Stock fact sheet · data as of
BitGo Holdings, Inc. (BTGO): fair value, margin of safety and Wheel Score
Ticker symbol BTGO · Financial Services · Financial - Capital Markets · United States · Class A common stock · Speculative
BTGO is BitGo Holdings, Inc.'s Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is BTGO undervalued?
At 5.42 (close of 5 Nov 2026), BTGO trades 96% below the GLS average fair value of 127.42. That average comes from 1 models run on the latest filings, and 1 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns BitGo Holdings, Inc. the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
Only 1 of the nine models produced a value (DCF); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.
The nightly engine files BTGO under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for BTGO
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 127.42 | +2251% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | 2.73 | -50% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 10.70 | +97% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is weak: BTGO passes 4 of the nine Piotroski tests. Our scans drop the stock at the health filter; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is 5.6 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.
Returns on capital are thin or negative - ROIC -4.6%, ROE -4.7%, ROA -0.3% - with debt at 0.02 times equity and negative free cash flow.
BitGo Holdings, Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Digital Asset Sales 98%, Staking Revenue 2%, Subscription And Services Revenue 1% (quarter Q2 FY2026).
Institutional ownership scores 5/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 16 Sep 2026.
| Piotroski F-score | 4 / 9 | ROIC | -4.6% |
|---|---|---|---|
| GLS Moat | 5.6 / 10 | ROE | -4.7% |
| Debt / equity | 0.02 | ROA | -0.3% |
| Free-cash-flow yield | -1.2% | Payout ratio | 0% |
| Institutions | 5 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 34: Weak
BTGO scores 34 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 1, options that actually trade - options too quiet (4,398 open interest, 40 a day); and filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 4, financially healthy - Piotroski 4/9 (under 6); and filter 6, no serious red flags - Red Flags score 35 (under 60); and filter 7, a premium worth selling - implied volatility 82% (over 80%); and filter 8, big enough - market cap $589M (under $1.0B), and the parts are thin too - value strong, premium fair, moat fair, health fair, red flags weak, option trading weak, stability weak. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 82%, above the 80% ceiling of the Wheel Trade Filter on premium. The premium looks generous, but moves of that size can blow through any strike. Chain open interest is 4,398 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 522k shares a day on a market cap of $589M, with a beta of 1.75 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score rates that weak.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (4,398 open interest, 40 a day) |
| 2 | A real business, not a gamble | Fails | speculative (a loss, or a weak Piotroski score) |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 4/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Fails | Red Flags score 35 (under 60) |
| 7 | A premium worth selling | Fails | implied volatility 82% (over 80%) |
| 8 | Big enough | Fails | market cap $589M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 96% below fair value | |
| Premium | Fair | implied volatility 82% | |
| Moat | Fair | moat 5.6/10 | |
| Health | Fair | Piotroski 4/9 | |
| Red Flags | Weak | Red Flags score 35/100 | |
| Option trading | Weak | 40 contracts a day, 4,398 open interest | |
| Stability | Weak | beta 1.75, $589M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
BitGo Holdings, Inc. reports earnings on 9 Nov 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
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Start free See the Sunday ScanQuestions about BTGO
What kind of share is BTGO?
BTGO is BitGo Holdings, Inc.'s Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is BTGO undervalued right now?
By the GLS models, yes: at 5.42 the stock is 96% below the average fair value of 127.42 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of BTGO and what does it mean?
BTGO scores 34 out of 100 (Weak) - it fails Wheel Trade Filters 1, 2, 4, 6, 7, 8. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for BTGO?
127.42 per share as of 5 Nov 2026 - the simple average of the 1 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does BitGo Holdings, Inc. report earnings next?
The next earnings report is due on 9 Nov 2026 (after the close), 4 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does BTGO have listed options, and how liquid are they?
Yes. The nightly snapshot found 6 listed contracts with 4,398 open interest across all expiries and implied volatility of 82% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.