Digital asset custody and infrastructure giant BitGo Holdings has reported its first financial results as a public company, revealing a story of explosive top-line growth overshadowed by losses tied to its Bitcoin treasury. For the full 2025 fiscal year, BitGo's revenue surged to $16.15 billion, a staggering 424% increase year-over-year. Fourth-quarter revenue was equally impressive at $6.16 billion, up 440% from the same period in 2024.
Growth was driven by heightened digital asset trading activity, increased subscriptions, and the launch of its Stablecoin-as-a-Service offering, though it was partially offset by a decline in staking revenue. Adjusted EBITDA for the year reached $32.4 million, up 188%.
However, the bottom line told a different story. The company posted a net loss of $14.8 million for the full year, a sharp reversal from the $156.6 million net income reported in 2024. The loss was primarily driven by a $50 million non-cash, mark-to-market loss on its corporate Bitcoin holdings during the fourth quarter, as declining digital asset prices weighed on the value of its treasury. For Q4 alone, the net loss was $50 million, compared to net income of $129.4 million a year earlier.
The results come shortly after BitGo's debut on the New York Stock Exchange on January 22, where shares priced at $18, raising $212.8 million and valuing the company at around $2 billion. The stock has drifted lower since its first-day pop. CEO Mike Belshe highlighted the company's regulatory milestones, including becoming the first publicly traded, federally chartered digital asset infrastructure provider after receiving OCC approval in December 2025. The company also expanded its licenses in Germany and Dubai and announced post-IPO partnerships with firms like Clear Street and Moomoo.
BitGo's client base more than doubled year-over-year to 5,322, underscoring strong institutional demand. The company declined to provide an operating outlook for 2026.
