TLDR
- BitGo reported $3.77B in Q1 2026 revenue, up 112.6% year over year.
- Net loss widened to $60.7M, mainly due to Bitcoin treasury marks and IPO-related costs.
- BitGo’s new derivatives product generated about $3B in notional trading volume.
- Client count rose 42% year over year to 5,569.
- Stablecoin-as-a-Service revenue grew 43.6% from Q4 to $38.2M.
BitGo Holdings has reported strong revenue growth in its first quarter as a public company, while crypto market volatility and Bitcoin treasury accounting weighed on profitability.
The digital asset infrastructure company reported total revenue of $3.77 billion for the quarter ended March 31, 2026. That marked a 112.6% increase from $1.77 billion in the same quarter last year. Revenue fell 38.7% from the fourth quarter of 2025, when BitGo generated $6.16 billion.
The company posted a net loss of $60.7 million, compared with a $25.7 million loss in the first quarter of 2025 and a $50 million loss in the fourth quarter. BitGo said the wider loss was mainly tied to non-cash mark-to-market changes on its Bitcoin treasury and higher stock-based compensation linked to its IPO.
Adjusted EBITDA moved to a loss of $1.7 million, compared with a $3.9 million gain a year earlier and a $12.1 million gain in the prior quarter. BitGo also cited about $3 million in one-time legal and professional costs tied to its public listing and other strategic projects.
Crypto Trading Drives Revenue Growth
BitGo’s largest revenue source remained digital asset sales. That business generated about $3.66 billion in revenue during the quarter, up 127.9% from a year earlier.
The company said digital asset sales declined sequentially because some client activity shifted from spot trading to derivatives products after BitGo launched its derivatives offering at the start of the quarter. The new derivatives product generated about $3 billion in notional trading volume during Q1.
BitGo said this product shift affects reported revenue comparisons because derivatives revenue is recognized on a net basis, while spot trading revenue is recognized on a gross basis. As a result, revenue moved lower quarter over quarter even though platform economics improved in some areas.
Margins in the digital asset sales business rose to 32 basis points, compared with 20 basis points a year earlier and 24 basis points in Q4 2025. The company said the higher-margin derivatives offering helped improve unit economics.
Stablecoins and Staking Show Mixed Results
Stablecoin-as-a-Service continued to grow during the quarter. Revenue from the business reached $38.2 million, up 43.6% from Q4 2025. BitGo said growth came from client adoption, product improvements and new partnerships, including BitGo Mint and related stablecoin workflows.
The stablecoin take rate improved to 7.4%, compared with 5.5% in the previous quarter. The company has been expanding stablecoin infrastructure as institutions look for issuance, custody and settlement services.
Staking revenue fell to $49.4 million, down 66.2% year over year and 15.3% from Q4 2025. BitGo said the decline came mainly from lower token prices.
However, staking take rates improved to 16.1%, compared with 12.5% a year earlier and 7.6% in the fourth quarter. On a price-normalized basis, assets staked on BitGo’s platform rose 20.8% year over year and 27.2% quarter over quarter.
Assets staked stood at $11.8 billion at the end of Q1, down from $28.4 billion a year earlier on a reported basis. Normalized assets staked also came in at $11.8 billion.
Clients Grow as Bitcoin Treasury Weighs on Loss
BitGo ended the quarter with 5,569 clients, up 42% from 3,921 clients a year earlier. The number of users reached 1.2 million, up 7.3% year over year.
Assets on platform totaled $63 billion, down 30.4% from $90.5 billion in Q1 2025. On a normalized basis, assets on platform rose 29.4% year over year and 10.1% from Q4 to $63 billion.
The company held $186.6 million in cash and cash equivalents at quarter-end. Its digital asset treasury included 2,449 Bitcoin with a fair value of about $167.1 million as of March 31.
BitGo CEO Mike Belshe said the company gained market share despite weaker market conditions. He said institutional adoption, stablecoins and tokenized assets remain key areas of investment.
