BitGo Q1 revenue $3.77B; $60.7M net loss

BitGo Holdings reported first-quarter 2026 revenue of $3.77 billion, an increase of 112.6% from Q1 2025, and posted a net loss of $60.7 million. The company attributed the loss to mark-to-market swings in its Bitcoin treasury and elevated stock-based compensation tied to its recent IPO.

Digital Asset Sales generated about $3.7 billion, a 127.9% year-over-year rise but 39.3% below the prior quarter. Stablecoin-as-a-Service revenue rose 44% sequentially to $38.2 million and produced a take rate of 7.4%. Total revenue fell 38.7% sequentially, which the company linked to softer crypto markets and a shift away from spot trading.

BitGo launched a derivatives offering in January and recorded roughly $3 billion in notional derivatives 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.”

Subscriptions and Services revenue totaled $25.6 million, up 11.3% year over year and down 34.8% quarter over quarter. Staking revenue fell 66.2% year over year to $49.4 million, a decline the company linked to lower token prices. The client base grew 42% year over year, normalized assets on platform rose 29.4% year over year, and normalized staked balances increased 27.2% sequentially.

Net loss widened to $60.7 million from $25.7 million in Q1 2025 and was larger than the $50 million net loss in Q4 2025. The filing cited non-cash mark-to-market impacts on the Bitcoin treasury and elevated IPO-related stock-based compensation as primary drivers of the larger loss. Adjusted EBITDA was a loss of $1.7 million in Q1 2026, compared with positive $3.9 million in Q1 2025.

Cash and equivalents at quarter end totaled $186.6 million. The filing stated that the company expects stock-based compensation expense to return to more normal levels after the elevated IPO-related charges recorded in Q1.

These results are the company’s second quarterly report since listing on the New York Stock Exchange in January.