$BTGO BitGo is the first crypto IPO of 2026 and will be the first publicly traded company to offer investors pure-play exposure to the crypto custody business. At a relatively modest $2B market capitalization, it is also one of the few publicly traded crypto-related businesses that likely grew revenues greater than (+50%) during 2025’s disappointing crypto markets. With a long runway for future growth and market share gains, BitGo is a natural fit for $NODE and thus we are requesting an allocation in today's public offering. We see significant upside for BitGo from tokenization (tokenized “real world assets” are +270% y/y) and the institutionalization of digital assets, supported by continual innovation thanks to deregulation including new SEC rule-making and the possible passage of the CLARITY Act. In a future where (>52%) of companies intend to use stablecoins within the next 3 years, BitGo stands out as a white-glove custody provider with an unblemished (zero hacking losses) security record. BitGo has demonstrated strong operating momentum: as of September 2025, digital assets custodied grew (+96%) y/y to $104B and trailing 9-month net revenues of $140M (+65%) y/y, with a $240M run-rate possible by the end of this year (+85%). By comparison, Coinbase grew AUM by (+60%) and net revenues by (+46%). In our base case, we expect BitGo to sustain a less dramatic, but still steep trajectory and grow revenues (+26%) through 2028. This places the company on track to generate >$400M in revenue and >$120M in EBITDA by 2028. Accordingly, we estimate a $2.4B (~$21/sh) fair value market capitalization, which equates to 30% upside from the middle of the offering range and a valuation of ~20x 2028 EV/EBITDA, at the high end of comps including COIN//GLXY/HOOD/IBKR at 13x/17x/20x/23x. We justify this elevated multiple because (>80%) of revenues is derived from sticky service businesses like custody and staking revenue, compared to COIN’s around~40%. This creates more predictable, higher quality earnings than transaction-oriented businesses, thus giving BitGo a premium valuation. For further context, if Bitcoin can trade back above $120k over the next 12 months, which we think likely, then 2028 revenue forecasts will also move higher, resulting in multiple expansion and future EBITDA upside: BitGo currently holds 2,369 Bitcoin on the balance sheet and a (+33%) price swing of BTC would move market cap up by $72M, translating into $0.62/share value upside. Collectively, under this more bullish scenario we see a fair value market cap above $3B and our 12-month target moves to $26.50/sh which is around (+65%) greater than the midpoint of the pricing range. While BitGo will obviously appeal to long-term crypto investors familiar with its service quality and investment potential, we think the offering will also attract institutional investors increasingly familiar with the concierge-level solution set that has helped BitGo win market share. In our view, BitGo equity is clearly a superior asset relative to most of the 57 digital assets with a market cap >$2B, the vast majority of which have never generated a dollar of net income for holders. @BitGo

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