BitGo Q1 Revenue Jumps 112.6% to $3.77B; Loss Widens

BitGo Holdings reported first-quarter 2026 revenue of $3.77 billion, a 112.6% increase from Q1 2025, while net loss widened to $60.7 million. The company attributed the wider loss to mark-to-market impacts on its Bitcoin treasury and higher stock-based compensation tied to its recent IPO.

Digital Asset Sales generated roughly $3.7 billion in revenue, up 127.9% year over year and down 39.3% from the prior quarter. Stablecoin-as-a-Service revenue rose 44% sequentially to $38.2 million, with a reported take rate of 7.4%. Subscriptions and Services brought in $25.6 million, up 11.3% year over year and down 34.8% quarter over quarter. Staking revenue declined 66.2% year over year to $49.4 million, a result the filing linked to lower token prices.

Total revenue was 38.7% lower than in Q4 2025 as markets softened and activity shifted away from spot trading. BitGo launched a derivatives offering in January and recorded roughly $3 billion in notional volume during the quarter. The filing noted, “because derivatives revenue is recognized on a net basis, while spot trading revenue is recognized on a gross basis, reported revenue comparisons to prior periods are not directly comparable.”

On profitability measures, adjusted EBITDA swung to a $1.7 million loss, compared with a $3.9 million gain in Q1 2025. The net loss of $60.7 million compared with $25.7 million in the year-ago quarter and exceeded the $50 million loss reported in Q4 2025. Cash and equivalents totaled $186.6 million at quarter end.

Client and platform metrics showed growth: clients increased 42% year over year, normalized assets on platform rose 29.4% year over year, and normalized staked balances grew 27.2% sequentially. The filing said the company expects stock-based compensation expense to normalize from Q1 2026 levels going forward.

These results are BitGo’s second quarterly report since its January listing on the New York Stock Exchange, and the company highlighted ongoing demand for custody and stablecoin services from institutional customers.