Using a Revenue DCF model with operating margin convergence from -0.1% to a target of 24.1% over 5 years, discounted at a WACC of 7.4%, BitGo Holdings, Inc. (BTGO) has an intrinsic value of $40.43 per share (range: $33.92 – $58.30).
Using a Revenue DCF model with operating margin convergence from -0.1% to a target of 24.1% over 5 years, discounted at a WACC of 7.4%, BitGo Holdings, Inc. (BTGO) has an intrinsic value of $40.12 per share (range: $33.88 – $57.20).
Using the industry peer median EV/Revenue multiple (trailing + forward), BitGo Holdings, Inc. (BTGO) has a fair value of $709.14 based on 8 comparable companies in the Financial - Capital Markets industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/Revenue | Forward EV/Revenue | |
|---|---|---|---|
| BitGo Holdings, Inc.BTGO | 1,498 | -0.1x | -9.7x |
| Interactive Brokers Group, Inc. | 118,566 | 11.1x | 18.6x |
| Tradeweb Markets Inc. | 26,267 | 11.9x | 10.5x |
| TeraWulf Inc. | 6,594 | 50.6x | 22.5x |
| Hut 8 Corp. | 5,498 | 25.0x | 17.1x |
| Riot Platforms, Inc. | 5,126 | 8.0x | 7.9x |
| Bitfarms Ltd. | 1,120 | 5.4x | 6.4x |
| American Bitcoin Corp | 799 | 5.3x | 47.1x |
| HIVE Digital Technologies Ltd. | 499 | 4.6x | 4.9x |
| Industry Median | 9.5x | 13.8x | |
| (*) Revenue | 16,152 | 198 | |
| = Enterprise Value | 154,197 | 2,740 | |
| (-) Net Debt | -3,413 | -3,413 | |
| Equity Value | 157,611 | 6,154 | |
| (/) Outstanding shares | 115 | 115 | |
| Fair Price | $1365 | $53 | |
Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.