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BITGO HOLDINGS, INC.·4

Jan 23, 7:39 PM ET

Reginelli Edward 4

Research Summary

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BitGo (BTGO) CFO Edward Reginelli Exercises Options, Receives Award

What Happened

Edward Reginelli, Chief Financial Officer of BitGo Holdings (BTGO), exercised stock options and received a restricted stock unit award. On 2025-09-25 he exercised options that resulted in the acquisition of 173,000 shares at $0.21 per share (total cash paid $36,330). Those same 173,000 shares were reported as disposed (125,000 and 48,000 shares) at $0.00 each (derivative transactions), consistent with a net-share settlement or share surrender to cover the exercise and/or tax obligations. Separately, on 2025-09-17 he acquired 26,000 restricted stock units (RSUs) at $0.00.

Key Details

  • Transaction dates and prices:
    • 2025-09-17: Received 26,000 RSUs (award) at $0.00 (F2).
    • 2025-09-25: Exercised options acquiring 173,000 shares at $0.21 ($36,330 total) (M).
    • 2025-09-25: Disposed 125,000 shares at $0.00 (derivative) and 48,000 shares at $0.00 (derivative), totaling 173,000 shares.
  • Shares owned after transaction: Not specified in the filing.
  • Notable footnotes from the filing:
    • F1: One transaction occurred prior to the issuer’s Section 12 registration and is reported under Rule 16a‑2(a).
    • F2: The 26,000 RSUs were acquired in an exempt transaction with the issuer.
    • F3: The options are fully vested.
    • F4: Vesting schedule note: 25% vested on Sept 15, 2023; remaining 75% vests monthly thereafter while in service.
  • Filing timeliness: The Form 4 was filed on 2026-01-23 for transactions in September 2025 — this is a delayed filing and may affect timely public disclosure.

Context

  • The exercised options (code M) created newly acquired shares; the subsequent disposals reported at $0.00 are derivative-based (common for net-share settlement or tax withholding) and are not the same as an open-market sale. The filing does not indicate an immediate open-market sale of shares for cash proceeds.
  • Awards (RSUs) are typically compensation and do not by themselves indicate a trading view. The exercise and the concomitant share surrender often reflect option settlement mechanics rather than a directional bet by the insider.