BitGo Holdings posted first-quarter 2026 revenue of $3.77 billion, more than doubling from a year earlier.
Yet, losses tied to Bitcoin (BTC) price swings and stock compensation pushed the digital asset custodian into the red.
BitGo Q1 Revenue Hits $3.77 Billion
BitGo’s Q1 filing attributed the 112.6% jump in top-line revenue to two main tailwinds: a pickup in digital asset sales volumes and a heavier contribution from Stablecoin-as-a-Service income compared with the same quarter a year ago.
Stablecoin-as-a-Service revenue rose 44% sequentially to $38.2 million, with the take rate improving to 7.4%. However, total revenue fell 38.7% sequentially.
BitGo attributed the drop to softer crypto markets and a shift away from spot trading. The firm launched its derivatives offering in January, capturing roughly $3 billion in notional volume during the quarter.
“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,” the firm said.
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Meanwhile, Digital Asset Sales brought in roughly $3.7 billion, more than doubling from a year earlier with a 127.9% YoY gain, though the figure was 39.3% lower sequentially.
The Subscriptions and Services segment posted $25.6 million in revenue, edging up 11.3% YoY but slipping 34.8% from the previous quarter. Staking revenue fell 66.2% year over year to $49.4 million as token prices declined.
The firm’s net loss widened to $60.7 million from $25.7 million a year earlier. The figure also exceeds BitGo’s Q4 2025 net loss of $50 million. According to BitGo, this was,
“Primarily driven by non-cash mark-to-market impacts related to the Company’s Bitcoin treasury, as well as elevated IPO-related stock-based compensation expense. The Company expects stock-based compensation expense to normalize from Q1 20226 levels going forward.”
Adjusted EBITDA flipped to a $1.7 million loss from a $3.9 million gain in Q1 2025. The client base grew 42% year over year, while cash and equivalents totaled $186.6 million. The results mark the company’s second earnings release since its January debut on the NYSE.
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