BitGo Reports Wider Q1 Loss Despite Revenue More Than Doubling

Digital asset infrastructure company BitGo reported a larger net loss in the first quarter of 2026 despite posting strong revenue growth, as falling Bitcoin prices and expenses linked to its recent public listing weighed on results.

BitGo reported revenue of $3.8 billion for the quarter ending March 31, more than double the $1.8 billion recorded during the same period last year. The increase was driven by higher digital asset trading activity and stronger contributions from the company’s stablecoin business.

However, revenue declined 38.7% from the previous quarter, when BitGo generated $6.2 billion. The company said the drop partly reflected a shift in customer activity from spot trading to derivatives, a business launched earlier this year that generated around $3 billion in notional volume.

Net Loss Expands to Over $60 Million

Despite stronger business activity, BitGo’s net loss widened to $60.7 million, compared with $25.7 million a year earlier.

The company said a major reason for the loss was a $53.7 million non-cash hit tied to the falling value of its Bitcoin treasury. Additional costs linked to stock-based compensation following its IPO also pressured earnings.

Adjusted EBITDA also moved into negative territory, dropping to a $1.7 million loss from a $3.9 million profit a year ago. BitGo said one-time legal and professional fees related to the IPO contributed to the weaker result.

Client Growth Remains Strong

BitGo’s institutional client base increased 42% year-over-year to 5,569 clients, while platform users rose to 1.2 million.

The company ended the quarter holding 2,449 Bitcoin worth about $167.1 million and maintained cash reserves of $186.6 million.