TL;DR:
- BitGo reported total revenues of $3.8 billion in the first quarter of 2026, a 112.6% year-over-year increase.
- The company recorded a net loss of $60.7 million, driven by non-cash impacts on its Bitcoin treasury and IPO-related compensation expenses.
- The client base grew 42% year-over-year. Normalized assets on the platform advanced 29.4% compared to the same period in 2025.
BitGo published its financial results for the first quarter of 2026, reporting total revenues of approximately $3.8 billion, representing a year-over-year growth of 112.6%. However, the figure fell 38.7% compared to the previous quarter, due to a weaker market and a shift in business composition following the launch of its derivatives offering at the start of the period.
That launch generated approximately $3 billion in notional volume during the quarter. While spot trading revenues are recognized on a gross basis, derivatives are accounted for on a net basis, which means that quarter-over-quarter comparisons are not directly equivalent. Chief Financial Officer Ed Reginelli emphasized that, adjusting for this effect, the platform’s underlying economics showed significantly greater resilience than the reported figures suggest.
The margin on digital asset sales improved to 32 basis points from 20 recorded a year earlier, and capture rates on staking and stablecoin-as-a-service also climbed during the period.
$BTGO reported Q1 2026 results this afternoon.
Clients grew 42% year-over-year. Normalized Assets on Platform grew 29.4% year-over-year. Normalized Staked Balances grew 27.2% sequentially.
Continued momentum across the business, driven by the trust of our institutional clients… pic.twitter.com/uQTl1nl54U
— BitGo (@BitGo) May 13, 2026
The net loss reached $60.7 million, compared to $25.7 million in the first quarter of 2025. BitGo attributed this deterioration primarily to non-cash mark-to-market impacts on its Bitcoin treasury, along with extraordinary stock-based compensation expenses tied to the IPO process. The company anticipated that these costs will normalize from first-quarter levels going forward. Adjusted EBITDA was negative at $1.7 million, further impacted by approximately $3 million in one-time legal and professional fees related to the IPO.
BitGo Eyes Institutional Expansion as a Structural Driver
At the close of the quarter, BitGo had 5,569 active clients, a 42% year-over-year increase. Normalized assets on the platform reached $63 billion, growing 29.4% compared to the same period in 2025. Assets under staking also expanded in normalized terms: 20.8% year-over-year and 27.2% sequentially.
The stablecoin-as-a-service segment recorded revenues of $38.2 million, with a capture rate of 7.4%, above the 5.5% of the previous quarter. During the period, BitGo closed partnerships with 21Shares, Stable Sea, SoFi, and The Better Money Company. CEO Mike Belshe noted that the accelerating institutional adoption of various digital assets is positioning the company to become a powerhouse in emerging areas such as stablecoins and tokenized assets.
