BitGo Q1 Revenue Rises 113% to $3.8B, Loss $60.7M

BitGo Holdings, the digital asset infrastructure provider trading on the NYSE as BTGO, reported first-quarter 2026 revenue of $3.8 billion on Thursday, a 113 percent increase from the prior year, though its net loss widened to $60.7 million. The results represent the company's initial quarterly earnings release following its January public offering.

Revenue growth stemmed primarily from digital asset sales, which totaled $3.7 billion, up 128 percent year over year. The figure reflected heightened institutional trading activity, including the launch of a new derivatives product that generated about $3 billion in notional volume. Executives noted that this shift from spot trading, recorded on a gross basis, to derivatives, reported on a net basis, contributed to a 39 percent sequential revenue decline and altered comparability with prior periods. Margins in the segment improved to 32 basis points from 20 basis points a year earlier.

Stablecoin-as-a-Service revenue rose 44 percent sequentially to $38.2 million, bolstered by new partnerships such as BitGo Mint and an improved take rate of 7.4 percent. Subscriptions and services brought in $25.6 million, up 11 percent year over year,...