BitGo Net Loss Widens to $60.7 Million Despite 112.6% Revenue Growth
BitGo Holdings posted first-quarter 2026 income of $3.77 billion, greater than doubling from a yr earlier.
Yet, losses tied to Bitcoin (BTC) value swings and inventory compensation pushed the digital asset custodian into the purple.
BitGo Q1 Revenue Hits $3.77 Billion
BitGo’s Q1 filing attributed the 112.6% bounce in top-line income to two important tailwinds: a pickup in digital asset gross sales volumes and a heavier contribution from Stablecoin-as-a-Service revenue in contrast with the identical quarter a yr in the past.
Stablecoin-as-a-Service income rose 44% sequentially to $38.2 million, with the take price enhancing to 7.4%. However, complete income fell 38.7% sequentially.
BitGo attributed the drop to softer crypto markets and a shift away from spot buying and selling. The agency launched its derivatives providing in January, capturing roughly $3 billion in notional quantity through the quarter.
“Because derivatives income is acknowledged on a web foundation, whereas spot buying and selling income is acknowledged on a gross foundation, reported income comparisons to prior durations should not immediately comparable,” the firm stated.
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Meanwhile, Digital Asset Sales introduced in roughly $3.7 billion, greater than doubling from a yr earlier with a 127.9% YoY acquire, although the determine was 39.3% decrease sequentially.
The Subscriptions and Services phase posted $25.6 million in income, edging up 11.3% YoY however slipping 34.8% from the earlier quarter. Staking revenue fell 66.2% yr over yr to $49.4 million as token costs declined.
The agency’s web loss widened to $60.7 million from $25.7 million a yr earlier. The determine additionally exceeds BitGo’s This autumn 2025 net loss of $50 million. According to BitGo, this was,
“Primarily pushed by non-cash mark-to-market impacts associated to the Company’s Bitcoin treasury, in addition to elevated IPO-related stock-based compensation expense. The Company expects stock-based compensation expense to normalize from Q1 20226 ranges going ahead.”
Adjusted EBITDA flipped to a $1.7 million loss from a $3.9 million acquire in Q1 2025. The shopper base grew 42% yr over yr, whereas money and equivalents totaled $186.6 million. The outcomes mark the corporate’s second earnings launch since its January debut on the NYSE.
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