations around the IPO; pre-IPO private ownership by Atreides is not confirmed in public funding records. The playbook mirrors Chime: take a token IPO allocation, build the information edge from quarters of public reporting, and decide later whether to size it (as the fund eventually did with Chime in Q4 2025). To the extent there is a thesis, it is picks-and-shovels crypto infrastructure: custody is the regulatory chokepoint of institutional digital-asset adoption, and BitGo is the independent scale player.
Position History
| Quarter | Type | Shares/Notional | Value | % of 13F |
|---|---|---|---|---|
| Q4 2024 | — | not held | — | — |
| Q1 2025 | — | not held | — | — |
| Q2 2025 | — | not held | — | — |
| Q3 2025 | — | not held | — | — |
| Q4 2025 | — | not held | — | — |
| Q1 2026 | Common | 29,106 | $239,542 | 0.00% |
A starter taken at or shortly after the early-2026 IPO. The implied quarter-end mark (~18 IPO price suggests a steep post-IPO decline; whether Atreides sizes up at the lower price (the Chime pattern) is the thing to watch in the Q2 2026 filing.
Risks
- Revenue and custody fees are directly levered to crypto prices and volumes; a crypto bear market compresses everything at once.
- Pass-through-heavy reported revenue makes headline figures misleading; the fee-based core is far smaller.
- Custody is a trust business — a single security incident would be franchise-ending.
- Competition from Coinbase Custody, Fidelity Digital Assets, and bank entrants (BNY, State Street) as US regulation opens custody to traditional finance.
- The stock apparently broke its IPO price quickly; early public-market sponsorship is weak.