BitGo Revenue Grows 79.6% but Reports $19 Million Loss

BitGo reported a 79.6% year-over-year revenue increase to $4.33 billion in the second quarter of 2026, though it posted a net loss of $19 million due to digital asset impairment.

BitGo Holdings announced in its financial results on Wednesday that second-quarter revenue rose to $4.33 billion from $2.41 billion in the same period last year. Revenue also increased by 14.7% compared to the previous quarter. The company cited the increase in digital asset sales and the expansion of its stablecoin-as-a-service operations—which allow companies to offer their own stablecoin services—as the primary drivers of growth.

The company’s customer base grew by 26%, while normalized assets on the platform rose 31% to reach $65.2 billion. BitGo also disclosed that it holds $159 million in cash and $147.7 million worth of Bitcoin. A $50 million share buyback program, recently approved by the board of directors, was also among the significant developments on the balance sheet.

BitGo’s net loss driven by digital asset valuation decline

BitGo reported a net loss of $19 million, or $0.16 per share, for the second quarter. The company had earned a net profit of $38.3 million during the same period last year. However, the loss narrowed compared to the $60.7 million reported in the first quarter. BitGo stated that the primary reason for the year-over-year change was an unrealized digital asset loss of $18.8 million recorded in the second quarter, compared to an unrealized gain of $55.8 million reported in the same period last year.

Adjusted EBITDA also showed a loss of $4.2 million, compared to a profit of $3 million last year. The company reduced its headcount by 15% in June and announced that it has increased the use of artificial intelligence in engineering and operations. Chief Financial Officer Ed Reginelli will step down from his position on September 15.