Is anyone else watching BitGo? With Circle (+168%) and Bullish (+143%) recently mooning, I decided to do some digging on this one.
The Good (Why it might pump):
\- Insane Growth: H1 2025 Revenue hit $4.19B (nearly 4x YoY).
\- Real Assets: They hold $90B+ in custody (mostly BTC, ETH, SOL, XRP, SUI).
\- Big Backers: Goldman and Citi are leading the deal.
The Bad (Why I’m worried):
Margins are Dead: Despite 4x revenue, net income dropped to $12.6M. Operating costs are eating them alive.
Valuation: Expected 4B-5B. Priced for perfection.
My IPO strategy: The quick flip. I’m treating this as a short-term flip, not a long-term hold.
I’m treating this purely as a short-term arbitrage, not a long-term hold.
\- Enter: At IPO or market open to catch the hype wave.
\- Exit: If it hits +50% on Day 1, I’m selling.
\- Stop Loss: If it breaks issue price, cut it loose.
Verdict: Great narrative (First Custody Stock), but the financials are shaky. I plan to profit from the initial volatility, but I won't be holding this long-term.
Thoughts?