Everyone is focusing on the casinos (Bullish) and money printers (Circle), but I think BitGo ($BTGO) has the most interesting business model.
They aren't betting on price direction, they are the Bank Vault of the industry.
The Fundamentals:
-The Pick and Shovel Play: They manage $90B+ in assets. As institutions enter crypto, they legally need a qualified custodian like BitGo.
-Insane Scale: Revenue hit $4.19B in H1 2025 (up ~4x YoY).
-The Risk: Margins are tight. Profits dropped to $12.6M as they spend heavily to scale.
Is anyone getting in on this IPO? Are you planning to flip immediately or hold for a while?