- BitGo reported a Q1 2026 net loss of $60.7 million, widened by $53.7 million in Bitcoin treasury losses and IPO costs.
- Revenue grew to $3.8 billion year-over-year but fell from the prior quarter as client trading shifted toward new derivatives.
- The company’s institutional client base surged 42% to 5,569, while its overall user count grew to 1.2 million.
BitGo announced its first-quarter 2026 financial results on Wednesday, revealing a wider net loss despite strong year-over-year revenue growth driven by higher trading activity and its stablecoin business. The digital asset infrastructure provider’s revenue for the quarter ended March 31 was $3.8 billion, more than double the $1.8 billion reported a year earlier, the company announced.
However, net loss widened to $60.7 million from $25.7 million in Q1 2025. This was primarily due to a $53.7 million non-cash loss on its Bitcoin treasury and stock-based compensation from its recent initial public offering.
Consequently, adjusted EBITDA swung to a loss of $1.7 million from a gain of $3.9 million a year ago. The decline was partly attributed to $3 million in one-time legal and professional costs tied to the IPO.
Meanwhile, the platform’s client count grew 42% year-over-year to 5,569 institutions. Users on the platform also increased 7.3% to 1.2 million.
Stablecoin-as-a-service revenue jumped 43.6% to $38.2 million. Staking revenue, however, dropped 66.2% to $49.4 million amid lower token prices.
BitGo ended the quarter with $186.6 million in cash and held 2,449 Bitcoin valued at approximately $167.1 million. BTGO shares slipped 1.09% in overnight trading to $11.78 after the earnings release, according to Yahoo! Finance.
A string of other crypto companies also reported deepening losses in the first quarter of 2026 amid the market decline. Coinbase swung to a $394.1 million net loss, while Bitcoin miners like Marathon Digital posted a massive $1.3 billion net loss.
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