BitGo Revenue Soars to $3.8B, But Q1 Loss Deepens: What’s Going On?

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BitGo revenue doubles to $3.8B, but Q1 loss deepens

BitGo Holdings announced first-quarter revenue of $3.77 billion, a significant increase of 112.6% compared to the $1.77 billion earned in the same quarter last year.

Summary

  • BitGo’s Q1 revenue rose 112.6%, helped by digital asset sales and stablecoin service adoption growth.
  • Net loss widened to $60.7 million as Bitcoin treasury marks and IPO compensation weighed results.
  • Crypto.news coverage shows BitGo entered public markets as stablecoin and custody demand grew this year.

This report was the first time the company shared its financial performance with the public since it began trading on the New York Stock Exchange in January.

The company reported that selling digital assets continues to be its primary source of income. In the first quarter, these sales brought in approximately $3.66 billion, while revenue from staking reached $49.4 million. They also earned $25.6 million from subscriptions and services.

Net loss widens despite revenue growth

As a crypto investor, I’ve been following BitGo, and their latest quarterly report isn’t great. They lost $60.7 million in the first quarter, which is a bigger loss than the $25.7 million they lost during the same time last year. They said this was mainly due to the changing value of their Bitcoin holdings – basically, paper losses – and because they’ve been giving out more stock as compensation after becoming a public company.

The company reported an adjusted loss of $1.7 million, a significant decrease from the $3.9 million profit it earned the previous year. As of the end of March, BitGo held $186.6 million in cash and Bitcoin worth approximately $167.1 million.

Stablecoins and derivatives add new revenue lines

BitGo reported a 43.6% increase in revenue from its Stablecoin-as-a-Service offerings, reaching $38.2 million compared to the previous quarter. This growth is attributed to more clients using the service, new collaborations, and the popularity of BitGo Mint and its associated stablecoin processes.

In April, BitGo introduced BitGo Mint, a service that allows institutions to create, convert, and oversee stablecoins directly through the BitGo platform. Initially, the service supported USD1 and SoFiUSD, leveraging BitGo’s existing technology for stablecoin management.

During the first quarter, the company began offering derivatives trading. According to CFO Ed Reginelli, these derivatives accounted for roughly $3 billion in trading volume during the quarter. He also noted that comparing revenue from derivatives to regular spot trading isn’t straightforward, as derivatives revenue is recorded differently – on a net basis versus the gross basis used for spot trading.

BitGo’s public-market push

In January, Crypto.news reported that BitGo was aiming for a valuation of up to $1.96 billion before becoming a publicly traded company. Goldman Sachs and Citigroup were the main banks handling the initial public offering. BitGo eventually sold shares for $18 each, raising approximately $212.8 million.

Recent reports highlighted that YZi Labs supported BitGo’s initial public offering as the company began trading on the New York Stock Exchange. At that time, BitGo was providing services to over 5,100 institutional clients in more than 100 countries.

BitGo CEO Mike Belshe reported a solid first quarter for the company, even with difficult conditions in the market. He also stated that BitGo is focusing investment on stablecoins and tokenized assets, anticipating increased interest from institutional investors.

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2026-05-14 09:22