Belshe Michael 4

What Happened
Michael Belshe, a 10% owner of BitGo Holdings, reported a net-share settlement/tax-withholding disposal and multiple derivative acquisitions. On 2026-01-21 he authorized the issuer to withhold 127,613 shares of Class A common stock to satisfy tax withholding related to a net settlement of restricted stock units — disposed at $18.00 per share for a value of $2,297,034 (transaction code F). Separately, the Form 4 shows a series of "other acquisition or disposition" (code J) entries on 2025-09-30 and 2025-09-23 totaling approximately 8,855,382 shares (price N/A) reported as derivative acquisitions — these appear to reflect exchanges/conversions of other equity into Class B common stock and transfers into family trusts.

Key Details

• Main disposal: 127,613 shares withheld on 2026-01-21 at $18.00/share = $2,297,034 (code F = tax withholding for RSU net settlement).
• Derivative acquisitions: multiple J-code entries on 2025-09-30 and 2025-09-23 totaling ~8,855,382 shares (no cash price reported; derivative conversions/exchanges).
• Footnotes indicate many of the acquired shares are held in family trusts for which Belshe is Trustee (several trust footnotes: F7–F14) and that some entries reflect exchanges of preferred/common shares into Class B common stock (F2–F6).
• Class B shares are convertible into Class A common stock under the company charter (F2).
• Filing date: 2026-01-23 for transactions dated Sept 2025 and Jan 2026 — the Sept 2025 transactions were reported several months later than the transaction dates (potentially late; Form 4 is generally due within two business days of the transaction).

Context

• The January transaction is routine tax withholding tied to RSU settlement (not an open-market sale). Such withholdings are common and don't necessarily indicate a change in insider sentiment.
• The September entries are derivative transactions (exchanges/conversions and transfers into trusts), not cash purchases — these are reorganizational/ownership-structure moves rather than market buys.
• As a 10% owner and trustee of family trusts, Belshe's filings reflect both personal beneficial ownership and transfers into related trusts; these are administrative and governance-related insider filings rather than directional bets on the stock.