Quarterly ResultMay 13, 2026, 04:22 PM
BitGo Q1 2026 Revenue $3.8B, Net Loss $(60.7)M
AI Summary
BitGo Holdings, Inc. reported Q1 2026 financial results with total revenue of $3.8 billion, a 112.6% increase year-over-year, but a 38.7% sequential decline attributed to a shift from gross-recognized spot trading to net-recognized derivatives. The company posted a net loss of $(60.7) million, primarily due to non-cash mark-to-market impacts on its Bitcoin treasury and elevated IPO-related stock-based compensation. Operationally, BitGo saw strong client growth of 42.0% year-over-year and a 29.4% increase in normalized assets on platform, alongside improved margins and take rates across its offerings.
Key Highlights
- Total Revenue was $3,773.6 million, up 112.6% YoY but down 38.7% QoQ.
- Net Loss was $(60.7) million, compared to $(25.7) million in Q1 2025.
- Adjusted EBITDA Loss was $(1.7) million, compared to a $3.9 million gain in Q1 2025.
- Number of Clients grew 42.0% YoY to 5,569.
- Normalized Assets on Platform increased 29.4% YoY to $63.0 billion.
- Digital Asset Sales revenue was $3,659.5 million, with margin improving to 32 bps.
- Staking revenue was $49.4 million, with take rates improving to 16.1%.
- Stablecoin-as-a-Service revenue grew 43.6% QoQ to $38.2 million, with take rate at 7.4%.