2026 Equity Incentive Plan — In September 2025, the Company’s board of directors approved the 2026 Equity Incentive Plan (“2026 Plan”) as a successor to its Amended & Restated 2018 Stock Incentive Plan (“2018 Plan”), which became effective upon the Company’s IPO. The 2026 Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options (“NSOs”), restricted stock awards (“RSAs”), stock appreciation rights (“SARs”), restricted stock units (“RSUs”), and performance and stock bonus awards. Upon adoption, an aggregate of 9,028,124 shares of the Company’s Class A common stock have been reserved for future issuance with (i) an automatic increase on January 1 of each calendar year by 5% of the aggregate number of shares of common stock of all classes issued and outstanding on December 31 of the preceding calendar year, or (ii) a lesser number of shares as may be determined by the Company’s board of directors prior to January 1 of each year. The share reserve is reduced by the number of shares granted under the 2026 Plan, and increased by the number of shares subject to stock options or other stock awards granted under the 2018 Plan that expire, are forfeited, or are otherwise returned to the 2018 Plan.

Stock Options — The 2026 Plan provides for the grant of ISOs and NSOs to purchase shares of Class A common stock at an exercise price determined at the grant date. ISOs may be granted only to employees, including officers and directors who are also employees. The exercise price of all stock options must be at least equal to the fair market value of the Company’s Class A common stock on the grant date. For ISOs granted to individuals who own more than 10% of the total combined voting power of all classes of the Company’s capital stock, the exercise price must be at least 110% of fair market value on the grant date. Stock options generally have a maximum term of ten years from the grant date. However, ISOs granted to holders of more than 10% of the Company’s voting power are limited to a maximum term of five years. Stock options typically vest over three to four years. Each option entitles the holder to purchase one share of Class A common stock upon exercise.

On September 18, 2019, the Company granted a non-statutory option to Mr. Belshe to acquire 1,500,960 shares of BitGo Class A common stock outside of the Company’s 2018 Plan, as a non-Plan grant (the “Non-Plan Option Grant”). On June 23, 2020, the Non-Plan Option Grant was repriced from an exercise price of $0.97 to an exercise price of $0.18 (the “Repricing”). To effectuate the Repricing, the Company cancelled the Non-Plan Option Grant and regranted it as a Non-Plan Option (the “Non-Plan Repriced Option”), with all terms, other than the exercise price, remaining unchanged, including the vesting schedule. On March 30, 2021, and on April 8, 2022, Mr. Belshe exercised the Non-Plan Repriced Option for 531,590 and 406,510 shares, respectively. The Non-Plan Repriced Option remains outstanding for 562,860 shares.

In connection with the Company’s IPO, the Company registered the shares underlying this award on a Form S-8 for administrative and settlement purposes. As a result, the Non-Plan Repriced Option is treated as granted under the 2018 Plan solely with respect to the registration of the underlying shares.


	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Terms (In Years)	Aggregate Intrinsic Value
Balance - January 1, 2026	9,991	$	2.08	7.23	$	136,365
Options granted	2,467	$	7.49
Options exercised	(1,185)	$	1.13
Options canceled/forfeited	(188)	$	4.99
Balance - June 30, 2026,	11,085	$	3.34	7.28	$	26,551
Exercisable - June 30, 2026	6,707	$	1.43	6.09	$	25,294
Vested and expected to vest - June 30, 2026	11,085	$	3.34	7.28	$	26,551

The weighted-average grant-date fair value of options granted during the six months ended June 30, 2026 and 2025 was $4.46 and $3.23, respectively. The total intrinsic value of options exercised during the six months ended June 30, 2026 and 2025 was $10.0 million and $5.5 million, respectively. As of June 30, 2026, unrecognized stock-based compensation expense related to unvested stock options was $15.3 million, which is expected to be recognized over a weighted-average period of 3.14 years.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Fair value of common stock	$5.91	$5.65	$5.91 - $7.49	$5.36 - $5.65
Expected volatility	51.30%	58.86% - 59.06%	51.30% - 60.03%	57.90% - 59.75%
Expected life (in years)	6.25	6.0 - 6.1	5.6 - 6.4	5.7 - 6.1
Risk-free interest rate	4.29%	4.07% - 4.08%	3.99% - 4.29%	4.04% - 4.09%
Expected dividend yield	—%	—%	—%	—%

Stock-Based Compensation Expense — For the three and six months ended June 30, 2026, stock-based compensation expense related to stock options was $1.4 million and $2.1 million, respectively. For the three and six months ended June 30, 2025, stock-based compensation expense related to stock options was $0.8 million and $1.8 million, respectively.

Restricted Stock Units — Under the 2026 Plan, RSUs may be granted to employees, directors, and consultants. RSUs generally vest ratably over four years, subject to continued service, except for one RSU that vests immediately upon the completion of the Company’s IPO. RSUs granted prior to the Company’s IPO were subject to both service-based and liquidity-event vesting conditions; the liquidity condition was satisfied upon completion of the Company’s IPO. RSUs granted subsequent to the IPO are subject only to service-based vesting conditions. Until vested, RSUs do not have the voting and dividend participation rights of common stock and the shares underlying the awards are not considered issued and outstanding.

Under the Company’s RSU settlement procedures, for RSUs granted in fiscal year 2024 (the “2024 RSUs”), settlement is structured such that 50% of the vested RSUs are settled in shares and 50% in cash, except for RSUs granted to certain employees and officers, for which shares are withheld to satisfy tax obligations. RSUs granted in fiscal year 2025 and thereafter are settled upon vesting with shares withheld to satisfy tax obligations. For 2024 RSUs, the cash-settled portion is primarily used to satisfy employee tax withholding obligations, with any excess cash remitted to the employee.

The Company accounts for the cash-settled portion of the 2024 RSUs as liability awards and remeasures the related liability and expense at each reporting date until settlement. The equity-settled portion of the 2024 RSUs and all RSUs granted in fiscal year 2025 and thereafter are accounted for as equity awards based on the fair value on the grant date.

As of June 30, 2026, the Company recorded a liability of $82 thousand related to the cash-settled portion of the 2024 RSUs, which is included in other current liabilities in the condensed consolidated balance sheets. In connection with the settlement of RSUs granted to certain employees and officers, the Company withheld 40,343 shares and 206,099 shares during the three and six months ended June 30, 2026, respectively, to satisfy tax obligations.

The weighted-average grant-date fair value of RSUs granted during the six months ended June 30, 2026 was $7.08. No RSUs were granted during the six months ended June 30, 2025. The total fair value of RSUs that vested during the six months ended June 30, 2026 was $8.4 million. No RSUs vested during the six months ended June 30, 2025.

As of June 30, 2026, there was total unrecognized compensation cost of $21.8 million related to RSUs settled in shares, which is expected to be recognized over a weighted-average period of 2.93 years, and $0.8 million related to RSUs settled in cash, which is expected to be recognized over a weighted-average period of 1.83 years.


	Cash Settled Awards			Share Settled Awards
	Shares	Weighted Average Grant Date Fair Value Per Share		Shares	Weighted Average Grant Date Fair Value Per Share
Unvested, January 1, 2026	306	$	5.24	3,234	$	6.65
Granted	—	$	—	1,359	$	7.08
Vested	(151)	$	5.22	(988)	$	7.05
Cancelled/Forfeited	(44)	$	5.27	(333)	$	7.42
Unvested, June 30, 2026	111	$	5.25	3,272	$	7.56

2026 Employee Stock Purchase Plan — In September 2025, the Company’s board of directors approved the 2026 Employee Stock Purchase Plan (“2026 ESPP”), which became effective upon the Company’s IPO. An initial reserve of 2,600,000 shares of Class A common stock has been reserved for future issuance, with (i) an automatic increase to such reserve on January 1 of each calendar year by 1% of the aggregate number of shares of common stock of all classes issued and outstanding on December 31 of the preceding calendar year, or (ii) a lesser number of shares as may be determined by the Company’s board of directors prior to January 1 of each year. Under the 2026 ESPP, eligible employees may purchase shares of Class A common stock at a purchase price equal to 85% of the fair market value of a share of Class A common stock on either the first or last day of the applicable offering period, whichever is lower. Except for the first and second offering periods, the 2026 ESPP provides for six-month offering periods, each consisting of a single purchase period ending on May 31 and November 30 of each year. The initial purchase period commenced upon the completion of the Company’s IPO on January 22, 2026 and will conclude on August 31, 2026, with employee contributions beginning on February 1, 2026. The second purchase period will commence on September 1, 2026 and conclude on May 31, 2027. As of June 30, 2026, 2,600,000 shares were authorized and available for issuance.

For the three and six months ended June 30, 2026, stock-based compensation expense related to the 2026 ESPP was $0.1 million and $0.1 million, respectively. As of June 30, 2026, unrecognized stock-based compensation expense related to the 2026 ESPP was $46 thousand, which is expected to be recognized over a weighted-average period of 0.17 years.