BitGo revenue halves amid crypto trading slowdown
U.S. cryptocurrency company BitGo reported a sharp decline in revenue in the third quarter of 2026. Despite weaker trading activity and operating losses, the company managed to nearly double its net income thanks to gains from the revaluation of its cryptocurrency holdings.
According to its financial report, BitGo's quarterly revenue totaled $2.85 billion, down 50.9% from the same period last year and 34.1% from the previous quarter.
The decline was primarily driven by lower digital asset sales, which fell 52% year over year and 35.2% quarter over quarter. Additional pressure came from a higher share of stablecoin transactions, which generate lower profit margins. As a result, revenue after direct costs amounted to just $37.3 million, down 32.1% from a year earlier.
Meanwhile, BitGo's net income increased from $22.7 million to $44.1 million. The main contributor was a $71.5 million unrealized gain from the revaluation of digital assets held on the company's balance sheet. At the end of September, BitGo held 2,399 BTC worth a total of $200.4 million.
However, the company's core operations remained unprofitable. Its operating loss reached $19.2 million, while its adjusted EBITDA loss stood at $4.3 million.
BitGo expands its business despite falling revenue
Despite weaker financial results, BitGo continues to develop infrastructure for institutional investors. CEO Mike Belshe highlighted the expansion of Go Network, designed for digital asset trading and settlement, as well as the company's tokenized equity initiatives.
According to Belshe, the company sees significant opportunities to expand access to U.S. stocks through blockchain and stablecoin networks. BitGo also plans to develop the use of traditional investment assets for on-chain settlement, collateral, and lending.
In the third quarter, assets on the platform, adjusted for changes in market prices, increased by 32% year over year. The company also completed the acquisition of NYDIG's institutional trading business and expanded its off-exchange settlement capabilities, including through integration with crypto exchange OKX.
In addition, BitGo spent $24.7 million repurchasing its own shares under a $50 million buyback program.
Despite the revenue decline, investors reacted positively to the financial results. On Monday, BitGo shares (BTGO), listed on the New York Stock Exchange, rose 4.94% to close at $5.10. The stock gained another 2.9% in after-hours trading.
From crypto wallets to the stock market
BitGo has been operating in the cryptocurrency market since 2013 and is best known for its secure digital asset custody solutions. The company was among the first to introduce multi-signature cryptocurrency wallets, making it significantly harder for attackers to steal funds. Today, its services are used by crypto exchanges, investment funds, banks, and other major clients. According to its financial disclosures, BitGo served more than 6,600 clients as of the end of September 2026, with assets on its platform totaling $59.9 billion.
In January 2026, BitGo entered the stock market itself, listing its shares on the New York Stock Exchange at $18 per share. The IPO raised approximately $198.5 million, but the stock's subsequent performance disappointed investors. By the time the quarterly results were released, the shares had lost more than 70% of their value compared with the offering price. Meanwhile, BitGo continues to expand beyond cryptocurrency custody, developing trading, settlement, and lending services for institutional clients.
As a reminder, BitGo launched a dedicated division to develop cryptocurrency applications.
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