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<h2>Key Points</h2><ul><li>Initiated new BTGO stake with 12,538,608 shares; estimated trade value of $138.91 million based on quarterly average pricing</li><li>Quarter-end value of the BTGO position was $103.19 million, reflecting both trading activity and stock price movement</li><li>The trade represented a 76.8% change in reported 13F assets under management</li><li>Post-trade, Valor Management LLC held 12,538,608 BTGO shares worth $103.19 million</li><li>The BTGO position accounts for 57.05% of fund AUM</li><li>10 stocks we like better than Bitgo ›</li></ul><p>On May 13, 2026, Valor Management LLC disclosed a new position in <strong>Bitgo Holdings</strong> <span class="ticker">(NYSE:BTGO)</span>, acquiring 12,538,608 shares in a trade estimated at $138.91 million based on quarterly average pricing.</p><ul><li>Initiated new BTGO stake with 12,538,608 shares; estimated trade value of $138.91 million based on quarterly average pricing</li><li>Quarter-end value of the BTGO position was $103.19 million, reflecting both trading activity and stock price movement</li><li>The trade represented a 76.8% change in reported 13F assets under management</li><li>Post-trade, Valor Management LLC held 12,538,608 BTGO shares worth $103.19 million</li><li>The BTGO position accounts for 57.05% of fund AUM</li></ul><h2 id="what-happened">What happened</h2><p>According to a May 13, 2026, SEC filing, Valor Management LLC established a new position in Bitgo Holdings by acquiring 12,538,608 shares during the first quarter. The estimated transaction value was $138.91 million, calculated using the average closing price for the quarter. At quarter-end, the value of the holding stood at $103.19 million, reflecting both the initial trade and subsequent price movement.</p><h2 id="what-else-to-know">What else to know</h2><ul><li>This was a new position for Valor Management LLC, representing 57.05% of reported 13F assets at quarter-end</li><li>Top holdings after the filing:<ul><li>NYSE: BTGO: $103.19 million (57.1% of AUM)</li><li>NASDAQ: BWAY: $70.64 million (39.1% of AUM)</li><li>NASDAQ: CNTN: $3.54 million (2.0% of AUM)</li><li>NASDAQ: HRMY: $3.28 million (1.8% of AUM)</li><li>NASDAQ: BIOA: $229,206 (0.1% of AUM)</li></ul></li><li>As of May 18, 2026, BTGO shares were priced at $8.33; It is down 53.7% since inception on January 1, 2026, losing to the S&amp;P 500 by 61.4 percentage points.</li></ul><h2 id="company-overview">Company overview</h2><section><table><tbody><tr><th>Metric</th><th>Value</th></tr><tr><td>Price (as of market close 2026-05-18)</td><td>8.33</td></tr><tr><td>Market Capitalization</td><td>$961.84 million</td></tr><tr><td>Revenue (TTM)</td><td>$16.88 billion</td></tr><tr><td>Net Income (TTM)</td><td>($27.73million)</td></tr></tbody></table></section><h2 id="company-snapshot">Company snapshot</h2><ul><li>Bitgo Holdings, Inc. provides digital asset infrastructure solutions, including self-custody wallets, qualified custody, liquidity and prime services, and infrastructure-as-a-service for institutional clients.</li><li>The company generates revenue primarily by offering secure technology platforms and custodial services to institutional investors, trading firms, and digital asset ecosystem participants.</li><li>Bitgo's main customers include financial services firms, crypto-native companies, technology platforms, corporations, government agencies, and high net worth individuals across North America, Europe, and Asia.</li></ul><p>Bitgo Holdings, Inc. operates at scale in the digital asset infrastructure sector, supporting a diverse institutional client base with advanced security and custody solutions. The company's strategy focuses on enabling institutional adoption of digital assets through reliable, technology-driven services. Its competitive edge lies in its comprehensive platform and global reach, positioning it as a key provider for organizations seeking secure management of digital assets.</p><h2 id="what-this-transaction-means-for-investors">What this transaction means for investors</h2><p>Valor Management LLC entered Bitgo Holdings as a new position and immediately made it the dominant holding in a relatively small portfolio. That concentration is worth noting, but so is the context: Valor was previously a healthcare-focused fund, holding positions in a brain stimulation device maker, a rare neurological disease drugmaker, and a metabolic biotech. This isn't a crypto specialist doubling down — it's a sharp pivot from a manager with no visible prior exposure to digital assets. Bitgo Holdings operates in institutional digital asset infrastructure: custody, wallets, liquidity services, and tech platforms for financial firms seeking regulated access to crypto markets. It's a picks-and-shovels play on institutional adoption rather than a bet on any token or price. If you're evaluating BTGO independently, the more useful question is whether institutional demand for regulated digital asset services is at an inflection point — and whether Bitgo is positioned to capture it.</p><h2>Should you buy stock in Bitgo right now?</h2>
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<p style="color: #767676; text-align: left"><em>*Stock Advisor returns as of May 19, 2026. </em></p><p><em>Seena Hassouna has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.</em></p>
<p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
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BTGO

<p>Valor Management LLC has initiated a new position in Bitgo Holdings (NYSE:BTGO) by acquiring 12,538,608 shares valued at approximately $138.91 million. As of the quarter-end, the position was worth $103.19 million, representing 57.05% of the fund's assets under management. This marks a significant shift for Valor, a healthcare-focused fund, as it pivots towards digital asset infrastructure. Investors should consider the implications of institutional demand for regulated digital asset services when evaluating BTGO.</p>

A Healthcare Fund Just Made Bitgo Its Biggest Bet