VALOR EQUITY PARTNERS IV L.P. 4

What Happened
Valor-affiliated funds (the "Valor Funds") — record holders for several Valor entities and for which Antonio Gracias may be deemed to share beneficial ownership — converted various derivative/preferred securities into BitGo (BTGO) Class A common stock on January 23, 2026. The Form 4 reports multiple conversion/derivative entries (examples include conversions of 9,201,725; 1,175,180; 649,193; 330,277; and other share amounts). The conversions and corresponding derivative disposals were reported at $0.00 on the Form 4, indicating these were automatic conversions (no cash paid or received on the reported lines).

Key Details

• Transaction date: January 23, 2026 (Form filed January 27, 2026).
• Transaction type: Conversion of derivative securities into Class A common stock (reported as "Acquired" and corresponding "Disposed" derivative entries).
• Representative amounts reported (per listed record-holder): 9,201,725; 330,277; 1,175,180; 26,140; 649,193 shares (individual line items are shown repeatedly across Valor entities). Conversions and disposals are recorded at $0.00.
• Footnote F1: Several series of preferred stock automatically converted into one share of Class A common upon the issuer's IPO and had no expiration date — explains the $0 conversion entries.
• Record ownership: Shares are held of record by various Valor entities (see footnotes F2–F6).
• Beneficial ownership note: Antonio Gracias is identified as potentially sharing beneficial ownership by virtue of positions in Valor entities but disclaims beneficial ownership except to his pecuniary interest.

Context

• These were not open‑market purchases or sales by an individual executive — they are institutional conversions tied to preferred-stock conversion on the company’s IPO (i.e., corporate capitalization mechanics), so they do not necessarily reflect a buying/selling sentiment by an individual.
• In SEC reporting terms, derivative conversions often show both an "acquired" common-stock line and a corresponding "disposed" derivative line at $0 to reflect exchange of security types rather than a cash transaction.
• For retail investors: conversions by 10%+ institutional holders are important to track for share count and potential float changes, but they differ from discretionary insider buys or sells.