Form 4: BitGo Director Converts Preferred Stock to Common

BitGo Holdings Director Brian Murray converted 1,675 shares of Series B-3 Preferred Stock into Class A Common Stock, increasing his direct beneficial ownership to 3,109 shares.

Summary

• Brian Murray, a Director of BITGO HOLDINGS, INC. (BTGO), reported a change in beneficial ownership.
• On January 23, 2026, Murray converted 1,675 shares of Series B-3 Preferred Stock into 1,675 shares of Class A Common Stock.
• Following this transaction, Murray directly beneficially owns 3,109 shares of Class A Common Stock.
• The conversion occurred at a price of $0 for the derivative security (Series B-3 Preferred Stock).
• Each share of Series B-3 Preferred Stock automatically converts into 1 share of Class A Common Stock upon the closing of the Issuer's initial public offering and has no expiration date.

Sentiment

Score: 7

Explanation: The conversion of preferred stock to common stock by a director, explicitly linked to an upcoming IPO, is generally viewed positively as it aligns insider interests with public shareholders and signals progress towards a significant corporate event.

Positives

• A director converting preferred stock to common stock can be seen as a positive step towards aligning insider interests with public shareholders.
• The conversion is a necessary step often preceding an Initial Public Offering (IPO), indicating progress towards a potential liquidity event for the company.

Future Outlook

The conversion of preferred stock into Class A Common Stock is explicitly tied to the closing of the Issuer's initial public offering (IPO), indicating that an IPO is a planned future event for BitGo Holdings, Inc.

Industry Context

This Form 4 filing is a standard disclosure for insider transactions, specifically a conversion of preferred stock to common stock. Such conversions are common for private companies, particularly those backed by venture capital, as they approach an initial public offering (IPO). It signals a step towards preparing the company's capital structure for public trading.

Stakeholder Impact

• Shareholders: The transaction increases a director's direct beneficial ownership of common stock, potentially aligning management incentives with shareholder value.
• Potential Investors: The mention of an upcoming IPO provides insight into the company's strategic direction and potential future investment opportunities.

Next Steps

• Closing of the Issuer's initial public offering (IPO), which will trigger the automatic conversion of all preferred stock classes into Class A Common Stock.

Key Dates

Keywords

BitGo Holdings, BTGO, Form 4, Insider Transaction, Stock Conversion, Preferred Stock, Common Stock, Director, Initial Public Offering, IPO